The country has been ranked in 42nd position for the second consecutive year out of 131 world economies in the Global Innovation Index (GII) 2020 rankings.

The country has been ranked in 42nd position for the second consecutive year
out of 131 world economies in the Global Innovation Index (GII) 2020 rankings
(Photo: nld.com.vn) 

News of the Vietnamese position on the list comes following the release of the GII 2020 rankings on September 2 by the World Intellectual Property Organisation (WIPO), the Business School for the World (INSEAD), and Cornell University.

Furthermore, Vietnam has been also listed among the top 50 economies that have witnessed remarkable progress in the GII rankings in recent times.

This comes as the country ranks within the top three innovation economies in terms of income group, topping the list in the lower-middle income group to due significant results being attained in the innovation output sub-index rankings.

Moreover, the Southeast Asian nation is also among the top 10 best-ranked economies in terms of income group, taking the lead in relation to the lower-middle income economies, made up of 29 countries.

This year has seen Switzerland top the GII 2020 rankings, marking the 10th consecutive year that the Central European nation has led the list, followed by Sweden and the US.

Ahead of the release of the GII 2020 rankings, Francis Gurry, director general of the WIPO, underscored the importance of innovation in the economic recovery efforts of each nation and the world following the negative impacts caused by novel coronavirus pandemic.