Last year, the Vietnamese internet economy continued to record double-digit growth, at 16 percent year-on-year, the highest in Southeast Asia. Photo: VNA

Vietnam currently stands at 44th position in the Global Innovation Index (GII) 2021 report, as opposed to last year’s 42nd spot, as per the findings released from World Intellectual Property Organisation (WIPO)’s latest innovation index report for 2020 on Monday.

The 2021 edition of the Global Innovation Index (GII) presents the latest global innovation ranking of 132 economies, relying on 81 different indicators. While tracking the most recent global innovation trends in the new Global Innovation Tracker, this edition also focuses on the impact of the Covid-19 pandemic on innovation.

The GII's overall formula for measuring an economy's innovative capacity and output provides clarity for decision makers in government, business and elsewhere as they look forward to creating policies that enable their people to invent and create more efficiently.

The report ranked Switzerland, Sweden, the United States, Britain and the Republic of Korea as the most innovative economies. China and France edged up in the rankings which continue to be dominated by Asia, Europe and North America.

Turkey (41st), Thailand (43rd), Vietnam (44th), the Russia Federation (45th), India (46th), Ukraine (49th) and Montenegro (50th) make it into the GII top 50 this year.

The GII 2021 report also mentioned Vietnam as one of four middle-income economies (the others being Turkey, India and the Philippines) with the potential to change the global innovation landscape, systematically catching up with other economies like China.

Vietnam, along with India, Kenya and the Republic of Moldova, holds the record for over performing on innovation relative to their level of development for the 11th year in a row, according to the report.

Vietnam has been part of the index since its debut in 2007, climbing up steadily since 2013, after several years of hovering just above the 70th place. The country ranked 42nd in the index in 2019 and 2020, which climbed three positions compared to 2018. This was the highest rank that Vietnam had ever achieved.

However, Vietnam's 44th place is, still a considerable improvement on its average rank of 68th during 2013-2015. The country continues to take the lead in the lower-middle-income group since the previous year.

Vietnam continues to score above the lower-middle-income group average in all categories and scores even above the average of the upper middle-income group in market and business sophistication. Specifically, Vietnam is ranked after Thailand and ahead of Russia in the global ranking, as well as ahead of India in the lower-middle-income group with a score of 37.

Vietnam holds the record for outperforming their development level in innovation, punching above its weight for the 11th year in a row.

A study by Australia’s Data 61 forecasts that Vietnam’s GDP may add an additional USD 162 billion in 20 years if the country’s digital transformation is successful.

Experts also said Vietnam possesses strengths in human resources and Government support, so the country could create a dynamic wave to further strengthen the development of its digital economy.

The Party and State have outlined orientations for building policies and programmes to actively join the Industry 4.0, focusing on applying and developing science and technology, promoting innovation, and improving the quality of human resources.

The Prime Minister on December 30, 2020 issued the National Strategy on the Industry 4.0 by 2030, to fulfil the goals set in a Politburo resolution which outlines policies guiding Vietnam’s active involvement in Industry 4.0, reported VNA.

The strategy’s objectives are to take full advantage of opportunities presented by the Industry 4.0 and fundamentally master and broadly apply advanced technologies in different social and economic fields.

Under the strategy, Vietnam will the top 40 performers in the GII, the top 30 in the International Telecommunication Union (ITU)’s Global Cybersecurity Index (GCI), and the top 50 in the United Nations’ e-Government Development Index (EGDI) by 2030.

The country also aims to raise the proportion of the digital economy in national GDP to 30% and boost productivity by 7.5% annually on average. Other targets is to achieve universal access to fibre-optic internet and 5G services, completion of digital government development, and the establishment of smart cities in key economic zones across the north, central, and southern regions, and connection with regional and global networks of smart cities.

Conference on Innovation and Start-ups in Vietnam held in Switzerland On Sept. 9, the Embassy of Vietnam in Switzerland, the University of Applied Sciences and Arts Northwestern Switzerland and the Association of Vietnamese Intellectuals and ...

Vietnam Looks to Become Asian Food Innovation Hub "Vietnam has adopted a series of policies to attract greater investment and modernize its agricultural sector," deputy prime minister Pham Binh Minh said.

Vietnamese Businesses Look to Start-up Innovators At a recent webinar, young and talented overseas Vietnamese entrepreneurs shared how they started their businesses in their homeland