Malaysia, Vietnam and New Zealand are among the most improved middle powers in the region, according to the Asia Power Index 2019 recently released by Australian think tank Lowy Institute.
|A bird’s eye view of HCMC|
The annual index ranks 25 countries and territories according to the power they wield in the Asia-Pacific region, based on 126 factors that assess everything from economic resources and military capability to diplomatic networks and cultural influence.
The report states that Vietnam is ranked 13th out of 25 economies, with an overall power score of 18 out of 100, so the country is a middle power in Asia.
Vietnam ranks 10th in economic relationships, registering an upward trend for the measure. Current trend projections also place the middle power 10th for future resources.
However, the country’s lowest ranking, in 19th place, occurs in the resilience measure, according to the Sydney-based international policy organization.
Vietnam has made rapid progress in the strategic and economic spheres. However, a high dependency on global trade, as reflected in a trade-to-gross domestic product ratio of 200%, also presents a double-edged sword.
The country has also made the most of its multilateral arrangements, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, also known as the TPP-11, to boost its economic diplomacy and regional trade ties.
Despite similar improvements in the multilateral power submeasure ranking, Vietnam’s diplomatic influence dropped two places to the 12th spot, as a result of advancements in that measure by Malaysia and New Zealand.
Nevertheless, along with these other two middle powers, Vietnam’s overall power score is among the top five most improved for 2019. SGT
The Vietnam Economic Yearbook 2019 points out two scenarios for the country’s economy this year, according to which the growth rate will be over 6.5 percent in the new context of the world.
The news website Yahoo News has run a story from The Motley Fool, which provides leading insight and analysis about stocks to help investors stay informed, commenting that Vietnam is an economic star in the Southeast Asian region.
The Organization for Economic Co-operation and Development (OECD) has analyzed some problems that limit Vietnam’s economic development, and proposed solutions to help Vietnam in building a socio-economic strategy from 2021 to 2030.