2019, Vietnam spent a total of 0.42% of its GDP on research and development. It is placed among the top 50 countries on the Global Innovation Index.

To compile the list of the 15 most advanced countries and territories in Asia, Insider Monkey utilized the Global Innovation Index (GII) and R&D Expenditure as a Percentage of GDP. The GII ranks countries based on their potential and capacity for innovation. It assesses countries’ innovative landscapes, their adoption of technology, and the socio-economic aspect of the development.

Vietnam was ranked 15^th in the list. The magazine said in 2019, the country spent a total of 0.42% of its GDP on research and development. It is placed among the top 50 countries on the Global Innovation Index.

According to the magazine, Asia is rapidly making strides in the world, with its progress in tech and innovation. It quoted a report by McKinsey Global Institute as saying Asia has dominated the global tech market over the past decade. It accounted for over half of the global tech companies’ revenue growth. The region has made significant contributions to key indicators of growth including global startup funding, R&D expenditures, and patent submissions, accounting for 43%, 51%, and 87% respectively across each indicator.

Asia has incited a revolution in the digital technology sector, fueling economic growth in the region. The region is continuously integrating technology across various sectors, creating opportunities and improving lives. Moreover, the advances in tech and innovation have enhanced the productive capacities of Asian countries, boosting growth and improving public services across Asia.

Asia is rapidly making strides in the world, with its progress in tech and innovation. Photo: insidermonkey.com

With its expertise in the digital sector, Asia stands at the forefront of the digital information technology market, encompassing big data, legacy modernization, and IoT. Asia is home to some of the most advanced countries in science and technology in the world. The region is a hub for talent in science and technology. For instance, between 2016 and 2018, India alone produced 75% of the world’s STEM graduates.

Asian economies have also made significant contributions to combat climate change. With innovative tech solutions, Asia emerged as a leader in global renewable technology with an installation capacity of 45%, surpassing Europe and the US, in 2020. The region is poised to garner a share of 56% by 2040, driven by R&D and infrastructure investment paving for tech solutions.

Israel secured first place in the list, followed by the Republic of Korea, Taiwan (China), Japan, mainland China and Singapore./.

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