Vietnam was the fastest riser among the 82 nations ranked in the global business environment report for the second quarter of 2023 released by research and analysis Economist Intelligence Unit (EIU) of the United Kingdom’s Economist Group.

The rankings were based on the economic management activities of these countries and territories in the past five years and the next five years.

Vietnam jumped 12 notches in the rankings, while Thailand rose 10 places, followed by India with an increase of six spots.

Other big movers were Belgium, Sweden, and Costa Rica, the Vietnam News Agency reported, citing the rankings.

In the 2023 EIU rankings, Singapore retained its No. 1 position for the 15th straight year, and it is evaluated as the best place to do business for the next five years.

Singapore gained the maximum score for its foreign investment policies and control over foreign exchange and foreign trade.

Canada and Denmark shared the same spot at No. 2 in the rankings of the global business climate.

In addition, four economies in Europe, the United States, Hong Kong, and New Zealand were listed in the top 10.

Among the top 20 economies were Australia, Taiwan, and South Korea.

By contrast, China, Bahrain, Chile, and Slovakia lost ground, with China dropping the sharpest, by 11 spots compared to last year.

According to the EIU, although China relaxed its COVID-19 restrictions, its changes in policies and rising costs piled the burden on businesses and discouraged foreign investors from doing business there.

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