Nation sees decline in global competitiveness

Sep 6th at 12:53
06-09-2012 12:53:44+07:00

Nation sees decline in global competitiveness

Viet Nam has plunged 10 places from last year to be ranked 75th out of 144 economies in the Global Competitiveness Index (GCI) 2012-13, according to a report released by the World Economic Forum yesterday.

Over the last two years, Viet Nam lost 16 places and is now the second-lowest ranked among eight members of the Association of Southeast Asian Nations (ASEAN) that the report covered.

According to the report, the decline of Viet Nam in the global competitive assessment was because the country lost ground in nine out of the 12 pillars of the index, saying that it ranked below 50th in all of the pillars and dangerously close to 100th on most of them.

Most notably, Viet Nam fell 41 places in the macroeconomic environment pillar to 106th. The country's inflation climbed, sovereign debt rating worsened and access to credit became more difficult.

Infrastructure (95th), quality of roads (120th) and ports (113rd) remained challenges for the country despite some improvement in recent years while respect for property rights (113th) and protection of intellectual property (123rd) were insufficient, the report said, adding that private institutions also suffered from poor ethics and particularly weak accountability.

Meanwhile, Viet Nam was reported to have several strengths: an efficient labour market (51st), large market (32nd) and satisfactory performance in the public health and basic education pillar (64th).

According to the report, decisive policy action was required to put the country's growth performance on a more stable footing.

In the report, Switzerland was ranked first. The 12 pillars of the GCI were institutions, infrastructure, macroeconomics environment, health and primary education, higher education and training, goods market efficiency, labour market efficiency, financial market development, technological readiness, market , business sophistication and innovation.

vietnamnews



NEWS SAME CATEGORY

Gov't focused on managing economy

The Government's tasks during the last months of 2012 were to continue curbing inflation and stabilising the macro economy, with a target of GDP growth of 5.2 per...

British business group eyes Vietnamese market

 A British trade official and an executive chairman told participants at a business briefing in London on Tuesday that Viet Nam was an attractive destination for...

Viet Nam is ripe for British trade and investment, say speakers

A British trade official and an executive chairman told participants at a business briefing in London on September 4 that Viet Nam was an attractive destination for...

Shoppers set for sales promotion month

A big sales promotion campaign with the participation of around 750 businesses was launched by the municipal departments of Industry and Trade and Culture, Tourism...

US Trade Representative in town to discuss trade, investment ties

President Truong Tan Sang urged the US government to grant Viet Nam status as a market economy, making the comments at a meeting with visiting US Trade...

Concerns over low economic growth

Since early this year, Vietnam has made significant achievements in curbing inflation and stabilising the macroeconomy.

US businesses optimistic about Vietnam opportunities

Vietnam is rated as a top location in Southeast Asia for planned investment with 57 per cent of respondents reporting that their businesses plan to expand business...

Out of favour zones cry foul at state budget list

The decision for giving state budget priority to only six coastal economic zones nationwide is raising others’ infrastructure development concerns.

Inspectorate puts SOEs in firing line

The Government Inspectorate will put four big state-run groups under the microscope after many state-owned enterprises’ misuse of state capital hits the headlines.

Goods, services revenue surges this year

The country's total retail revenue of goods and services in the first eight months of the year surged 17.9 per cent over the same period last year to VND1,517...


MOST READ


Back To Top