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Vietnam is one of the most dynamic countries in the world with Ho Chi Minh City and Hanoi both named in the top 10 cities that have successfully embraced technological change for growth, according to a new report released at the World Economic Forum's annual meeting.
Ho Chi Minh City came second, only after India’s Bangalore, in the JLL City Momentum Index 2017 which was compiled by Chicago-based financial and professional services firm JLL. Vietnam's southern metropolis ranked sixth in 2015 but dropped out of the top 10 last year.
Hanoi was at number eight, cracking the top 10 for the first time.
The index, first published in 2014, measures cities based on how well they absorb, adapt and leverage technology and innovation. It examines 42 variables in each of 134 cities or metropolitan areas including economic growth, population, innovation capacity, access to education and environmental quality.
Asia-Pacific cities comprised half of the 2017’s top 30 list.
Ho Chi Minh City and Hanoi, as well as Nairobi, are categorized as “High Potential Cities” driven by low costs, rapid consumer market expansion and high levels of foreign direct investment.
“These cities continue to attract capital from foreign investors betting on their transition from low-wage manufacturing to high-value activities,” Jeremy Kelly, JLL research director, said in a statement.
But he noted that the JLL index is not a measure of the “best” cities in which to invest.
“It’s intended to identify change and highlight which cities or metropolitan areas may be best at positioning themselves to compete in today’s ever-changing economic landscape,” he said.
“Cities that support and nurture technological changes have demonstrated remarkable momentum and taken a more prominent role in shaping our landscape.”
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