Vietnam moves up two places in the list of innovative economy index

, Vietnam moves up two places in the list of innovative economy index
  • Vietnam rises two places in Bloomberg innovative economy index, which measures the world’s 60 most innovative countries based on seven criteria.
  • Vietnam’s labor productivity is at $4,792, lower than that of Singapore, Malaysia, Thailand, Indonesia, and the Philippines.
  • Visit Vietnam Insider’s homepage for more stories.

Vietnam has moved up two places to 55th in the list of the world’s 60 most innovative economies compiled by Bloomberg, but lags far behind Asian peers.

With an overall score 49.01 out of 100, Vietnam fared badly in the against countries such as Singapore (2nd), Malaysia (26th) and Thailand (36th) in the annual Bloomberg Innovation Index.

The ranking measures the world’s 60 most innovative countries based on seven criteria: research and development intensity, productivity, and patent activity, among others.

Vietnam raked highest, 40th, in hi-tech density, 44th in both tertiary education efficiency and patent activity, and 43rd in research and development intensity.

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Based on purchasing power parity at 2011 constant prices, Vietnam’s labor productivity is at $4,792, lower than that of Singapore, Malaysia, Thailand, Indonesia, and the Philippines.

The Republic of Korea returned to first place in this year’s ranking, followed by Singapore and Switzerland, according to Vietnam+.

In 2020, a 4.48 percent Q4 growth has propelled Vietnam’s annual growth to 2.91 percent for the year, the General Statistics Office reported.

This is the lowest GDP growth level in the 2011-2020 period. However, given the negative impacts of the Covid-19 pandemic, it is considered a success for Vietnam, with the growth rate among the world’s highest.

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