Accordingly, Vietnam continued to hold 42nd position out of 131 economies in the annual report (ranked 42 out of 129 economies in 2019).
Thanks to the ranking, Vietnam is first amongst a group of 29 lower-middle income economies, third in Southeast Asia, behind Singapore and Malaysia, and ninth in Asia Pacific.
According to the assessment, Vietnam was hailed in its market and business sophistication, of which its ranking in the index on market capitalisation of listed companies (% of GDP) was up nine places in 2019, climbing nine places in 2020 and exceeding the target set by the Government in Resolution 02/2019/NQ-CP dated January 1, 2019 on the continuation of the main tasks and solutions to improve the business environment and enhance national competitiveness in 2019 towards 2021.
Specifically, in the resolution, the Government has set the target of raising the ranking of the stock market capitalisation index by 10-15 steps, climbing at least five steps in 2019 alone.
According to the WIPO's rankings since 2017, the index of the capitalisation of listed domestic companies (as a % of GDP) has continuously increased, particularly in 2019 and 2020, moving up 18 places in total.
Regarding the latest rankings, the State Securities Commission said that the result affirms the efforts of the securities sector in managing the stock market, combined with the synchronous coordination between the sector with other relevant ministries and agencies in improving the investment environment, attracting foreign investment capital, promoting administrative reform and perfecting institutions and specialised legal systems.
Vietnam's GII in 2020 has been praised by the WIPO in achieving a number of notable positive results, including improving the level of business development, general infrastructural improvement and that of innovation output.
The GII rankings in 2020 list the competitiveness of 131 economies based on 80 sub-criteria as compiled by the WIPO, Cornell University and the INSEAD business school.