Despite attaining higher score, Vietnam has fallen three places in the global competitive ranking.
According to Global Competitiveness Report 2018 published by World Economic Forum (WEF), Vietnam ranks 77 out of 140 countries, down three places from the previous year.
However, there were 135 countries ranked by WEF last year. In 2018, Vietnam scored 58.1 points, up slightly from 57.9 of previous year.
140 economies this year were ranked based on a dozen drivers of competitiveness, including a country’s institutions and the policies that help drive productivity.
Specifically, Vietnam achieves highest score in the "Health" pillar in human capital component with 81 points, up from 80.3 of 2017.
"Innovation Capacity" is Vietnam's lowest rated pillar which gets 33.4 points, ranked 82nd globally.
WEF’s annual study on the global economy finds a competitiveness landscape radically altered by the impact of the Fourth Industrial Revolution.
Its new methodology also offers insights into economies’ readiness for the future, social capital, endowment of disruptive businesses and debt concerns, among other indicators
With a score of 85.6 out of 100, the United States ranking first after one decade is the country closest to the frontier of competitiveness. It notably leads the business dynamism pillar, thanks to its vibrant entrepreneurial culture, the labour market pillar and the financial system pillar.
The WEF said it was too early to factor in how the Trump administration’s recent trade policies would affect its ranking.
In addition to the United States, other G20 economies in the top 10 include Germany (3rd, 82.8), Japan (5th, 82.4) and the United Kingdom (8th, 82.0).
Singapore ranks second in the overall rankings (score of 83.5), with openness as the defining feature of this global trading hub and one of the main drivers of its economic success. The country also leads the infrastructure pillar, with a nearly perfect score of 95.7, thanks to its world-class transport infrastructure and connectivity.
