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The country stood in 92nd place in the Global Talent Competitiveness Index (GTCI), an annual report compiled by international business school INSEAD with The Adecco Group and Tata Communications.
The ranking measured 125 economies across the world in terms of their ability to attract, develop and incubate a talented workforce.
Vietnam, classified in the lower-income group, scored 33.41 out of 100, only above its neighbor Cambodia, and poor and/or conflict-torn nations like Egypt, Pakistan and Yemen.
The nation has been better at enabling talents than attracting or retaining them, said the report, which was released Monday.
Political stability, good government-business relations, ease of doing business, ease of hiring personnel and the use of virtual social networks are factors that have contributed to boosting Vietnam’s talent competitiveness.
However, the country of 95 million people, is also challenged by a variety of limits in terms of technology infrastructure, corruption, professional management, research expenditure, presence of international students, the report said.
Vietnam has some outstanding qualities, the report noted. Its reading, science and math skills rank as high as 19th worldwide, while its high-value exports rank eight.
Last year, Vietnam ranked 87th out of 119 countries on the global talent attraction index.
The sixth GTCI edition still demonstrates that a country’s talent attraction goes almost in parallel with their economic status, with high-income countries taking the lead. European countries continue to dominate the ranking, accounting for 16 of the top 25. Switzerland maintains its position at the top, followed by Singapore and the United States, the only non-European countries in the top 10.
In Southeast Asia, Malaysia came in 27th as the top-ranked country in the group of upper-middle-income countries, standing above high-income countries like Slovenia, Portugal and South Korea.
The Philippines (54th) led the lower-middle-income group, which included Thailand at 67th position and Laos at 91st.
"The Vietnamese workforce, despite being hardworking and having a great start-up spirit, is not yet ready for the Fourth Industrial Revolution.
"The revolution will replace repetitive jobs with artificial intelligence or automation, while the demand for technical, higher cognitive, social and emotional skills will surge," Andree Mangels, general director of Adecco Vietnam, said in a statement.
This video shows how expats and foreign tourists joined Vietnamese fans to cheer for the national football team during Asian Games 2018 last August on Saigon streets.
