The World Economic Forum (WEF) has ranked Vietnam as the 67th most competitive economy in its latest report released on October 9.

Vietnam scored 61.5 out of a possible 100, moving up ten places from the 2018ranking. The WEF said the Southeast Asian country is attracting a huge flow offoreign investment and becoming a trade hub in the region.

The global league table is based on 12 pillars, namely institutions,infrastructure, ICT adoption, macro-economic stability, health, skills, productmarket, labour market, financial system, market size, business dynamism andinnovation capability.

Of these areas, Vietnam’s health dimension was evaluated highest at 81 points,ranking 71st out of 141. Market size was in 26th placewith 72 points, while macroeconomic stability reached 75 points to stand in 64th place.

Besides, Vietnam was also classed to have the lowest risk of terrorism and themost stable inflation rate. The country received 100 points in thosecategories.

In its report, the WEF recognised the progress made by several economies in thecontext of political and trade tensions, which have clouded the global economyand slowed global trade.

The WEF said Singapore was the world’s most competitive economy. It scored 84.8points, beating the US to the top spot.

The country ranked first forinfrastructure pillar, and was number one for citizens’ health and labourmarkets.

Other high-scoring areas included the financial system, marketefficiency and macroeconomic stability.

The report suggested in order to become a global innovative hub, Singaporeneeds to promote entrepreneurship and further improve its skills base.

The US, which topped the chart last year, scored 83.7, which was lower than theprevious 85.6 points. Despite an overall weaker performance this year, the WEFsaid the US remains one of the most competitive economies in the world.

It isstill an innovation powerhouse, ranking 2nd on the innovationcapability pillar, and 1st in terms of business dynamism, boastingthe second-largest market, and home to one of the most dynamic financialsystems in the world./. VNA