Vietnam jumps 23 places in economic freedom index

Vietnam jumped 23 places from last year to reach 58.8 points, ranking 105th place in the economic freedom index this year.

vietnam jumps 23 places in economic freedom index hinh 0

Vietnam got 58.8 points this year in the economic freedom index. — Photo heritage.org

The Heritage Foundation has released the 2020 Index of Economic Freedom report.

The country’s overall score has increased by 3.5 points due to a dramatic gain in fiscal health.

Vietnam is ranked 21st among 42 countries in the Asia–Pacific region, and its overall score is slightly below the regional and world averages.

The Vietnamese economy has gradually been climbing the ranks of the mostly unfree since 2011.

Strong GDP growth over the past five years has mirrored this improvement, driven by export-focused manufacturing and processing sectors.

Economic freedom will be enhanced in Vietnam if the government can successfully expand economic liberalisation by promoting international trade and restructuring state-owned enterprises, said the report.

“Improvement of the investment climate will be slow without improvements in judicial effectiveness and stronger efforts to fight corruption.”

Although all land is collectively owned and managed by the state, as of September 2018, the government had issued land-use rights certificates for 96.9% of land in Vietnam.

The top personal income tax rate is 35%, and the top corporate tax rate is 22%. Other taxes include value-added and property taxes. The overall tax burden equals 18.6% of total domestic income.

 

Government spending has amounted to 28.3% of the country’s output (GDP) over the past three years, and budget deficits have averaged 4.7% of GDP. Public debt is equivalent to 57.5% of GDP.

“Starting a business has become easier, and the cost of business registration has been cut. Corporate governance standards and the enforcement of labour laws are weak,” said in the report.

Price stabilisation controls remain in effect for fuel, energy and water utilities, natural resources, and pharmaceuticals.

The total value of exports and imports of goods and services equals 187.5% of GDP.

The average applied tariff rate is 2.7%, and 80 non-tariff measures are in force.

The overall investment framework has been modernised and facilitates foreign investment, but it lacks efficiency.

The financial sector continues to evolve, and directed lending by state-owned commercial banks has been scaled back in recent years. VNS

Vietnam slips in global talent competitive index

Vietnam slips in global talent competitive index

Vietnam ranked 96th out of 132 countries and territories in the 2020 Global Talent Competitive Index (GTCI), dropping five places compared to the previous year.

VN Index falls amid Covid-19 fears

VN Index falls amid Covid-19 fears

Securities companies have launched many support packages and incentives to retain investors while waiting for state management agencies to apply measures to revive the stock market.

 
 

Other News

.
Vietnam domestic pepper prices hit one-year high
Vietnam domestic pepper prices hit one-year high
BUSINESSicon  29/05/2020 

Vietnam pepper prices rose to a one-year high on Wednesday, driven by Chinese consumption recovery and higher demands from local businesses. 

Full-scale audit compulsory to all PPP projects: NA deputies
Full-scale audit compulsory to all PPP projects: NA deputies
BUSINESSicon  29/05/2020 

A full-scale audit should become compulsory for work carried out under public-private partnerships to make sure they are efficient and benefit all stakeholders, lawmakers have told the National Assembly.

Shrimp exports expected to increase in coming months
Shrimp exports expected to increase in coming months
BUSINESSicon  29/05/2020 

Viet Nam’s pushback of COVID-19 pandemic has helped shrimp exporters raise their competitiveness on the world market, being over other competitors...

HCM City says petrol supply adequate to fully meet demand
HCM City says petrol supply adequate to fully meet demand
BUSINESSicon  29/05/2020 

The HCM City Department of Industry and Trade has assured there is an adequate supply of petroleum products to meet demand and it will prevent any hoarding of these goods.

Air passenger transport increases slightly in May
Air passenger transport increases slightly in May
BUSINESSicon  29/05/2020 

The Civil Aviation Authority of Vietnam reported that the number of passengers through airports nationwide reached 2.88 million passengers this month, down 70 per cent compared to the same period last year.

