Viet Nam is ranked 75th among 93 countries in the annual Global Talent Competitiveness Index. — VNA/VNS Photo Vu Sinh

HCM CITY (Biz Hub) — Viet Nam is ranked 75th among 93 countries in the annual Global Talent Competitiveness Index, which measures a nation's competitiveness based on the quality of talent it can produce, attract and retain.

The second edition of the study was conducted by INSEAD, one of the world's leading business schools, the Human Capital Leadership Institute of Singapore and Zurich-based Adecco Group, one of the world's leading provider of human resources solutions.

According to the study, Viet Nam scores relatively high in global knowledge skills despite its low performance in developing the country's own talent via formal education.

"As the economy is recovering, firms both local and international in Viet Nam are in need of skills," said Nicola Connolly, country manager of Adecco Vietnam and chairwoman of the European Chamber of Commerce in Viet Nam.

"Even though the talent pool is not large, Viet Nam is good at employing its existing talent and higher skills in innovation activities and entrepreneurship.

"However, its key challenge lies in growing new talent, as Viet Nam does not perform well in terms of formal education and lifelong learning, thus creating a wider skill gaps moving forward," she said.

In the ranking of 93 countries this year, European countries continue to dominate the list with 16 of them in the top 25. Switzerland maintains its number one position, while four non-European countries are among the top 10: Singapore, the US, Canada and Australia.

The survey, which aims to provide a practical and strategic tool for governments, businesses and not-for -profit organisations to inform policies in areas such as education, human resources and immigration, found that investment in "employable skills" and vocational education underpins success in developing, attracting and retaining talent.

The 93 surveyed countries represent 83.8 per cent of the world's population and 96.2 per cent of the world's gross domestic product.

Viet Nam was ranked 82 among 103 countries in the first edition of GTCI. — VNS