Vietnam improved from 89th to 71st best among 125 nations ranked on the new index of trade barriers by the Geneva-based World Economic Forum. The study says Singapore is the best place in the world for business but significant barriers remain in the rest of the ASEAN region
The index is based on each country’s performance in four main areas: market access, border administration, transport/communications infrastructure and general business environment. Singapore ranks best in the world, but five other members of the Association of Southeast Asian Nations (ASEAN) dropped in the ranking — Malaysia from 28th to 30th position, Thailand from 50th to 60th, Indonesia from 62nd to 68th, Philippines from 82nd to 92nd, and Cambodia from 92nd to 102nd.
ASEAN is working towards establishing by 2015 a single market and manufacturing base of about 600 million people.
More on Vietnam’s new trade ranking