Vietnam jumps 14 places in WEF’s Enabling Trade Index hinh anh 1Part of the Enabling Trade Index ranking (Photo:

Hanoi (VNA) –The Enabling Trade Index of Vietnam climbs 14 ranks to 73rd worldwide, according to the World Economic Forum’s Global Enabling Trade Report 2016.

The better ranking is mostly attributable to improvements in border administration, with improved customs efficiency and reduced times for documentary and border compliance for both importing and exporting.

These changes reflect the government’s efforts to optimise border procedures and reduce the burden of inspections by multiple agencies.

There is still a long way for the country to go and rise to international standards, the report said, adding that Vietnam has boosted access to its domestic this year.

Thanks to a lower average tariff, Vietnam’s possibility to enter foreign markets has also improved.

Infrastructure performance has been uneven, with improvements in transport infrastructure and a deterioration of services.

Meanwhile, stronger protection of property rights and increased efficiency of public institutions has contributed significantly to the enhancement of the local operating environment.

Singapore is the top best performer of the index, followed by the Netherlands and Hong Kong (China).

The Global Enabling Trade Report series has been published since 2008, initially on an annual basis, and biennially since 2010. The assessment has been based on the Enabling Trade Index, which assesses 136 economies across the globe and their capacity in terms of institutions, policies, infrastructures and services to facilitate the free flow of goods.-VNA