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The GII report by the World Intellectual Property Organization (WIPO) showed that Vietnam improved in5 out of 7 major indicators, including market development, knowledge and technology outputs, and infrastructure.

WIPO gave Vietnam high marks for education spending, domestic credit for the private sector, micro-credit loans, foreign direct investment, and knowledge absorption.

For many years Vietnam’s government has been working to improve the business environment, competitiveness, and innovation. Since2014 the government has been issuing resolutions on improving the business environment and setting goals and indicators in line with international standards. A resolution issued in 2017 supports a national business facilitation index, the national competitiveness index of the World Economic Forum, the innovation index of the World Intellectual Property Organization, and the e-government ranking of the UN.

Deputy Prime Minister Vu Duc Dam said: “Vietnam’s resolution upholds international standards. It consists of 250 specific solutions to improve Vietnam’s business environment and competitiveness. 80% of the solutions are for intersectoral implementation, such as startups and energy access.”

Vietnam has reformed its legal framework, enhanced global trade integration through global value chains, and attracted foreign direct investment. WIPO says if Vietnam continues to reform its institutions and infrastructure, upgrade its science and technology, improve its human resources and education, and fine-tune its market economy, it can boost its Global Innovation Index ranking even further.