Vietnam jumps five places in the Global Competitiveness Index
By Nguyen Le
September 27, 2017 | 11:06 AM GMT+7
The World Economic Forum (WEF) today released its Global Competitiveness Report 2017-2018, presenting big gain for Vietnam's economy.
Vietnam ranks 55 out of 137 economies in the Global Competitiveness Index. Photo: VietnamNet
Vietnam jumped into 55th place, up 5 places from last year and 20 places from 5 years ago thanks to a relatively modest increase in its overall score.
Vietnam’s competitiveness is significantly driven by its market size (31st). Despite the withdrawal of the United States from the Trans-Pacific Partnership (TPP) earlier in 2017, eliminating significant trade opportunities, WEF still forecasts that the country’s growth is nonetheless projected to remain robust from strong exports.
Vietnam made progesses in innovation and labor market efficiency. Trade is also named twin growth engine of the economy.
However, Vietnam's 55th rank is still relatively modest compared to other neighboring economies including Malaysia (23); China (27) and Thailand (32).
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