Vietnam Champions in Race to Raise Global Competitiveness Rankings in 2019

2:14:59 PM | 10/18/2019

According to the World Economic Forum (WEF), Vietnam's Global Competitiveness Index (GCI) added 3.5 points to climb 10 places to rank No. 67. The GCI Report sees Vietnam with the strongest score increase in the world and lies in Asia-Pacific where competitiveness is highest in the world.

Clearly, this result demonstrates persistent reform efforts of the Government of Vietnam. For the first time, Vietnam rose to the first half of the global rankings, No. 67 among 141 economies ranked.

Vietnam’s most important institutional reform efforts helped raise this index, for example, its efforts to sign and execute new-generation free trade agreements; programs to reduce and simplify 50% of business conditions and specialized inspection administrative procedures; important policies and solutions to promote the implementation of e-government and digital economy; the adoption of the ASEAN National Single Window; the construction of an innovative startup ecosystem; and efforts to improve local competitiveness index.

Although the reform path is still rough and incomplete, reform efforts for better business environment and competitiveness in Vietnam have come to fruition in recent years. The country has made a record increase in score in a year and achieved structural changes and initial quality improvement despite slowing global growth and rising uncertainty amid protectionism trends and U.S.-China trade war.

In fact, the biggest sources of growth are still institutional reforms and entrepreneurship of Vietnamese businessmen. The increase of Vietnam’s competitiveness and business environment in the global economic landscape is the synergy of these two factors - the wings for Vietnam's economy to fly high.

This year's WEF Report also delivered a remarkable message: The research group studied the correlation between economic competitiveness with sustainable development and between competitiveness with social inclusion and found that there is no need for a trade-off of economic achievement for sustainable development and economic success for social issues. An economy can fully aim for and achieve these goals. This is also a positive affirmation to the right direction and trend that the Vietnamese Government is consistently pursuing.

VCCI President Vu Tien Loc