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Global competitiveness index improves for 3rd consecutive year

Friday, 02 October 2015
Viet Nam’s global competitiveness index jumped 12 places, according to the Global Competitiveness Report 2015-2016 released by the World Economic Forum.

The report assesses the competitiveness landscape of 140 economies, providing insight into drivers of their productivity and prosperity.

The competitiveness includes institutions, policies, and factors that determine the level of productivity in the economy. Productivity determines the level of prosperity a country can achieve.

Viet Nam lands at 56th compared to 68th last year, progressing for the third consecutive year, the report says.

The new index reflects the dynamism of the Southeast Asian region, where all five largest ASEAN members  Malaysia (18th), Thailand (32nd), Indonesia (37th), the Philippines (47th)  and Viet Nam – all rank in the top half of the Global Competitiveness Index.

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Minister of Planning and Investment Bui Quang Vinh said the positive increase in the global index came as a result of better performance of macroeconomy, primary education and health, institutions, and infrastructure.

Speaking at the Cabinet meeting on Thursday, Mr. Vinh said the national economy grew faster than earlier forecast with the average rate of 6.5% over the past nine months, the highest figure since 2011.

The economy was mainly driven forward by the introduction of new laws which were designed to spur business environment improvement.

Between 2014 and 2015, the Vietnamese Government issued two resolutions figuring out key tasks and solutions to improve the business environment and national competitiveness based on approaches of the World Bank and the World Economic Forum, noted Mr. Vinh.

He went on to say that the fresh ranking demonstrates Viet Nam’s acceptance of the global game. Better ranking also speaks the Government’s efforts in administrative procedure and competitiveness reform.

The only way to move forward is to accept competition and that is why Viet Nam participates in a number of free trade agreements, Minister Vinh told reporters.

The presence of more than 700 delegates from 32 countries at the Viet Nam Global Investment Forum held in Ha Noi on September 30 is indicative of the attractiveness and competiveness of the national economy./.

Van Hai (Source: VGP News)