Global Innovation Index: Vietnam climbs 12 places

14:35 | 12/07/2017 Science - Technology

(VEN) - The Global Innovation Index (GII) 2017 report compiled by the World Intellectual Property Organization, Cornell University and INSEAD, the Business School for the World, shows that Vietnam has climbed 12 places to rank 47th among 127 countries and economies. This is the highest GII ranking Vietnam has held so far.

Vietnam has risen to lead the group of middle and lower-income economies in terms of GII this year, compared to its third place in 2016. Vietnam also ranks above Thailand within the Association of South East Asian Nations (ASEAN) region. According to the report, Vietnam is assessed to be strong in a range of indicators, including knowledge and technology outputs, market sophistication, and expenditure on education.

The progress recorded in most indicators of the GII 2017 report is attributed to Vietnam’s development process over the past years, as the entire political system has exerted joint and drastic efforts aiming to improve the business environment and enhance the country’s competitiveness and innovation capability.

The Vietnamese government has issued resolutions on key tasks and measures since 2014 to improve the business environment and strengthen national competitiveness, with specific goals associated with measurable indicators following globally recognized standard methods. In addition, the government has issued Resolution 19-2017/NQ-CP dated February 6, 2017 on the continuous implementation of key tasks and measures to improve the business environment and strengthen national competitiveness in 2017.

The government has assigned the Ministry of Science and Technology to instruct and coordinate with ministries and localities to study the annual GII report and implement solutions to improve the business environment and strengthen national competitiveness.

The annual GII report was first conducted in 2007, using 79 indicators to gauge innovative capabilities and measurable results. The GII relies on two sub-indices, including the Innovation Input Sub-Index and the Innovation Output Sub-Index. The Innovation Input Sub-Index consists of five pillars like institutions, human capital and research, infrastructure, market sophistication and business sophistication, while the Innovation Output Sub-Index includes two pillars of knowledge and technology outputs, and creative outputs.

The government has set a target for Vietnam to rank middle in ASEAN-5 (staying behind Singapore and Malaysia and sitting

above Thailand and one other country) in the GII ranking in the ASEAN region by 2020.

Thanh Tam