Vietnam has been ranked 4 th among the most competitive economies in the Association of Southeast Asian Nations (ASEAN), replacing the Philippines, according to a survey conducted by the Singaporean Institute of Policy Studies (IPS) and the Nanyang Technological University (NTU).

Among ASEAN member economies, Singapore topped the list and was followed by Malaysia and Thailand . However, experts warn that Singapore must keep a close eye on costs and focus on expanding its services sector. If not, the country will face risk falling behind.

In Asia , Singapore has been ranked the 3 rd most competitive Asian economies, behind Hong Kong and Taiwan .

The IPS-NTU competitiveness survey covers four main areas and takes into account 79 sites - the 10-member Association of Southeast Asian Nations, 34 Chinese cities and 35 Indian states.