CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy
Vietnam improves the most in global competitiveness report: WEF
Ngoc Mai 11:20, 2019/10/09
Vietnam scored 61.5 points out of the maximum 100 in the 2019 report, a leap from 58.1 points in 2018.
Vietnam improves the most  among 141 economies, up 10 places to rank 67th in terms of competitiveness, according to the latest Global Competitiveness Report 2019 recently released by the World Economic Forum (WEF). 
 
Source: WEF's report.
Vietnam's indicators. Source: WEF's report.
According to the report, Vietnam scored 61.5 points out of the maximum 100 in the 2019 report, a leap from 58.1 points in 2018. 

Out of the 12 pillars that made up the assessment, Vietnam scored the highest with 81 points in Health, ranking 71st in this field, while the lowest was innovation capability with 37 points at rank 76th. 

The ranking maps the competitiveness landscape of 141 economies through 103 indicators organized into 12 themes.

Each indicator, using a scale from 0 to 100, shows how close an economy is to the ideal state or “frontier” of competitiveness. The pillars, which cover broad socio-economic elements, are: institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, the financial system, market size, business dynamism and innovation capability.

In this year's report, the US lost the top spot to Singapore as the most competitive economy, scoring 83.7 points and while the ASEAN country earned 84.8 points. 

Other economies in the top 10 ranking are Hong Kong (3rd), the Netherlands (4th), Switzerland (5th), Japan (6th), Germany (7th), Sweden (8th), the UK (9th) and Denmark (10th). 

The WEF considered the East Asia and the Pacific region the most competitive in the world, followed by Europe and North America.  

The report focused on the issue of world’s low productivity 10 years after global financial crisis. “The world economy remains locked in a cycle of low or flat productivity growth despite the injection of more than US$10 trillion by central banks,” stated the WEF. 

Although loose monetary policy mitigated the negative effects of the global financial crisis, it may have also contributed to reducing productivity growth by encouraging capital misallocation, the WEF suggested. 

Last month, Vietnam’s General Statistics Office (GSO) released the official economic data showing the country’s GDP growth of 6.98% in the first nine months of 2019, the highest growth rate over the last nine years for a nine-month performance. 

Such positive result was made although the country’s economy has one of the world’s highest levels of openness, while growth of global trade is slowing down and a number of regional peers experiencing a slower-than-expected economic growth. 
Comments
Other news
16:20, 2024/11/20
Hanoi to add nearly 6,000 social housing units by 2025
The construction of social housing in the capital has reached only 9% of the target set in the plan to build one million social housing units by 2025.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
16:00, 2024/11/19
Lao Cai – Hanoi – Haiphong railway section to be built in 2027
The Lao Cai - Hanoi - Hai Phong railway will begin at the junction with the Chinese railway in Lao Cai City, Lao Cai Province, and end at Lach Huyen Port in Haiphong.
11:45, 2024/11/18
Vietnam, Brazil elevate ties to Strategic Partnership
Vietnam urges Brazil to recognize Vietnam's market economy status soon and start negotiations on a Free Trade Agreement with the Southern Common Market (MERCOSUR) by 2025.
16:52, 2024/11/16
Hanoi boosts collective economy
The plan emphasizes the need for greater participation by the Vietnam Fatherland Front and other political and social organizations in promoting the collective economy.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.