Here is a big shocker, in the latest 2010 Global Competitiveness Report by the World Economic Forum, Vietnam jumped from #75 to #59 in one year. In SE Asia, Singapore (3), Malaysia (26), Thailand (38) and Indonesia (44) rank higher than Vietnam.
Yeah, doing business in Vietnam does seem to get easier and easier day by day but Vietnam still has a long way to go. Government policies are ineffective when their is a lack of transparency among the various government agencies. Corruption and graft are ripe. It is a shame that laundered money is still considered as FDI in Vietnam (I am not pointing fingers but just take a look at the many projects “sponsored” by East European and Chinese Malay “investors” around the country).
If Vietnam signs the Hague Convention, doing business could become even easier but does it really want to at this time? That is for the Vietnamese government to decide…
Anyway, I bet my Turkish friends are wondering how a Democratic Turkey (60) is ranking below a Communist Vietnam in global competitiveness.
View the full report here: -> http://www.weforum.org/documents/GCR10/Full%20rankings.pdf
Despite this report, the Vietnam Index remained unchanged by the end of trading session.
Not sure how reliable these reports are, but I’m certainly glad to see that Vietnam is moving up in the business world 🙂 It’s a long process, and even though there are still LOTS and LOTS of room for improvement, the country is actually moving forward rather quickly (roughly 25 years, counting from 1986)
hahah yes, it’s Friday. I’m leaving work in 3 mins now. Counting down…
Appears to be contradictory the Forbes list. I couldn’t find the Forbes article online but Thanh Nien news had a story on how Vietnam dropped 5 places from 113 to 118.
http://www.thanhniennews.com/2010/Pages/20100910210506.aspx
“Corruption and graft are ripe.”…Hmm ! Miscreant government seems attracting funds that’s dissimulated as FDI. Guess where’s the money goes to and look no further than Macau where its used to run by thugs.