The latest Global Competitiveness Report from the World Economic Forum says Vietnam has dropped 10 places to 75th out of 144 countries because of its weakened economy. That suggests Vietnam is now less competitive than every country in Southeast Asia except Cambodia.
The Forum’s analysis calls Vietnam fragile and volatile — noting the country plunged 41 places in terms of the macroeconomic environment category to 106th after it had recorded a 20-place gain a year ago. The new report ranks Vietnam below 50th in all of the 12 components of the index.
The report highlights credit access and infrastructure as Vietnam’s major challenges. The country’s stronger points are identified as relatively efficient labor market, its large market size, public health and basic education.
Vietnam has a long way to go to catch up with the world’s most competitive countries: Switzerland, Singapore, and Finland.
More from World Economic Forum on Vietnam’s Competitiveness