Vietnam ranks 45th in Global Innovation Index

(VOVWORLD) - Vietnam jumped two ranks on the 2018 Global Innovation Index (GII) to 45th place out of 126 economies. Vietnam’s rise in the rankings is encouraging to other low middle-income countries and to ASEAN.
Vietnam ranks 45th in Global Innovation Index - ảnh 1 Sacha Wunsch-Vincent, a senior expert in the WIPO’s GII research group (Source: VNA)

The Global Innovation Index (GII) is a measurement of innovation capabilities compiled by the World Intellectual Property Organization, France’s INSTEAD Institute, and Cornell University of the US.

The 7 pillars of the evaluation include: Institutions, Human Capital and Research, Infrastructure, Market Sophistication and Business Sophistication, Innovation Outputs, Knowledge and Technology Outputs, and Creative Outputs.

Vietnam scores high in all categories

In 2018, Vietnam’s scores in all 7 categories of the evaluation are higher than the average for low middle-income countries. Vietnam’s Law Enforcement Index jumped from 74 to 57 and its index for Business Sophistication was up 10 places.

The rise demonstrates the effectiveness of the government’s solutions to balance the macro-economy, reduce interest rates, promote credit in prioritized areas, and boost economic growth.

Sacha Wunsch-Vincent, Senior Expert of the World Intellectual Property Organization, says Vietnam emerges as a country with a special effect on innovation and becomes a model of technological innovation for the group of low middle-income countries. He added that Vietnam is the only country that has created a special task force to boost innovation policies. Minister and Head of the Government Office Mai Tien Dung said: "The government prioritizes institutional reforms. In its regular meetings, the government has spent a lot of time discussing bills and decrees. It has worked closely with NA agencies in revising and fine-tuning draft laws to make them uniform, transparent, and enforceable.”

In the face of the challenges of the 4th industrial revolution, innovation is the key to Vietnam’s development. Minister of Science and Technology Chu Ngoc Anh said: “We will strengthen solutions to improve the business environment, the capital and investment market, and knowledge and technology in order to boost innovation."