09:28 | 21/11/2019 Society
(VEN) - The latest figures released by the World Economic Forum’s (WEF) Global Competitiveness Report reveal that Vietnam has jumped 10 places to the 67th spot with 61.5 points, 3.5 points more than last year. The 67th place is the highest that the WEF has ranked Vietnam has reached so far. Notably, the WEF said Vietnam has become one of the leading countries in the world in term of inflation stability.
Vietnam obtained a relatively high ranking - 26th place - in terms of market size. In other indexes in the report its rankings ranged from 41st to 93rd place. Vietnam was ranked among the countries with the lowest risk of terrorism and among the most stable levels of inflation, reaching a full 100 points in both of these categories.
Among the 12 global competitiveness index (GCI) pillars of WEF, Vietnam was rated the highest in terms of health with 81 points, ranking 71st, and the lowest in terms of creative capacity, with only 37 points and 76th place. However, Vietnam improved in all categories compared to last year and was one of the leading countries in terms of GCI growth this year.
The results reflect ongoing government efforts to improve the business environment and the country’s competitiveness index. Resolution 02/NQ-CP dated January 1, 2019 set a target of improving Vietnam’s competitiveness ranking by three to five grades in 2019 and 5-10 grades from now to 2021. Vietnam has reached the target earlier than expected.
The 2019 Global Competitiveness Report rated Singapore as the world’s most competitive economy, while rankings of other major Asian economies, including India and Indonesia, dropped.
Singapore surpassed the US to top 141 countries and territories in the ranking list. Singapore leads the regional and global ranking thanks to a top-10 performance in seven of the 12 GCI pillars, including infrastructure (95.4), health (100), labor market (81.2), financial system (91.3), quality of public institutions (80.4), and it takes advantage of being the most open economy in the world.
The WEF report has been published annually since 1979. The WEF ranks economies based on 103 criteria divided
into 12 pillars. These pillars are divided into four main groups, including favorable environment, market, manpower,
and innovative ecosystem.