Vietnam ranks 70th in global competitiveness

A recently released report on global competitiveness for 2013-2014 by the World Economic Forum shows Vietnam ranked 70th from among 148 countries surveyed, gaining five ranks compared to last year.

This result is mainly due to a slightly better macro-economic environment with inflation decreasing to one-digit in 2012. The country’s transport and energy infrastructure has also improved, and there is much more progress in the goods market, thanks to lower trade barriers and taxes.

Nonetheless, despite these improvements, the country’s economy remains fragile. For instance, the efficiency in the labor market went down five ranks; financial market development was at 93rd ranking; and technological slid to 102nd ranking.

Moreover, Vietnam needs to pay more attention to increasing levels of carbon dioxide being released into the environment with the rapid development of industries, leaving a bad impact on the environment with more air and water pollution.

By Bao Minh – Translated by Thuy Doan

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