The country is now ranked 45th in the list of the most innovative economies in the world, taking it closer to some of the market leaders in Asia such as Singapore (5), Korea (12), Japan (13) and China (17).
In Southeast Asia, Vietnam is ranked higher than the Philippines (73), Indonesia (85) and Cambodia (98).
The report releasing the latest rankings says that Vietnam’s ministries of Industry and Trade and Science and Technology have played a vital role in facilitating private sector investment in energy transformation technology.
Vietnam is ranked second in innovation among lower middle income economies, and experts say it has punched above its income weight.
“Countries that we see climbing rather consistently are India, Iran, Thailand and Vietnam,” said Francis Gurry, General Director of World Intellectual Property Organization.
The report, co-published by the World Intellectual Property Organization, Cornell University and the business school INSEAD, studies the innovation performance of 126 economies around the world. The theme of this year’s edition is “Energizing the World with Innovation.”
Vietnam has been part of the index since its debut in 2007. The country has been climbing up steadily since 2013, after several years of hovering just above the 70th place.