Vietnam Ranks High In Global Innovation Index 2023

Vietnam has been recognized as the second-ranking economy among the lower middle-income group economies, surpassing expectations for its level of development. In addition, it is placed tenth among the 16 economies in Southeast Asia, East Asia, and Oceania, according to the Global Innovation Index (GII) 2023 edition.

The report also highlights Vietnam’s consistent performance above the lower middle-income group average in all innovation pillars. It ranks 57th in innovation inputs and 40th in innovation outputs, a two-place improvement compared to the 2022 edition.

The World Intellectual Property Organization (WIPO) identifies Vietnam as one of the seven middle-income countries that have made significant progress in innovation over the past decade. Additionally, Vietnam holds the distinction, alongside India and Moldova, of achieving remarkable development achievements for the 13th consecutive year.

Photo: WIPO 2023

The GII, published by WIPO, provides an innovation ranking and analysis for approximately 130 economies. It aims to highlight the role of innovation in driving economic development and serves as a valuable reference for countries incorporating innovation into their agendas.

Vietnam has made significant progress in the GII ranking since its inception in 2007. It has consistently improved its position after 2013, rising above the 70th position.

Among the lower-middle-income group economies, Vietnam ranks second out of 36 countries, making it the innovation leader in this group. In Southeast Asia, East Asia, and Oceania, Vietnam is placed tenth, indicating moderate competition with other countries in the region.

In terms of innovation pillars, Vietnam’s performance is particularly strong in creative output. However, it still performs better in innovation outputs compared to inputs, indicating high returns and high-quality outputs from its investments in innovation.

Despite having an average GDP per capita of approximately US$9,250, Vietnam is already outperforming expectations for its level of development. Other countries with similar GDP per capita have much lower GII scores, further highlighting Vietnam’s leading position in innovation among the lower-middle-income group economies. The country consistently outperforms the group average in all GII pillars, including creative outputs, human capital and research, market sophistication, business sophistication, knowledge and technology outputs, and infrastructure.

While Vietnam’s performance in other pillars may be overshadowed by the regional average in Southeast Asia, East Asia, and Oceania, its outstanding performance in the creative output pillar sets it apart.