Việt Nam jumps two ranks on the Global Innovation Index 2018 (GII) to place 45 out of 126 economies in the GII report published on Wednesday.
With this rise in the rankings, Việt Nam has leapt 14 ranks compared to 2016.
The sub-indices in which the country saw the greatest ranking improvements are in Institutions, going from 87 to 78; Business Sophistication from 73 to 66 and Creative Outputs from 52 to 46. Gross Expenditure on Research and Development by businesses jumped from rank 36 to 13. Collaboration between university and industry also rose from 76 to 59.
According to GII, the core of the annual report consists of a ranking of world economies’ innovation capabilities and results. A higher ranking in the report means better economic development and richer innovation-prone environments.
This year’s theme is ‘Energising the world with Innovation’. It is published by Cornell University, INSEAD and the World Intellectual Property Organization, in partnership with other organisations and institutions.
The GII is computed by taking an average of the scores in two sub-indices, the Innovation Input Index (Institutions, Human Capital and Research, Infrastructure, Market Sophistication and Business Sophistication) and Innovation Output Index (Knowledge and Technology Outputs, and Creative Outputs).