Vietnam makes debut in Bloomberg innovative economy index

By Dat Nguyen    January 23, 2019 | 10:50 pm PT
Vietnam makes debut in Bloomberg innovative economy index
Workers arrange steel structure in Hanoi, Vietnam. Photo by Reuters/Kham
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).

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