A recent report by the U.S. News and World Report ranked Vietnam eighth out of 29 economies, up from 23 last year. Meanwhile, some neighboring nations – Malaysia, Singapore and Indonesia – stood in thirteenth, fourteenth and eighteenth positions, respectively.

According to the report, Doi moi (renewal) economic policy reforms beginning in 1986 have helped Vietnam transition to becoming a more modern, competitive nation.

Vietnam’s continued efforts to lessen international isolation are shown by joining of the World Trade Organization (WTO) in 2007 and participation in free trade negotiations with the Trans-Pacific Partnership in 2010.

A corner of Ho Chi Minh City. Photo: enternews.vn

It is also a member of the United Nations, the ASEAN Regional Forum and the Asia-Pacific Economic Cooperation Forum, among other international organizations, the report stated.

U.S. News & World Report is an American media company that publishes news, analysis, consumer advice and rankings. More than 20,000 people from across the globe participated in this study.

The ranking of the best countries to invest in draws from the results of a global perceptions-based survey and ranks countries based on the highest scores among nearly 7,000 business decision makers on a compilation of eight equally weighted country attributes including corruption, dynamics, economic stability, entrepreneurial, favorable tax environment, innovation, skilled labor force and technological expertise.

In this year’s top five, Uruguay came in first place, followed by Saudi Arabia, Luxembourg, India and Poland.

From the beginning of this year to August, Vietnam lured a total of USD 22.63 billion worth of foreign direct investment (FDI) according to the Foreign Investment Agency under the Ministry of Planning and Investment.

As of August, the nation was home to more than 29,530 valid foreign-invested projects, with capital totaling USD 353.7 billion. The Republic of Korea was Vietnam’s largest investor with USD 64.87 billion, followed by Japan (USD 58.23 billion), Singapore (USD 49.62 billion), Taiwan (USD 31.89 billion) and Hong Kong (USD 21.64 billion).

Source: VNA