Vietnam enters Top 100 in the World Economic Freedom Index

Vietnam has entered the Top 100 countries and territories with the highest Economic Freedom Index in the world, ranking 99th, according to the 2024 Annual Report: Economic Freedom of the World, released on October 16 by the Fraser Institute (Canada).

The institute ranked 165 countries and territories based on their 2022 economic freedom scores. This year's report includes the most up-to-date data available for the ranked nations.

Vietnam has climbed significantly, ranking 99th out of 165, up from 123rd in the previous report. This improvement in Vietnam's score and ranking is attributed to the country's consistent advancement over the past three years (2020-2022), a period marked by the global COVID-19 pandemic.

During this time, many countries implemented restrictive measures that significantly impacted their citizens' economic freedom, leading to a sharp decline in the global average economic freedom score, from 6.8 points in 2019 to 6.56 in 2022.

The report acknowledges Vietnam's progress, stating that "The improvements in Vietnam's economic freedom score and ranking reflect the government's timely adjustments to economic policies, which are market-friendly and supportive of economic recovery during the COVID-19 pandemic."

Dr. Dinh Tuan Minh, an economic expert, observes that Vietnam's economic freedom score and ranking have been steadily improving since 2000, with a significant turning point in 2011.

This turning point marks a shift in Vietnam's economic management approach through comprehensive economic restructuring programs. As a result, Vietnam's ranking has improved continuously from 141st out of 165 in 2000 to its current position of 99th out of 165.