Vietnam has climbed in the ranking of best countries in which to invest this year, surpassing other Southeast Asian nations such as Malaysia, Singapore and Indonesia, VNA reported.
A recent report by the US News and World Report ranked Vietnam eighth out of 29 economies, up from 23 last year.
Neighbouring nations of Malaysia, Singapore and Indonesia, meanwhile stood in thirteenth, fourteenth and eighteenth positions respectively.
According to the report, Doi Moi (renewal) economic policy reforms beginning in 1986 have helped Vietnam’s transition to becoming a more modern, competitive nation.
Vietnam’s continued efforts to lessen international isolation are shown by joining the World Trade Organisation (WTO) in 2007 and participation in free trade negotiations with the Trans-Pacific Partnership in 2010.
It is also a member of the United Nations, the Asean Regional Forum and the Asia-Pacific Economic Cooperation Forum, among other international organisations, stated the report.
The ranking of the best countries to invest in by the American media company draws from the results of a global perception-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, favourable tax environment, innovation, skilled labour force and technological expertise.
In this year’s top five, Uruguay came in the first place, followed by Saudi Arabia, Luxembourg, India and Poland.
From the beginning of this year to August, Vietnam lured a total of US$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 totalling US$353.7 billion.
South Korea was Vietnam’s largest investor with US$64.87 billion, followed by Japan (US$58.23 billion), Singapore (US$49.62 billion), Taiwan (US$31.89 billion) and Hong Kong (US$21.64 billion).