WHAT VIETNAM NEEDS TO DO AFTER RECORDING RECORD ECONOMIC GROWTH
Vietnam's 2021 index is 61.7 - an increase of 2.9 points compared to last year, the first time Vietnam has entered the group of "average economic freedom" countries.
The economic freedom index is calculated based on 12 criteria, divided into 4 groups. Vietnam especially scored in the areas of "Public spending", "State budget", "Reducing tax burden", "Free trade" and "Monetary freedom".
On the contrary, in criteria such as "Government integrity", "Judicial system performance" and "Investment freedom", Vietnam has low scores. Especially corruption is still a lingering problem, which is also reflected in another index: "Corruption Perception Index" of Transparency International. Here, Vietnam only ranks 104/173.
The lesson for Vietnam is to continue on the chosen path, gradually reducing the proportion of the state economy, strongly fighting corruption and perfecting the rule of law. In the book The Power of the Market, the author proves that people everywhere have more prosperous and happier lives when they are given more free space in economic activities by the government. .
It can be said that Vietnam's private economic sector is the engine for strong development. The increase in the economic freedom index is the basis for Vietnam's success today.