It has moved up three places from its previous ranking in 2014.

The report, by London-based brand consultancy FutureBrand, uses the World Bank’s top 75 countries by GDP as its basis, and has 2,500 people across the world rate these countries based on a number of measures such as value system, quality of life, business potential, heritage and culture, tourism, and products or services.

Vietnam also made it into the group of 10 countries with the biggest gain in quality products, a nine-point rise from the 2014 ranking. Others in the top 10 are Israel, Slovakia, Belgium, Turkey, Saudi Arabia, Hungary, Iran, Italy and Pakistan.

In the index, Japan retains the top spot followed by Norway, which rose four places, and Switzerland, which slipped from second to third.

Pakistan, Ukraine and Iraq are at the bottom of the table.

Both the world's economic powerhouses, U.S. and China, slipped in this year’s rankings, the U.S. by five places to 12th and China by one place to 29th.

In Southeast Asia, Vietnam ranks only above the Philippines (67) and trails Singapore (18), Thailand (39), Malaysia (45), Myanmar (49) and Indonesia (56).