Vietnam Advances in Global Innovation Index 2023
Ascension 6
October 10, 2023

Vietnam has ascended two spots to secure the 46th position out of 132 countries in the Global Innovation Index (GII) for the year 2023.

A6 - Vietnam Advances in Global Innovation Index 2023
In a remarkable achievement, Vietnam has ascended two spots to secure the 46th position out of 132 countries. This leap reflects the nation’s steadfast commitment to fostering innovation and bolstering economic growth.
The GII report provides an annual ranking of countries by their capacity for, and success in, innovation. It serves as a benchmark for policymakers to understand how their country stimulates and measures innovative activities.
Moreover, Vietnam continues to score above the lower middle-income group average across all innovation pillars, further solidifying its growing reputation as a global innovation hub.
As a top-50 economy in the GII, Vietnam is well-positioned to attract further foreign investment, stimulate domestic entrepreneurship, and drive sustainable economic development.
As one of the top three innovation economies in the lower middle-income group—alongside India and Ukraine—Vietnam continues to demonstrate impressive progress. Notably, the nation has climbed faster up the GII rankings over the last decade compared to its peers, Indonesia and the Philippines. The IT outsourcing industry in Vietnam is on a remarkable trajectory, projected to grow by 16.77% from 2023 to 2028, resulting in a market volume of US$1282.00m in 2028.
While India, Ukraine, and Indonesia are also strong contenders in the lower middle-income group, Vietnam’s steady progress and resilience, even after a setback in 2022, suggest a promising future for its outsourcing industry.
This upward trajectory in the GII is more than just a testament to Vietnam’s innovation capabilities—it’s a strong signal to the world about the country’s potential. Now is the time to embrace this momentum and invest in Vietnam’s innovative future.

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