Vietnam Ranks Among Top 15 Advanced Countries in Asia, According to Insider Monkey

Insider Monkey, a financial website specializing in financial markets, hedge funds, and trading, has recognized Vietnam as one of the top 15 advanced countries and territories in Asia.

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In 2019, Vietnam allocated 0.42% of its GDP to research and development (R&D), ranking it among the top 50 countries on the Global Innovation Index (GII).

To identify the 15 most advanced countries and territories in Asia, Insider Monkey used the Global Innovation Index (GII) and R&D Expenditure as a Percentage of GDP. The GII evaluates countries’ potential and capacity for innovation, assessing their innovative landscapes, technology adoption, and socio-economic development.

Vietnam took the 15th spot on the list. According to the magazine, the country allocated 0.42% of its GDP to R&D in 2019, placing it among the top 50 countries on the Global Innovation Index.

Asia has significantly progressed in the tech and innovation sectors, leading the global tech market over the past decade. A report by McKinsey Global Institute states that Asia contributed more than half of the global tech companies’ revenue growth. The region has also played a major role in global startup funding, R&D expenditures, and patent submissions, accounting for 43%, 51%, and 87% respectively.

The digital technology sector has fueled Asia’s economic growth, with ongoing integration of technology across various sectors. This has created opportunities and improved lives while enhancing productive capacities and public services in Asian countries.

Asia’s progress in tech and innovation. Photo: insidermonkey.com

Asia is at the forefront of the digital information technology market, with expertise in areas such as big data, legacy modernization, and IoT. The region boasts some of the most advanced countries in science and technology and serves as a talent hub for STEM graduates. For example, India alone produced 75% of the world’s STEM graduates between 2016 and 2018.

Asian economies have also made significant contributions to combat climate change, emerging as leaders in global renewable technology. With innovative tech solutions, Asia surpassed Europe and the US in 2020, reaching a 45% installation capacity. The region is expected to capture 56% of the market by 2040 through R&D and infrastructure investment.

The top-ranking countries on the list are Israel, followed by the Republic of Korea, Taiwan (China), Japan, mainland China, and Singapore.

Rosy Huong