Vietnam named in top 60 innovative economies

Vietnam was ranked 60th in the 2019 Bloomberg Innovation Index. (Photo: VNA)

The Republic of Korea continued to stand in first place, followed by Germany.

A number of other emerging economies appeared in Bloomberg’s rankings for the first time, including the United Arab Emirates, India, Mexico and Saudi Arabia.

Vietnam’s total score was 45.92 points, compared with 87.38 points for the Republic of Korea.

Vietnam had the lowest score of 34 points in high-tech density and the highest score of 59 points in productivity criteria.

In Southeast Asia, Singapore (6), Malaysia (26) and Thailand (40) all featured in the rankings.

The annual Bloomberg Innovation Index, in its seventh year, analyses dozens of criteria using seven metrics, including research and development spending, manufacturing capability and concentration of high-tech public companies.

The 2019 ranking process began with more than 200 economies. Each was scored on a 0-100 scale based on seven equally weighted categories. Nations that didn’t report data for at least six categories were eliminated, trimming the total list to 95. Bloomberg publishes the top 60 economies.