(VOVworld) – The World Economic Forum (WEF) reported that ASEAN is a more open market for global trade than the United States and the European Union, and that Vietnam has made a significant progress in the business environment.

Illustrative image (Photo: VNA)

In a report entitled “Global Enabling Trade Report 2016”, the WEF hailed ASEAN members’ greater integration into the global economy, saying the ASEAN area is now more accessible than the US and the EU. In particular, the WEF said Vietnam’s trade environment has improved over recent years and was ranked at 73^rd out of 136 surveyed economies, thanks to its improvements in border control, customs efficiency, and streamlined procedure for import-export activities. The WEF said Vietnam has a long way to go to meet international standards, but has improved intellectual property right protection and state agencies' efficiency. 

The “Global Enabling Trade Report 2016” is published every 2 years as a measurement of the overall capabilities of 136 economies in facilitating border control, transport and digital technology infrastructure, transport services, and the operational environment.