Vietnam jumps 10 spots on global competitiveness ranking, ranks 7th in Southeast Asia

The World Economic Forum (WEF) ranked Vietnam as the 67th most competitive economy in its annual global competitiveness report, released on Wednesday.
 

Vietnam's Prime Minister Nguyen Xuan Phuc (C) addresses the 7th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy Summit (ACMECS-7) in Hanoi, Vietnam, October 26, 2016. Photo: Reuters
 
Vietnam scored 61.5 out of 100 in the WEF’s 2019 Global Competitiveness Report, jumping ten notches from its 2018 ranking, the biggest climb for any economy on this year’s list.
 
According to the report, the Southeast Asian country is attracting a huge flow of foreign investment and makes a name for itself as one of the region’s top trading hubs.  
 
The rankings are based on 12 pillars – institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product markets, labor markets, financial systems, market size, business dynamism, and innovation capability.
 
Of these areas, Vietnam scored 81 points in health, ranking 71st out of 141. In terms of market size, the country placed 26th with 72 points. Its macroeconomic stability chalked up 75 points, standing at 64th.  
 
Vietnam also has an extremely low risk of terrorism and a rock solid inflation rate, according to the 2019 ranking.
 
In Southeast Asia, Vietnam ranked seventh, following Singapore (1st), Malaysia (27th), Thailand (40th), Indonesia (50th), Brunei (56th), and the Philippines (64th).
 
 
A detailed report for Vietnam extracted from the Global Competitiveness Report 2019 published by the World Economic Forum
 
Singapore beat the United States to the top spot this year, scoring 84.8 points overall. It ranked first in the infrastructure, citizens’ health, and labor market pillars.
 
It also scored highly in other areas including financial systems, market efficiency, and macroeconomic stability.
 
Other economies in the top ten, in descending order of their ranking, are Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the United Kingdom, and Denmark.
 
In its report, the WEF recognized the progress made by several economies in the context of political and trade tensions which have clouded the global economy and slowed world trade.
 
“The latest Global Competitiveness Report paints a gloomy picture, yet it also shows that those countries with a holistic approach to socio-economic challenges, look set to get ahead in the race to the frontier,” the report reads.
 
The Global Competitiveness Report, published yearly by the WEF, ranks countries based on the Global Competitiveness Index, which integrates the macroeconomic and the micro/business aspects of competitiveness into a single parameter.
 
The report "assesses the ability of countries to provide high levels of prosperity to their citizens".
 
This, in turn, depends on how productively a country uses available resources, according to the WEF.

(Source: Tuoi Tre News)

  • Posts posts

  • HCM City eyes stronger education cooperation with US

    HCM City eyes stronger education cooperation with US

  • Vietnam’s industrial real estate draws investors amid global uncertainty

    Vietnam’s industrial real estate draws investors amid global uncertainty

  • Vietnam’s GDP to ease slightly in 2020: Fitch Solutions

    Vietnam’s GDP to ease slightly in 2020: Fitch Solutions

  • Top 10 economic events of Việt Nam in 2019

    Top 10 economic events of Việt Nam in 2019

  • Vietnam attracts over $38 billion worth of FDI in 2019

    Vietnam attracts over $38 billion worth of FDI in 2019

  • Vingroup and Masan Jointly Creates the New Retail Group

    Vingroup and Masan Jointly Creates the New Retail Group

  • Province to develop facility to serve cruise ships

    Province to develop facility to serve cruise ships

  • Vietnam cold chain logistics set to rise, expects more foreign investments to come

    Vietnam cold chain logistics set to rise, expects more foreign investments to come

  • Road to success starts with a ‘fearless woman’

    Road to success starts with a ‘fearless woman’

  • Vietnam urges Korean firms to develop specialized parks for SMEs

    Vietnam urges Korean firms to develop specialized parks for SMEs

  • Deal signed to boost Vietnamese farm produce exports to Singapore

    Deal signed to boost Vietnamese farm produce exports to Singapore

  • Convenience stores expected to be the next big thing in franchising in Việt Nam

    Convenience stores expected to be the next big thing in franchising in Việt Nam

  • Vietnam posts large trade surplus amid U.S.-China trade tensions

    Vietnam posts large trade surplus amid U.S.-China trade tensions

  • Vietnamese banks IPO plans pushed back again

    Vietnamese banks IPO plans pushed back again

  • Big challenges hinder Việt Nam’s largest infrastructure project

    Big challenges hinder Việt Nam’s largest infrastructure project

  • Chat Facebook
    Youtube