Assemble electrical wiring systems for automobiles for export to the US market.(Photo: VNA)

The Index of Economic Freedom is an annual index and ranking created in 1995 by the US-based The Heritage Foundation and The Wall Street Journal to measure the degree of economic freedom in the world's nations.

According to the article, in the Index of Economic Freedom rankings for 2023, Vietnam is in the 72nd position among the 176 countries and territories with 61.8 points, 1.2 points higher than that recorded last year.

Vietnam ranks 14th out of the 39 the Asia-Pacific region countries and territories. Especially Vietnam's total results are above the world and regional average, it said.

However, the article underlined that Vietnam’s ranking is not as important as the change of the country's economy. Compared to other countries with similar size, none in the world has enjoyed a good degree of economic freedom like Vietnam since 1995, it said. The country’s economic freedom record rose 20 points from 41.7 points in 1995, it noted.

The Heritage Foundation commented that Vietnam's economy is becoming more and more market-oriented as it is gradually integrating into the global trade and investment system. Vietnam ranks high in "Fiscal Health" and "Government Spending", while posting average results in the field of "Business Freedom and Monetary Freedom", the article said.

According to the article, if Vietnam continues the "Doi Moi" (Renewal) initiated in 1986, the country will have a good chance to become one of the strong economies in the world.

Vietnam is currently one of the most dynamic countries in the world, with a vibrant economy offering great opportunities for hard workers and entrepreneurs. From a country that could not produce enough rice to supply its people before market reforms began, Vietnam has now become one of the world's largest rice exporters, as well as an exporter of important electronic products, the article underlined./.