Vietnam’s economic freedom score is 51.7, making its economy the 148th freest in the 2015 Index. Its score has increased by almost 1.0 point since last year, with improvements in the control of government spending, freedom from corruption, and monetary freedom outweighing declines in labor freedom and business freedom. Vietnam is ranked 32nd out of 42 countries in the Asia–Pacific region. Although the Vietnamese economy has achieved its highest economic freedom score ever in the 2015 Index, its overall score continues to be lower than the world and regional averages.
Vietnam’s rapidly expanding links to the global marketplace have failed to materialize into a comprehensive program of economic reform. Over the past five years, economic freedom in Vietnam has stagnated, with advances over the past year mitigating three years of deteriorating scores. A worrying expansion of inflation has undercut potential gains from advances in trade freedom.
A member of the Trans-Pacific Partnership talks, Vietnam has steadily opened its market and reduced other tariff and non-tariff barriers. However, other factors of economic freedom remain less entrenched. The ruling Communist Party controls the judiciary, corruption and bribery are common, and the government lacks transparency. The government’s suspicion of private business is reflected in inefficient business regulations. State-owned enterprises dominate many economic sectors.
Vietnam’s economic freedom score is 51.7, making its economy the 148th freest in the 2015 Index. Its score has increased by almost 1.0 point since last year, with improvements in the control of government spending, freedom from corruption, and monetary freedom outweighing declines in labor freedom and business freedom. Vietnam is ranked 32nd out of 42 countries in the Asia–Pacific region. Although the Vietnamese economy has achieved its highest economic freedom score ever in the 2015 Index, its overall score continues to be lower than the world and regional averages.Vietnam’s rapidly expanding links to the global marketplace have failed to materialize into a comprehensive program of economic reform. Over the past five years, economic freedom in Vietnam has stagnated, with advances over the past year mitigating three years of deteriorating scores. A worrying expansion of inflation has undercut potential gains from advances in trade freedom.A member of the Trans-Pacific Partnership talks, Vietnam has steadily opened its market and reduced other tariff and non-tariff barriers. However, other factors of economic freedom remain less entrenched. The ruling Communist Party controls the judiciary, corruption and bribery are common, and the government lacks transparency. The government’s suspicion of private business is reflected in inefficient business regulations. State-owned enterprises dominate many economic sectors.
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