The World Economic Forum defines competitiveness in terms of institutions, policies, and factors that determine a country’s level of productivity. The report acknowledged great progress by several economies, including Vietnam, despite global political and trade tensions that have destabilized the world economy.

Economist Dr. Le Dang Doanh attributed the improvement to the tireless efforts of the government and the Prime Minister in institutional reform. He said: “Vietnam’s strong growth is the result of the comprehensive intuitional reform. All targets have been achieved or surpassed. For example, the robust growth of IT or commodity market has been applauded. We honor the efforts by the government, especially the Prime Minister, who have worked hard to reduce business licensing procedures. The Ministry of Industry and Trade has slashed a large number of sub-licenses.”

However, Dr. Doanh said Vietnam needs bolder measures to meet the standards of a market economy and further support businesses, going ahead with stronger institutional reform and ensuring publicity and transparency.