Vietnam Named Among Top 50 Economies In Global Innovation Index 2023
Vietnam also came second among the 37 lower middle-income group economies, with a performance above expectations for its level of development.
Regionally, the country found itself placed 10th among the 16 economies in Southeast Asia, East Asia, and Oceania.
The 2023 GII edition also revealed that Vietnam continues to score above the lower middle-income group average in all innovation pillars, ranking 57th in innovation inputs and 40th in innovation outputs, both two places higher compared to the 2022 edition.
According to the WIPO, Vietnam is one of the seven middle-income countries that has achieved the most progress in innovation over the past decade. Six other countries include China, Turkey, India, the Philippines, Indonesia, and Iran.
Furthermore, It is also one of three countries, alongside India and Moldova, that holds records for having outstanding development achievements for the 13th year in a row.
|Photo: WIPO 2023|
The GII is published by the WIPO, a specialized agency of the UN. Recognizing that innovation is a key driver of economic development, the GII aims to provide an innovation ranking and rich analysis referencing around 130 economies.
Over the last decade, the GII has worked to establish itself as both a leading reference on innovation and a “tool for action” for economies that incorporate the GII into their innovation agendas.
Vietnam has been featured in the ranking since its inception in 2007, rapidly improving since 2013 after spending several years languishing slightly above the 70th position.
Among the lower-middle-income group economies, Vietnam ranked 2nd out of 36 countries, making it the innovation leader in the lower-middle-income. Meanwhile, out of the 17 economies in Southeast Asia, East Asia, and Oceania, Vietnam is placed in the 10th position, showing moderate competition with other countries in the region, according to Vietnam Briefing.
Generally, Vietnam still performed better in innovation outputs (41 ) than innovation inputs (59) in 2022, although outputs slid by three positions and inputs improved by the same amount since 2020.
Vietnam excelled in output performance, indicating that the country is effectively seeing high returns and high-quality outputs from investments in innovation.
At an average GDP per capita of approximately US$9,250, Vietnam is already performing above expectations for its current level of development. Other countries within the same range of GDP per capita registered much lower GII scores, indicating that Vietnam is the leading country in terms of innovation among the lower-middle income group economies. Indeed, statistics showed that the country outperforms the group average in all GII pillars, including creative outputs, human capital and research, market sophistication, business sophistication, knowledge and technology outputs, and infrastructure.
In comparison with Southeast Asian, East Asian, and Oceania countries, Vietnam’s performance is especially outstanding in the creative output pillar while the performance in other pillars was overshadowed by the regional average.
|Vietnam News Today (Sep. 28): Vietnamese Economy Remains Resilient Amid Weakening Global Demand |
Vietnam News Today (Sep. 28): Vietnam – second biggest exporter of Cambodia; Vietnamese economy remains resilient amid weakening global demand; Mexico praises Vietnam's economic growth ...
|Enterprises Ready to Face Challenges When Transforming to Circular Economy |
The transformation to a circular economy is a major development trend in many countries throughout the world, including Vietnam, with several environmental, economic, and social ...
|Vietnamese Economy Likely to Lead ASEAN's Growth |
Reputable international organizations anticipate that Vietnamese GDP growth this year may exceed other ASEAN member states.