Vietnam’s consistent performance in global innovation metrics has garnered international recognition once again. In the Global Innovation Index (GII) 2024, released by the World Intellectual Property Organization (WIPO) on September 26, Vietnam climbed two spots to 44th out of 132 countries. This marked its best position to date in the index, which measures innovation capabilities and outcomes worldwide. However, what makes Vietnam’s progress truly remarkable is its status as one of the longest-standing overperformers in innovation, maintaining this distinction for an astounding 14 consecutive years. 

 

The Global Innovation Index: A Trusted Benchmark for Innovation 

The Global Innovation Index (GII) is widely regarded as one of the most reliable and comprehensive tools for measuring innovation worldwide. Published annually by the World Intellectual Property Organization (WIPO), the GII assesses the innovation capabilities and performance of countries by evaluating both inputs (such as institutions, human capital, research, infrastructure, and business sophistication) and outputs (such as knowledge, technology, and creative outputs). 

What sets the GII apart is its rigorous methodology and reliance on a wide range of indicators—ranging from R&D spending to patent filings, educational outcomes, and even creative industries—that provide a holistic view of innovation ecosystems across countries. The data is sourced from globally recognized institutions, including the World Bank, the International Telecommunication Union (ITU), and UNESCO, making it a highly credible index that is used by governments, corporations, and policy makers worldwide. 

For countries like Vietnam, ranking highly in the GII is not just a symbol of achievement but also a marker of their ability to leverage innovation as a key driver of economic growth and competitiveness. 

 

Climbing the Ranks: Vietnam’s Journey in Global Innovation

Vietnam’s rise in the GII over the past 15 years reflects a national commitment to innovation as a cornerstone of economic development. In the last three years alone, Vietnam advanced significantly in the GII rankings: Ranked 48th in 2022 – Ranked 46th in 2023 – Ranked 44th in 2024

Vietnam’s steady climb highlights the country’s determination to foster innovation and creativity. Among lower middle-income countries, Vietnam holds the second position, outpacing many of its peers. This upward trajectory demonstrates Vietnam’s growing capacity to produce and export high-tech goods and services, develop venture capital markets, and improve innovation inputs and outputs. 

One of the standout achievements for Vietnam is its 1st place ranking globally in high-tech exports, high-tech imports, and creative goods exports, further solidifying its position as an innovation leader in these categories. This milestone reflects how Vietnam’s investments in technology and creative industries are paying off, reinforcing its pivotal role in global trade. 

 

Unwavering Commitment to Innovation: A 14-Year Streak 

figure 18 innovation overperformers relative to their economic development

Figure 1: Vietnam Among Top Global Innovation Overperformers, Leading Relative to Economic Development

 

Data Source 

Since 2011, Vietnam has been recognized as an innovation overperformer, outperforming other countries relative to its development level. For 14 consecutive years, Vietnam has consistently demonstrated superior innovation results when compared to other nations at similar stages of development. This remarkable achievement places Vietnam in an exclusive group of three countries—India, Moldova, and Vietnam—that have sustained this level of performance for over a decade. 

WIPO’s recognition underscores the effectiveness of Vietnam’s long-term strategy, which prioritizes education, science, and technology as key drivers of national progress. The government’s proactive policies to support research and development, coupled with its focus on strengthening intellectual property rights, have created a conducive environment for innovation to thrive. 

 

Key Factors Driving Vietnam’s Innovation Success 

Several elements contribute to Vietnam’s long-standing status as an innovation overperformer: 

🔹High-Tech Exports and Imports: Vietnam leads globally in the export and import of high-tech products. This is driven by strong partnerships with multinational corporations and a robust domestic manufacturing base, particularly in electronics and information technology sectors. 

🔹Creative Goods Exports: Vietnam’s success in exporting creative goods signals its growing strength in industries like fashion, design, and entertainment, which add cultural value to its economic growth. 

🔹Venture Capital Growth: Vietnam’s venture capital ecosystem has matured significantly, with the number of venture capital deals jumping 27 places to rank 50th globally. Venture capital recipients have also climbed 10 spots to 44th, signaling an increasing appetite for innovation-driven businesses. 

ttcp

Figure 2: Prime Minister Phạm Minh Chính made remarks via videoconferencing at the 2024 Global Innovation Index (GII) announcement ceremony held by the World Intellectual Property Organisation (WIPO) in Geneva, Switzerland on Thursday. — VNA/VNS Photo Anh Hiển

Government Policy and Strategic Vision: Vietnam’s leadership has made it clear that innovation is a national priority. Prime Minister Phạm Minh Chính’s remarks at the GII 2024 announcement emphasized the importance of education, training, science, and technology as foundational pillars for Vietnam’s development. By identifying innovation as the “driving force, resource, and goal” of national growth, Vietnam is committed to leveraging technology to ensure rapid and sustainable development. 

 

International Collaboration and Vietnam’s Future Prospects 

International cooperation has played a vital role in Vietnam’s innovation success. Organizations like WIPO have supported Vietnam’s efforts to enhance its intellectual property landscape and promote science and technology collaboration. This partnership has been crucial in enabling Vietnam to advance its innovation capabilities and attract foreign investment. 

Moving forward, Vietnam is positioning itself to break into the top 40 of the GII rankings. By continuing to focus on education, fostering a culture of innovation, and deepening its integration into the global high-tech economy, Vietnam is poised to sustain its innovation success and further elevate its standing in global rankings. 

Vietnam’s rise as an innovation powerhouse is a testament to the nation’s commitment to investing in the future. By continuing to nurture its innovation ecosystem, Vietnam is well on its way to achieving its goals of becoming a prosperous, knowledge-based economy. The future looks bright for a country that has not only embraced innovation but made it central to its national identity and development strategy. 

Like what you see? Share with a friend.

Linh Nguyen

Ngoc Linh, who possesses a keen interest in the field of digital transformation, is in the process of utilizing her robust Marketing background from Foreign Trade University to facilitate connections between organizations and talent communities. Her enthusiasm and creativity render her an invaluable part of the Marketing team.