Vietnam fifth in global trade connectedness
Vietnam fifth in global trade connectedness
Vietnam has improved its trade connectedness to rank fifth in the world, according to a recent report by logistics giant DHL.
The Tan Cang - Cai Mep International Port in Ba Ria-Vung Tau, southern Vietnam.Photo by Shutterstock/Hien Phung Thu.
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The latest ranking for 2019 is up five places from 2017, the report says. With a score of 83 points, Vietnam ranked behind Singapore (92), the Netherlands (92), Belgium (91) and Malaysia (84).
Most countries and territories in the top 10 saw their ranks drop or remain unchanged. Trade is one of four pillars of the DHL Global Connectedness Index 2020, the others being capital, information and people. These pillars are measured by the quantity of traded goods, the amount of international investment and the number of migrants.
The overall ranking of Vietnam in the global connectedness index was 38 among 169 countries and territories, up one place from 2017. "Vietnam has become a serious competitor to China not only in textiles manufacturing, but also increasingly in high tech products," the report said.
Shoeib Reza Choudhury, CEO of DHL Express Vietnam, said Vietnam was one of the top destinations of companies seeking to diversify their manufacturing, drawn by the young labor force, trade pacts and social stability.
Moving to Vietnam is most popular among hi-tech forms and garment companies, he added. The DHL Global Connectedness Index is compiled every two years to measure the state of globalization in 169 countries and territories.
