Vietnam ranks 20th in global economic openness
(VOVWORLD) - Vietnam ranks 20th out of 201 global markets in terms of economic openness. According to market researcher Fitch Solutions’ Vietnam Trade & Investment Risk Report, Vietnam’s economy scored 74.6 out of 100, higher than the Asia average of 46 and global average of 49.5.
It said that Vietnam is emerging as a key manufacturing hub in East and South East Asia supported by government-led economic liberalisation efforts and integration into global supply chains, through trade agreements and membership to regional and international blocs.
Fitch’s economic openness is generated from two main indicators: trade and investment openness, which are based on import, export and foreign direct investment values as a percentage of GDP.
Vietnam’s membership into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and various free-trade agreements has boosted the country’s trade and economic diversification efforts. The General Department of Customs expected trade revenue to generate 395 billion USD this year.