According to the latest Global Innovation Index Report of WIPO, Vietnam ranks 48th out of 132 countries and economies and is among the countries that have made the greatest progress in the past decade. In Southeast Asia, Vietnam came only behind Singapore (7th) and Thailand (43rd). The reports also highlighted that Vietnam remains a record holder by being Innovation Achiever for the 12th consecutive year. In particular, it scores above the lower middle-income group average in all pillars and even scores above average
for the upper-middle-income group in many pillars.
As the detailed breakdown index indicated, Vietnam’s main innovation strengths lie in effective output performance, returning high outputs from investments in innovation:
– High-tech imports (as % total trade) ranking 1: Vietnam is the biggest hi-tech importer, mainly importing from India, China, and South Korea.
– Creative goods exports (% total trade) ranking 8
– GERD (Gross Domestic Expenditure on Research and Development) financed by businesses ranking 10
– Mobile app creation ranking 8 shows Vietnam’s acceleration in becoming a digital economy.
Vietnam has seen great success in international trade, particularly in hi-tech imports and FDI inflows, and is now looking to shift to a more diversified and innovation-driven economy. To do this, the country needs to focus on increasing production efficiency and investing in infrastructure, education, and technology.