VN struggles with competitive rankings
12:25 | 21/10/2019

VGP – Viet Nam jumped ten places in the world rankings to 67th spot with 61.5 points, that’s a rise of 3.5 points compared to last year.  However, a large number of experts assessed that there are numerous challenges for Viet Nam to overcome. 

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Viet Nam became the champion in the race of the Global Competitiveness Index 2019.

Economist Le Dang Doanh said that Viet Nam’s performance in the rankings has been improved over the past years. Earlier, Viet Nam entered the race with modest starting points and low positions. In 2019, Viet Nam’s ranking jumped sharply thanks to the country’s positive integration and reform endeavors. 

This year is the first time that Viet Nam has two component indexes with an absolute score of 100, namely inflation and terrorism incidence, whose score of 100 means no incidence.

Among the 12 pillars, only health saw its score decrease, while the score for macroeconomic stability remained unchanged and the scores for other pillars improved compared with the previous year.

In terms of ranks, the three pillars of infrastructure, health and financial system fell slightly while increases were seen in all other pillars.

President of the Viet Nam Chamber of Commerce and Industry Vu Tien Loc attributed the improved competitive index to the initial outcome of the Government’s persistent efforts over the past time such as signing and enforcement of new-generation free-trade agreements, simplification of business conditions and administrative procedures, implementation of e-Government, digital economy, national single window mechanism, and ASEAN single window mechanism. 

However, Mr. Loc added that there are numerous challenges in the reform path. 

Economist Doanh added that even though Viet Nam’s rankings were improved. In the region, Viet Nam led Laos, Cambodia, and Myanmar and stayed behind other ASEAN member states. Hence, Mr. Doan proposed the country to escape from the 67th position and enter 25th or 30th places to catch up with developed countries. 

Economists suggested Viet Nam cope with challenges such as institutions, techniques, business environment, and innovative ecosystem./.  

By Kim Loan 

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