HANOI: Vietnam has emerged as the most improved country for business over the past two decades, Vietnam News cited the Economist Intelligence Unit (EIU)'s Business Environment Rankings on Tuesday (Oct 15).
The South-East Asian country experienced a 1.7-point rise on the index from 2003 to 2023, marking the largest improvement among 82 countries evaluated, said the report.
According to the EIU, key factors behind the rise include Vietnam's commitment to liberalising its economy through various free-trade agreements.
Prianthi Roy, country forecast manager and Europe analyst at the EIU, said, "In the coming five years, Vietnam's business environment will continue to outpace regional competitors like Indonesia and Thailand. This is largely due to Vietnam's competitive labour costs, extensive trade deals, and growing market opportunities."
Although it had improved in terms of trade policy and investment in human capital, cumbersome bureaucratic procedures and administrative hurdles continued to hinder business operations, she said. - Xinhua
