Vietnam ranked 11th out of 133 economies in the World Economic Forum’s (WEF) 2009 Index on the amount of money the government spends on technology.

The Vietnamese States expenditure on technology is even higher than that of China , the Republic of Korea and the United Kingdom .

The Southeast Asian nation also came 44 th for creativity; 48 th for supporting foreign investment and transferring technology; 51 st for the technological abilities of entrepreneurs and 62 nd for the ratio of private owned computers per 100 people.

However, Vietnam dropped five places to become 75 th in the Competitiveness Index, said the WEF, attributing this to rises in the country’s trade deficit, its rate of inflation and an overheated economy.

The WEF said that big economies including the US , the Republic of Korea , Denmark , the Netherlands and other Southeast Asian nations are in the same boat, with the Philippines falling 16 places in the index.

The WEF’s 2009 Competitiveness Index is based on infrastructure, stability in the macro-economy, institutions, healthcare, primary and tertiary education, vocational training; consumer demand, the labour market; the financial market and business environment; technology; and creative power.

This year’s World Economic Forum's Annual Meeting is scheduled to be held in China from September 10-12./.