Vietnam ranks 47th of 127 nations in GII

Vietnam ranks 47th among 127 economies in the Global Innovation Index 2017 (GII). This is the highest rank that the Southeast Asian country has gained so far.

GII (Illustrative photo)

GII (Illustrative photo)

The country has climbed 12 places compared to last year. The index annually co-published by the World Intellectual Property Organization (WIPO), US-based Cornell University, and INSEAD business school was released in Switzerland in the morning of June 15.
The Global Innovation Index surveys 127 economies using 79 indicators to gauge innovative capabilities and measureable results.

The Ministry of Science and Technology said that to achieve the high rank, the government and agencies, ministries have strictly implemented the Resolution No. 19-2017 issued on February 6, 2017 of  improving business environment and competitiveness.

As per the resolution, Vietnam must promote its business environment and the national competitiveness in accordance with global standards as well as policy-makers must make policies in line with international practice.
Vietnamese government has targeted to achieve average rank by 2020 or the country would be able to stand behind Singapore, Malaysia and higher than Thailand and another Asian country.

The survey said new Asian Tigers like Vietnam, Indonesia and the Philippines are emerging and joining not only Asian high tech value chains but also other activities such as information and communication technology (ICT) offshoring.

In 2017, the government has assigned the Ministry of Science and Technology to liaise with departments and localities to employ annual GII to adopt measures for business environment improvement, competitiveness enhancemen. 

Agencies and localities have had quick to adopt measures including updating figures and supplementing numbers to have comprehension assessment on the nation’s creativeness system as per GII’s rank.

With a result, Vietnam has achieved higher rank than expectation. In group of average low-income country, Vietnam ranks the first while it was ranked third last year. In Southeast, East Asia and Oceania region, Vietnam ranks ninth, one place higher than Thailand. 

In GII-2017, WIPO compares some Asian economies like Indonesia, Philippines, Thailand and Vietnam as new Asian tigers. These economies participate in some value supply chains globally and regionally, including hi-technology chains. These countries are active in improving creativeness result even utilizing GII as a tool.

 Innovation is now widely recognized as a central driver of economic growth and development. The Global Innovation Index aims to capture the multi-dimensional facets of innovation by providing a rich of database of detailed metrics for 127 economies, which represent 92.5 percent of the world’s population and 97.6 percent of global GDP.

By TRAN BINH – Translated by UYEN PHUONG

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