Man jailed for stock manipulation
Man jailed for stock manipulation
BUSINESSicon  29/05/2020 

 The Ha Noi People's Court on Wednesday sentenced one person to 18 months in jail over stock market manipulation at Binh Thuan Mineral Industry JSC (KSA).

North-South Expressway faces lack of funds
North-South Expressway faces lack of funds
BUSINESSicon  29/05/2020 

The Ministry of Transport (MOT) said that it has been difficult to mobilize credit capital for the huge eastern North-South Expressway project.

Utilisation of EVFTA requires strict clarity
Utilisation of EVFTA requires strict clarity
BUSINESSicon  29/05/2020 

The upcoming bilateral free trade between Vietnam and the EU may be a tough nut to crack unless the country can make thorough preparations for fulfilling commitments in the deal to further its trade and investment with the bloc.

Proposal to halt M&A a question of fine balance
Proposal to halt M&A a question of fine balance
BUSINESSicon  29/05/2020 

Just a few days ago, Tiki and Sendo struck a hundred-million dollar deal that could redraw the landscape of the entire e-commerce industry,

Investing frameworks can entice even more
Investing frameworks can entice even more
BUSINESSicon  29/05/2020 

Starting with the silent move of global smartphone titan Apple, companies have been shifting their facilities to Vietnam, following the call for more lucrative investment opportunities.

FiT revamp vulnerable to speculation
FiT revamp vulnerable to speculation
BUSINESSicon  28/05/2020 

Despite bankability concerns inherent in power purchase agreements, investing in renewable power is a bright spot in Vietnam as developers rush to take advantage of the current feed-in tariff. 

EVFTA to fan flames of European investor interest
EVFTA to fan flames of European investor interest
BUSINESSicon  28/05/2020 

European investors are expected to stir mergers and acquisitions activities in the coming time as the landmark free trade agreement between the European Union and Vietnam nears ratification. 

Seaport ambitions fail to hold water
Seaport ambitions fail to hold water
BUSINESSicon  28/05/2020 

Despite some improvements, seaport joint ventures between foreign partners and state-owned shipping giant Vietnam Maritime Corporation continued to incur losses in the first quarter of this year, 

COVID-19 a boost for Vietnam’s fintech
COVID-19 a boost for Vietnam’s fintech
BUSINESSicon  28/05/2020 

As a promising digital economy, Vietnam has facilitated fintech development to penetrate deeper and faster into the world’s digital economy, especially in the post-COVID-19 period.

Vietnamese take increasingly to cashless payments
Vietnamese take increasingly to cashless payments
BUSINESSicon  28/05/2020 

Non-cash payments have increased sharply, especially through mobile devices and the internet, according to the State Bank of Vietnam.

Vietnam should enhance its productivity to grow: WB
Vietnam should enhance its productivity to grow: WB
BUSINESSicon  28/05/2020 

Vietnam should focus on a productivity-driven development model to become a high-income economy by 2045, according to the latest report from the...

Coronavirus: Von der Leyen calls €750bn recovery fund 'Europe's moment'
Coronavirus: Von der Leyen calls €750bn recovery fund 'Europe's moment'
BUSINESSicon  28/05/2020 

A giant fund is proposed, some of it raised on capital markets, but several countries express doubts.

VN corporate bond market turns gloomy because of Covid-19
VN corporate bond market turns gloomy because of Covid-19
BUSINESSicon  29/05/2020 

The primary supply of corporate bonds has dropped sharply as the epidemic has upset enterprises’ business plans. Many have postponed bond issuance plans.

FIEs try to evade tax in Vietnam
FIEs try to evade tax in Vietnam
BUSINESSicon  28/05/2020 

Vietnam plans to enact a law to fight against the transfer pricing tax in an effort to enforce transfer pricing rules more aggressively, according to Cao Anh Tuan, general director of the General Department of Taxation (GDT).

HCM City struggles to sell underground parking lots idea to investors
HCM City struggles to sell underground parking lots idea to investors
BUSINESSicon  28/05/2020 

The HCM City Department of Transport has warned that the shortage of public parking space is worsening because building parking lots is expensive and returns on them are low.

 
 
 
Leave your comment on an article

OR QUICK LOGIN