Vietnam maintains high ranking in Global Innovation Index 2020

Thursday, 2020-09-03 17:55:16
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NDO – Vietnam continues to maintain a high ranking, placed at 42nd out of 131 economies around the world in the Global Innovation Index (GII) 2020 as announced by the World Intellectual Property Organisation (WIPO) on September 2.

The country has defended its leading position in the lower middle-income group and is the third most innovative economy in Southeast Asia, behind Singapore (no. 8 in GII 2020) and Malaysia (no. 33).

Since 2017, the Vietnamese Government has used the GII as an important administration and management tool, and has assigned ministries, agencies and localities to take charge of improving the index. Under the direction of the Prime Minister and Deputy Prime Ministers, as well as with the engagement of many ministries, branches, localities, research institutes, universities and enterprises, Vietnam’s GII performance has constantly improved, jumping from 59th in 2016 to 43rd in 2017, 45th in 2018, and 42nd in 2019 and 2020.

On its debut in the GII, the ‘Global Brands Value’ indicator registered a good score for Vietnam as the country ranks 19th worldwide with 33 brands listed among the Top 5000 Brands.

Switzerland, Sweden, and the US lead the 2020 innovation rankings, followed by the UK and the Netherlands. This year marks the first time a second Asian economy – the Republic of Korea – has entered the top 10, next to Singapore (no. 8).

Vietnam is the most innovative economy in the lower middle-income group.

According to Deputy Minister of Science and Technology Bui The Duy, Vietnam’s continuous improvement in the group of input indicators facilitating innovation this year is a testament to the country’s continued investment from the State and businesses in science, technology and innovation.

The GII serves as an objective international assessment of each field of state management in promoting innovation in Vietnam. Ministries, sectors and localities have thereby realised their strong and weak points in state management, focusing on overcoming weaknesses and promoting strengths.

According to experts, to improve its GII ranking in a sustainable manner, Vietnam needs to continue focusing on innovation, with special attention being paid to improving indicators on information technology infrastructure, application of information technology, and improvements in the business environment, legal regulations and quality of the workforce.