WEF: Vietnam’s competitiveness improves

(VOVWORLD) - In its Global Competitiveness Report 2017-2018, the World Economic Forum acknowledges Vietnam’s progress in reforming and developing long-term growth factors and praises Vietnam’s technological achievements and efficient labor market.

The annual Global Competitiveness Index Report of the WEF measures the growth of productivity of economies, a decisive factor in per capita income. The indexes are based on more than 100 different economic factors to evaluate the health of the economy.

In the WEF’s report published last month, Vietnam jumped 5 places to 55th 55th out of 137 countries, Vietnam’s highest ranking since the WEF introduced the index in 2006. Vietnam’s ranking is higher than some other ASEAN countries including the Philippines, Cambodia, and Laos. In the last ten years, Vietnam’s global competitiveness has jumped 15 places, from 70 to 55.

But the report points out factors preventing Vietnam from moving higher up the global value chain. According to the report, creativity and workforce quality remain low, making it difficult for Vietnam to integrate into the global economy, in the context of the 4th Industrial Revolution. But generally, Vietnam’s economy is on track toward rapid, sustainable development, according to the report.

Vietnam and the WEF will increase cooperation on improving Vietnam’s global competitiveness. The two sides signed a partnership agreement last year focused on reforming the economy, ensuring food security, and promoting trade, investment, the digital economy, and production chains.