VIETNAM MAKES IT INTO TOP 50 ECONOMIES IN GLOBAL INNOVATION INDEX 2021

Vietnam has made a jump into the Top 50 in the latest global innovation ranking of 132 economies with a potential to change the global innovation landscape.

The newest edition of the Global Innovation Index (GII) ranked Vietnam 44th in the world, which is 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.

The 2021 GII edition also reveals thatVietnam is one of four economies included in the research (the others being Turkey, India, and the Philippines) that are systematically catching up. Beyond China, these four particularly large economies together have the potential to change the global innovation landscape for good.

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

The 2021 edition of 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.

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.

Source: VIR

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