Innovating for sustainable development

Wednesday, 2018-09-19 11:48:07
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Vietnam ranks 45th out of 126 economies in GII 2018, up two places compared to 2017 (illustrative image)
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NDO - The 2018 World Economic Forum on ASEAN(WEF ASEAN 2018) successfully wrapped up in Hanoi on September 13, conveying the message that each country should actively promoteentrepreneurship and innovation with a long-term vision for sustainable development in the fourth industrial revolution era.

Innovation features the capacity to create and apply technical solutions and achievements and flexibility and efficiency in policy and market responses in order to improve the productivity, quality and added value of products while boosting business development.

The Global Innovation Index, or GII, is a set of tools for assessing the country's innovation capacity which has been jointly developed by the World Intellectual Property Organisation (WIPO), France's INSEAD and the US's Cornell University.

The GII 2018 consists of 21 groups of indices and 80 indicators which are divided into seven main pillars with five input pillars including institution, human capital and research, infrastructure, market sophistication and business sophistication in addition to two output pillars covering knowledge and technology outputs and creative outputs.

According to the WIPO GII Report 2018 released on July 10, Vietnam ranks 45th out of 126 economies in GII 2018, up two places compared to 2017, up 14 places compared to 2016, and up 31 places compared to 2013.

Vietnam's scores are higher than the average level in all seven pillars, of which the index on law enforcement enhancement climbed 17 places to 57th, the index on business environment jumped 10 places, the index on business sophistication rose seven places, the index on gross expenditure on business research and development increased four places, among other improvements. Collaboration between university and industry also rose from 76 to 59. In particular, the mobile application creation index ranked 16th instead of 52nd in 2017.

The results of the GII index in 2018 showed that Vietnam is only one place lower than the GII ranking target of 44th set by the Government for 2020.

The improvements to the GII indicators in 2018 were the result of the drastic and comprehensive directions of the Government and the joint efforts of the ministries, sectors, localities and the business community in transforming the economic growth model.

The demand for promoting innovation for the sustainable development with Industry 4.0 requires all levels of administration and sectors to focus on improving the quality of legal regulations on the capital and investment market and business start-up and bankruptcy, and ensuring State budget spending on technology research and development.

It is also necessary to raise the level and capacity forabsorbing technology of enterprises, develop a national scientific and technological research centre, develop thescience and technology market, and boost linkages between research institutes and universities with enterprises.

At the same time, the Government should support the transfer of technology and accelerate the commercialisation of research results, develop preferential policies for intellectuals in the areas ofscience and technology, promote the entrepreneurial spirit while considering firms as the centre of the national innovation and the pioneer in the commercialisation of research results.

The functional agencies need to study and supplement additional indicators on innovation to the annual national statistics pursuant to the Government Resolution 19, dated May 15, 2018 in order to complete the statistics on innovation in Vietnam and implement the corresponding policy system according to international practices.

Improving the innovation capacity is a driving force for sustainable development and also an effective measure of the overall practicality of the development policy system of the country and each enterprise.