The rankings measure the degree of which both policies and institutions of countries are supportive of economic freedom. They consider five metrics - government size, legal system and property rights, currency stability, freedom to trade internationally, and regulation.

In the government size category, the country ranked 83rd, with a slight decrease in score from 6.56 to 6.53.

In the legal system and property rights category, it reached 77th spot, an increase from 4.96 to 5.15. This represents the first time that the country’s score has surpassed five in this category.

Regarding currency stability, Vietnam secured 128th position with its score rising from 6.96 to 7.02.

Vietnam made progress in international trade freedom, ranking 98th with its score rising from 6.4 to 6.52. In terms of the regulation of the credit market, labour market, and businesses, Vietnam finished 103rd with a slight score improvement from 6.08 to 6.10.

Singapore topped the list, followed by Hong Kong (China), Switzerland, New Zealand, and the US.

In Southeast Asia, Malaysia fell three notches to 56th, whilst Thailand rose eight to 64th and the Philippines dropped three to 70th.

Indonesia ranked 74th, marking a decline of one notch, Cambodia fell three to 78th, and Laos rose one to 107th.

The annual Economic Freedom of the World Index assesses the economic freedom of individuals and their ability to make their own economic decisions by analysing the policies and institutions of 165 jurisdictions.

Source: VOV