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Vietnam ranks 47th in Global Innovation Index

Hung Le
Friday,  Jun 16,2017,23:29 (GMT+7)
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Vietnam ranks 47th in Global Innovation Index

Hung Le

HCMC – Vietnam has made a remarkable improvement in the Global Innovation Index 2017, jumping from 59th last year to 47th worldwide this year, according to a report conducted by the World Intellectual Property Organization, Cornell University and INSEAD, the Business School for the World.

Vietnam gains 12 places this year, ranking 47th out of 127 economies, thanks to its efforts in improving the business environment and enhancing its competitiveness. Especially, the country takes the ninth place in Asia.

In terms of gross domestic product (GDP) growth, Vietnam maintains its top place among lower-middle-income economies compared with the third place in 2016, and enters the world’s top 10 in innovation efficiency.

Notably, the index indicates Vietnam participates more and more in a number of regional and global value chains, including some in relatively high-tech sectors. As a result, Vietnam presents the highest score in trademarks by origin among ASEAN economies.

Vietnam shows the best ranking in the region in education expenditure and performs well in information and computer technology use, gross capital formation, and foreign direct investment (FDI) net inflows.

However, it has some of the lowest scores in tertiary enrolment, state of cluster development, university/industry research collaboration, and knowledge-intensive employment.

The nation is actively working to improve its innovation ecosystems and rank high in a number of important indicators related to education, research and development, productivity growth, high-tech export, among others, according to a press release.

The index gauges seven key elements, namely institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. This year, Switzerland, Sweden, the Netherlands, the United States and the United Kingdom are the world’s most-innovative countries.

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