Vietnam climbs 12 spots on global competitiveness index

Thanh Nien News

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A man welds a scooter's body at a Piaggio scooter and motorcycle factory in Vietnam. Photo: Reuters A man welds a scooter's body at a Piaggio scooter and motorcycle factory in Vietnam. Photo: Reuters

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Vietnam has advanced 12 places to 56th in an important global competitiveness index, indicating its progress in moving away from an economy driven by unskilled labor and natural resources. 
According to a report released Wednesday by the World Economic Forum, Vietnam is now transitioning into an efficiency-driven economy. 
It said the weight of Vietnam's efficiency enhancers, including higher education and market size, has increased from 35 percent last year to 35.8 percent this year.
The new report also named the most problematic factors for doing business in Vietnam, of which access to financing was at the top. It was followed by policy instability, inadequacy educated workforce, poor work ethic in labor force, and corruption.
Even though Vietnam saw the most impressive improvement among all Southeast Asian countries this year, it's still far behind its neighbors. Singapore, Malaysia, and Thailand, Indonesia and the Philippines were all in the top 50, with Singapore ranked second out of 140 economies. 
Switzerland continued to top the global index, while the US remained at the third position, followed by Germany and the Netherlands.

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