16.10.2024 15:01
Vietnam showed the greatest improvement in the business environment between 2003 and 2023, achieving an increase of 1.7 points among 82 countries. Free trade agreements and competitive labor costs are highlighted as the key factors driving this rise.
It has been reported that Vietnam stands out as the country that has shown the greatest development in terms of the business environment over the past 20 years. The Vietnam News newspaper, in a report referencing the Economist Intelligence Unit's (EIU) Business Environment Rankings on Tuesday, stated that Vietnam exhibited the largest development among 82 countries evaluated, with an increase of 1.7 points in the index between 2003 and 2023.
VIETNAM WILL STAND OUT MORE IN THE BUSINESS MARKET
According to the Economist Intelligence Unit, among the key factors for this rise is Vietnam's commitment to independent economic development through various free trade agreements. Prianthi Roy, country forecast manager and European analyst at the Economist Intelligence Unit, stated, "In the next five years, Vietnam's business environment will continue to surpass regional competitors like Indonesia and Thailand. This is largely due to Vietnam's competitive labor costs, widespread trade agreements, and growing market opportunities."
Roy noted that despite the country's progress in trade policy and investment in human capital, cumbersome bureaucratic procedures and administrative barriers continue to hinder commercial operations.