Vietnam makes debut in Bloomberg innovative economy index
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Vietnam has for the first time entered the Bloomberg Innovation Index of the world’s 60 most innovative economies. It scored 45.92 out of 100 in the 2019 index. Other new entrants include India, Mexico and Saudi Arabia. Bloomberg said: “The index analyzes dozens of criteria using seven metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies.”
Vietnam’s highest rankings were 34th in high-tech density and 39th in patent activity. It ranked a lowly 59th in productivity.
Its productivity in 2017 was among the lowest in Asia despite growth, according to the Vietnam Annual Economic Report released by the Vietnam Institute for Economic and Policy last year.
An average Vietnamese worker made VND60.73 million ($2,600), lower than the rate for Cambodia, Indonesia Malaysia, the Philippines, and Thailand, it said.
In the Bloomberg index, South Korea retained its top place from last year and was followed by Germany, Finland, Switzerland, and Israel.
Other Southeast Asian countries were Singapore in sixth place, Malaysia (26th) and Thailand (40th).
Questions & Answers
Q.What criteria did Bloomberg use to evaluate countries for its innovation index?
What criteria did Bloomberg use to evaluate countries for its innovation index?
Bloomberg assessed countries using dozens of criteria, which were grouped into seven key metrics. These included aspects such as research and development expenditure, manufacturing capability, and the concentration of high-tech public companies within the economy.
Q.How did Vietnam's performance in the innovation index compare to other Southeast Asian nations?
How did Vietnam's performance in the innovation index compare to other Southeast Asian nations?
Among Southeast Asian countries, Singapore ranked highest at sixth, followed by Malaysia in 26th place, and Thailand at 40th. Vietnam entered the index at 60th, placing it behind these regional counterparts.
Q.In which specific areas did Vietnam perform best and worst within the index?
In which specific areas did Vietnam perform best and worst within the index?
Vietnam achieved its highest ranking, 34th, in high-tech density, and 39th in patent activity. Conversely, its lowest ranking was 59th in productivity, highlighting a significant area for improvement.
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