Hanoi (VNS/VNA) - Vietnam ranked 77th out of 140 countries in thelatest Global Competitiveness Report, rܫeleased by the🌠 World Economic Forum(WEF) on October 17.

Vietnam fell three places from the 2017 ranking. This year, WEF used a new methodology to fully capture the dynamics of theglobal economy in the Fourth Industrial Revolution; many of the factors thatwill have the greatest impact on driving future competition have never been thefocus of major policy decisions in the past. These factors include ideageneration, entrepreneurial culture, openness and agility. Under the new method,Vietnam received 58.1 points. Vietnam was ranked the sixth most competitive economy in Southeast Asia. Within the region, Vietnam was behind neighbours Singapore (second), Malaysia(25th), Thailand (38th), Indonesia (45th) and the Philippines (56th), but aheadof Brunei Darussalam (62nd), Cambodia (110th) and Laos (112th). The Global Competitiveness Index (GCI) is based on 12 pillars: institutions,infrastructure, information and communication technology adoption,macroeconomic stability, health, skills, product market, labour market,financial system, market size, business dynamism and innovation capacity. Of these 12 areas, Vietnam’s health dimension was evaluated highest at 81points, ranked 68th out of 140. Market size reached 71 points, ranked29th, and macroeconomic stability reached 75 points, ranked 64th.  The country was ranked lowest in product market at 102nd, business dynamism at101st and skills at 97th. In the remaining categories, institutions ranked 94th and information andcommunication technology adoption ranked 95th. Creative capacity reached thelowest score with just 33 points but still ranked 82nd out of 140 countries. The US topped this year’s WEF Global Competitiveness Report. Singapore was insecond place, with Germany in the third spot. Chad was the bottom-dweller, ranked 140th.-VNS/VNA