(VOVWORLD) - 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. A recent report by the US News and World Report ranked Vietnam eighth out of 29 economies, up from 23 last year.
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According to the report, Doi Moi (renewal) economic policy since 1986 has helped Vietnam to become a more modern, competitive nation. Vietnam’s continued efforts in international integration are shown by joining of the World Trade Organization, United Nations, the Association of Southeast Asian Nations (ASEAN), and the Asia-Pacific Economic Cooperation forum, and participation in free trade agreements.
US News & World Report is an American media company that publishes news, analysis, consumer advice and rankings.
More than 21,000 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.
Uruguay tops this year’s ranking, following by Saudi Arabia, Costa Rica, Luxembourg, India, Poland, and Qatar.