Current Status of Global Innovation Index in Vietnam: Difficulties, Challenges, and Recommendations
In recent years, Vietnam has achieved impressive achievements in social and economic development. Economic development helps to improve incomes and reduce poverty, bringing a better life for people. However, Vietnam is facing an important turning point, the GDP growth rate has decreased due to highly competitive environment. The source of previous growth is declining, increasing the risk of falling into a "middle income trap". Vietnam will have to rely more on increasing labor productivity through innovation. Innovation is one of the most important factors to develop the economy and society quickly and sustainability. Low innovation capacity will hinder the development of economy, society as well as enterprises. Therefore, governments in many countries, especially in Vietnam, are putting innovation into the center of development strategies, combining innovation with restructuring the economy towards improving quality, efficiency, business environment, and national competitiveness. This paper focuses not only on analysing the current situation of global innovation index in Vietnam but also identifying the difficulties and challenges. Lastly, this paper will provide some recommendations to develop the global innovation index in Vietnam.
Keywords - Global Innovation Index, Economic Development, Business Environment.