Vietnam sees remarkable progress in Global Innovation Index

DNHN - Several prestigious international organisations continue to highly appreciate the achievements and prospects of the Vietnamese economy, predicting a rapid recovery shortly.

Ned, one of the world's renowned organisations, has just released the Global Innovation Index Report, recognising Vietnam's remarkable progress in 2023. In the new rankings, Vietnam climbed two positions compared to 2022, standing at 46th out of 132 countries.

Among lower-middle-income countries, Vietnam maintained its second position, only after India (ranked 40th). Other upper-middle-income countries such as China (ranked 12th), Malaysia (ranked 36th), Bulgaria (ranked 38th), Turkey (ranked 39th), and Thailand (ranked 43rd) all surpassed Vietnam. The countries ranked above Vietnam are mostly those with developed industries and high incomes.

Before the National Assembly, Prime Minister Pham Minh Chinh emphasised that many prestigious international organisations highly appreciate the achievements and prospects of the Vietnamese economy. He cited the Brand Finance Report, stating that Vietnam's national brand value grew the fastest in the world during the 2019-2022 period, reaching 431 billion USD and climbing to 32nd out of the 100 strongest national brands globally.

Brand Finance also noted that Vietnam's brand value growth corresponds with the country being perceived as a safe and stable investment destination, especially when many manufacturers are shifting their operations from China to Vietnam.

International credit rating organisations such as Moody's, S&P, and Fitch have all maintained and upgraded Vietnam's credit ratings. The IMF also considers Vietnam a bright spot in the global economic picture.

Speaking about the country's economic highlights in 2023, Deputy Minister of Planning and Investment Tran Quoc Phuong elaborated on the economy's remarkable achievements during the year. He highlighted the recovery witnessed month by month, with higher results each quarter. He commended the Government's flexible management policies, which effectively addressed challenges posed by the global economic situation and inflation.

Boosting economic growth, the disbursement of public investment with a record-high capital amount was a particular highlight this year. While facing challenges, Vietnam achieved many positive results in foreign affairs, positioning the country as a leader in the region and the world.

For the Asian Development Bank's Country Director in Vietnam, Mr Shantanu Chakraborty, the Government's proactive and stable policies are highly appreciated. However, he also suggested that Vietnam has much room for improvement, particularly in increasing public investment to boost domestic demand and stimulate economic growth. He also stressed the importance of developing the private economy and addressing current infrastructure "gaps".

Bich Phuong