Every year a report on how countries rank by their capacity for, and success in innovation comes up. It’s called The Global Innovation Index (GII), co-published by the World Intellectual Property Organization, Cornell University and the business school INSEAD. It provides detailed metrics about the innovation performance of 127 countries and economies around the world. 81 indicators explore a broad vision of innovation, including political environment, education, infrastructure and business sophistication.
This year Vietnam climbed 12 places to reach the 47th position, beating Thailand (51st) and securing the third place amongst SEA countries, only behind Singapore (7th) and Malaysia (37th), its best performance to date!
“Knowledge and Technology Outputs”, one of the main pillars of the index, was Vietnam’s strong point. The country also performed well in “Market Sophistication and in “Creative” Outputs. However, Vietnam’s performance was mediocre in the other pillars measuring institutional framework, human capital, infrastructures and business sophistication. But the country seems to be in the right track with its efforts to improve business environment as well as competitiveness.
In general SEA economies like Indonesia (87th) , Malaysia, Singapore, Thailand, the Philippines (73rd) and Vietnam are actively working to improve their innovation ecosystems and rank high in a number of important indicators related to education, R&D, productivity growth, high- tech exports, among others. Will any of them climb positions in the ranking next year?