Vietnam scored 61.5 out of a possible 100, moving up ten places from the 2018 ranking. The WEF said the Southeast Asian country is attracting a huge flow of foreign investment and becoming a trade hub in the region.
The global league table is based on 12 pillars, namely institutions, infrastructure, ICT adoption, macro-economic stability, health, skills, product market, labour market, financial system, market size, business dynamism and innovation capability.
Photo for illustration (kinhtevn.com.vn)
Of these areas, Vietnam’s health dimension was evaluated highest at 81 points, ranking 71st out of 141. Market size was in 26th place with 72 points, while macroeconomic stability reached 75 points to stand in 64th place.
Besides, Vietnam was also classed to have the lowest risk of terrorism and the most stable inflation rate. The country received 100 points in those categories.
In its report, the WEF recognised the progress made by several economies in the context of political and trade tensions, which have clouded the global economy and slowed global trade.
The WEF said Singapore was the world’s most competitive economy. It scored 84.8 points, beating the US to the top spot. The country ranked first for infrastructure pillar, and was number one for citizens’ health and labour markets. Other high-scoring areas included the financial system, market efficiency and macroeconomic stability.
The report suggested in order to become a global innovative hub, Singapore needs to promote entrepreneurship and further improve its skills base.
The US, which topped the chart last year, scored 83.7, which was lower than the previous 85.6 points. Despite an overall weaker performance this year, the WEF said the US remains one of the most competitive economies in the world. It is still an innovation powerhouse, ranking 2nd on the innovation capability pillar, and 1st in terms of business dynamism, boasting the second-largest market, and home to one of the most dynamic financial systems in the world./.