In a report on global competitiveness in 2003-2004 of the WEF, Vietnam's global competition index (GCI) on economic growth has been upgraded from 62 in 2002 to 60 in 2003, and competition index on business was upgraded from 60 to 50. On their comment, experts of the WEF said Vietnam has clearly improved its position thanks to its improving quality of public institutions.
Classification on GCI was composed on basis of macro economic environment, quality of the public institutions and technology. On the quality of public institutions, the WEF pointed out private companies are unable to operate effectively within environment where business transaction contracts are either not assisted by the laws or the laws are weak and unclear. The companies can also see that their operating expenses are too high in the countries where corruption is usurped. Therefore, quality of the public institutions is very important for economic development in long term.
Five countries and territories were classified as in leading position of the list, namely, Finland number one, the US number two, Sweden number three, Denmark number four, Taiwan number five; and then Singapore number six, Switzerland, Iceland, Norway and Australia
Vietnam Economy - (03/11/2003)