Vietnam jumps five places in the Global Competitiveness Index

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).

The Global Competitiveness Report assesses the competitiveness landscape of 137 economies, providing unique insight into the drivers of their productivity and prosperity.