Vietnam Climbs Up World Trade Rankings by 18 Spots

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Jun. 11 – Vietnam climbed 18 spots in the World Economic Forum’s Global Enabling Trade Report 2010 to 71th place in a report that identifies stumbling blocks and enablers to international trade in 125 economies.

Vietnam showed vast improvement in terms of market access reflecting the government efforts to follow the terms of its World Trade Organization membership. Tariff issues and rates have developed from 112 in 2009 to 50 in the latest rankings. Moreover, customs administration procedures ranked higher by 10 spots to 107.

The results of the Global Enabling Trade Report 2010 measures trade protectionism and shows that majority of countries have not opted to raise trade barriers. Countries that facilitate world trade improve economic recovery overall for the rest of the world because it also provides benefits to trade partners.

Singapore and Hong Kong SAR topped the report at first and second place followed by Denmark, Sweden and Switzerland. The rest of the top 10 list was filled by New Zealand, Norway, Canada, Luxembourg and the Netherlands.

Exporting giant Germany came in at 13th place overtaking the United States by three places at 19th. Emerging economies China registered at 48th place, Brazil at 87th, India at 84th and Russia falling by five places to 114th place.