Hanoi (VNA) – Vietnam ranks 47th among 127 economies in theGlobal Innovation Index 2017 announced on June 15, climbing 12 places comparedto last year.

This is the highest rank Vietnam has achieved so far.

The Global Innovation Index, annually co-published by the World IntellectualProperty Organisation (WIPO), US-based Cornell University, and INSEAD businessschool, surveys 127 economies using 79 indicators to gauge innovative capabilitiesand measureable results.

Vietnam is ranked 9th in the Southeast Asia and Oceania region, oneplace higher than Thailand.

The survey said new Asian Tigers like Vietnam, Indonesia and the Philippinesare emerging and joining not only Asian high tech value chains but also otheractivities such as information and communication technology (ICT) offshoring.

Although Singapore is still uncontested as number 1 among the smaller oremerging Asian economies, countries such as Vietnam, the Philippines and Thailandare catching up rapidly, the survey said.

“Among them, Vietnam tops education expenditure in the region and does verywell in ICT use, gross capital information and FDI net inflows,” the surveysaid.

Additionally, Vietnam was assessed to be strong in a range of indicators,including knowledge and technology outputs; market sophistication, andexpenditure on education.

The world’s five most innovative nations in the Global Innovation Index 2017are Switzerland, Sweden, Netherlands, the US and the UK.

Innovation is now widely recognised as a central driver of economic growth anddevelopment. The Global Innovation Index aims to capture the multi-dimensionalfacets of innovation by providing a rich of database of detailed metrics for127 economies, which represent 92.5 percent of the world’s population and 97.6percent of global GDP.-VNA