Vietnam has added another top 10 to its many rankings in a recent study which illustrates the country’s vigorous drive. The City Momentum Index (CMI) tracks how fast the economy and commercial real estate of a particular city changes. The CMI, compiled by investment management company JLL, has been featured in a recent World Economic Forum (WEF) report. The study examines 42 variablesacross 134 major and emerging business hubs to identify a city’s ability to adopt fast moving changes which affect their long term ability to compete globally.
There are dynamic cities all around the world but the 2017 findings identify over half the top 30 coming from the Asia-Pacific region. The variables include a wide range of factors such as GDP, population, technology, direct foreign investment, retail and hospitality, innovation capacity, education, the environment and so on.
The 2017, and fourth, index spectacularly ranks Hanoi at number 8 and Ho Chi Minh City at number 2, behind Bangalore within the top 10 fastest changing cities in the world today. This is a remarkable development bearing in mind neither city was included in the 2016 top 20; although Ho Chi Minh City was ranked 6 in the 2015 index.
(Source: Internet)
WEF pointed out that technology and innovation are two critical factors that distinguish the most dynamic cities. And those which are best able to harness these drivers come out the leaders. Ho Chi Minh City and Hanoi are regarded as “high potential” cities. This is because they are strongly able to attract high levels of direct foreign investment, maintain low costs together with a rapid rise in consumerism. For the top CMI cities it is also noted that they are becoming more tightly networked and able to outperform their national economies.
(Source: Internet)
The top 10 for 2017
1. Bangalore, India
2. Ho Chi Minh City, Vietnam
3. Silicon Valley, US
4. Shanghai, China
5. Hyderabad, India
6. London, UK
7. Austin, US
8. Hanoi, Vietnam
9. Boston, US
10. Nairobi, Kenya
WEF pointed out that CMI does not measure which cities are the best to invest in. Instead the Index highlights which cities and areas are best able to compete in today’s constantly changing arena.
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