Vietnam is ranked 42nd among 131 economies in the 2020 Global Innovation Index and ninth in Asia, ahead of many neighbors.
Vietnam scored 37.12/100 and secure third place in Southeast Asia behind Singapore and Malaysia, according to a report compiled by the World Intellectual Property Organization, Cornell University and the INSEAD business school.
The report, released Wednesday, measured the innovation performance of 131 economies worldwide based on seven factors: human capital and research, knowledge and technology output, and infrastructure. strata, market sophistication, business sophistication, creative output and institutions.
Vietnam ranks first in innovation among the group of 29 lower-middle income economies.
This year, the country outperforms some of its Southeast Asian neighbors on the global list, surpassing Thailand (44), Philippines (50), Indonesia (85), Cambodia (110), Laos ( 113) and Myanmar. (129).
In the Asia-Pacific region, Vietnam is only behind Singapore, Korea, Hong Kong, China, Japan, Australia and Malaysia.
Vietnam has made progress in terms of creative output, market sophistication, knowledge and technology output, and business sophistication, but Vietnam still faces major challenges in terms of human resources, research and infrastructure, the report said.
Vietnam has the advantage of political and operational stability, but starting a business in the country is still difficult, the report said Vietnam needs to do a lot to improve the business environment.
Vietnam recommends that Vietnam pay special attention to improving information technology infrastructure, information technology application, quality of regulations and quality of workforce, noting that spending on education Higher education in this country is still lower than other countries.
"Over the past seven years, China, the Philippines, India, and Vietnam have been among the top 50 economies with the most significant progress in rankings over time, possibly due in part to methodological factors. but certainly also due to improved innovation performance", the report said.
Switzerland still holds the number one spot in this year's ranking.Others in the top 10 are Sweden, the U.NS.NS., Netherlands, United States.K., Finland, Denmark, Singapore, Germany and Ireland.
Vietnam has been a part of this index since its initial launch in 2007, steadily increasing since 2013, after a few years just above 70th place.
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