Singapore surpasses US to become most competitive economy
Singapore has surpassed the US to become the most competitive economy in the World Economic Forum (WEF)’s latest Global Competitiveness Report, which was released on October 9.
A file photo of Singapore's central business district skyline (Source: Reuters)
Hanoi (VNA) – Singapore has surpassed the US to become themost competitive economy in the World Economic Forum (WEF)’s latest Global Competitiveness Report, which was released on October9.
The global league table is based on 12pillars, namely institutions, infrastructure, ICT adoption, macro-economicstability, health, skills, product market, labour market, financial system,market size, business dynamism and innovation capability.
Singapore scored 84.8 points compared to the US’s83.7 points. The country ranked first for infrastructure pillar, citizens’ healthand labour markets. Other high-scoring areas included the financial system,market efficiency and macroeconomic stability.
The report suggested in order to become a global innovative hub,Singapore needs to promote entrepreneurship and further improve its skillsbase.
The US dropped to the second place with 83.7 points, which was lower than the 85.6 points it recorded in 2018. Despite an overall weaker performance this year,the WEF said the US remains one of the most competitive economies in the world.It is still an innovation powerhouse, ranking 2nd on the innovation capabilitypillar, and 1st in terms of business dynamism, boasting the second-largestmarket, and home to one of the most dynamic financial systems in the world.
Meanwhile, Hong Kong (China), the Netherlands and Switzerland came inthird, fourth and fifth, respectively.
Vietnam is ranked 67th, moving up tenplaces from the 2018 ranking./.
Singapore has unveiled a new plan to guard against cyber-attacks that could threaten the country’s infrastructure such as power, water and transport networks.
A free trade agreement (FTA) between Singapore and the Eurasian Economic Union (EAEU) was signed by their leaders in Yerevan, capital of Armenia, on October 1.
The Singapore Food Agency (SFA) has suspended the import of fresh quail eggs from Telic Farm in Malaysia after it detected residue of a drug called nicarbazin in the farm’s quail eggs.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
The Thai cabinet has approved a seven-year EV bus leasing scheme proposed by the Bangkok Mass Transit Authority (BMTA) for the capital, with an estimated cost of 15.35 billion THB (over 470 million USD).
Aircraft are prohibited from flying below 6,000 metres in the vicinity of the volcano, and should also remain alert to the presence of volcanic ash, which can disrupt flights.
Laos declared the transfer of the press management functions of five key media agencies and associated personnel to the Propaganda and Training Board of the Lao People's Revolutionary Party Central Committee.
Univers said in a statement that the new centre will serve as a hub for innovation, bringing together digital intelligence and climate ambition to accelerate Sarawak's transition toward a low-carbon, tech-enabled economy.
A file photo of Singapore's central business district skyline (Source: Reuters)
