Vietnam ranks 7th worldwide for economic growth potential

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Vietnam is number 7 in the world in terms of economic growth potential and 4th within emerging Asia-Pacific economies, according to recent study by the auditing and business consultancy firm Grant Thornton.

The Global Dynamism Index shows that overall Vietnam is ranked 27th overall out of the 60 countries surveyed with a score of 54 percent, Grant Thornton said in a statement released on September 27.

Australia is leading in the survey with a score of 66.5 percent. Other countries in the Asia Pacific region with high dynamism index are China (62.7 percent), Malaysia (59.5 percent), South Korea (59.5 percent), Thailand (56.4 percent), Philippines (55.7 percent) and Indonesia (51.2 percent).

"The ratings go well beyond basic GDP data," said Grant Thornton CEO Ed Nusbaum.

"Five areas were identified as holding the key drivers to an economy's dynamism: business operating environment, science and technology, labour and human capital, economics and growth and the financing environment. Within these groups, there were 22 key data points that were analysed," he added.

On the world stage, areas that Vietnam needs to improve in and that affect the overall scores are the Business Operating Environment (down 5 places to 47th), and Science and Technology (down 3 places to 44th), according to Grant Thornton.

It is in these areas that government and management need to improve to build on Vietnam's current standing in the world, the report said.

In more positive specific areas, Vietnam has improved its ranking in labor and human capital (up 6 places to 14th), financing environment (up 4 places to 26th) and economics and growth (up 5 places to 7th).

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