September 22, 2021 | 12:38 GMT+7

Innovation index down slightly

Phuong Hoa - Nhĩ Anh -

WIPO report for 2021 shows Vietnam’s ranking down two places.

Photo: Illustration
Photo: Illustration

According to the Global Innovation Index (GII) Report 2021 released by the World Intellectual Property Organization (WIPO), Vietnam now ranks 44th out of 132  economies.

The country’s innovation index is down two places compared to 2019 and 2020, when it ranked 42nd. One reason is that GDP figures under new calculation methods in Vietnam in 2021 rose by about 36 per cent compared to 2020. And the new larger GDP value affected the ranking, as many of the index’s components are calculated based on total value divided by GDP.

Vietnam continued to hold the leading position in the group of 34 low and middle-income countries (LMICs) in the GII rankings in 2021 and is still evaluated by WIPO as being a worthy model to follow.

It is also rated as among the 50 GII economies making the most significant progress in innovation rankings over time. Along with China, Turkey, India, and the Philippines, it has real potential to change the global innovation landscape in the time to come. It is therefore considered important for other countries to learn from countries like Vietnam and join the group of countries constantly on the rise in terms of innovation.

According to Mr. Marco M. Aleman, Assistant Director General at WIPO, Vietnam continues to be a good example for other developing countries in considering innovation a national priority. The government’s implementation of the GII as a tool to measure and evaluate the effectiveness of the country’s innovation activities is the clearest example of its awareness of the importance of innovation for national development.