Encouraging the innovation as a factor of economic sustainability: Evidence from Vietnam

Author:

Van LO Thi Hong1,RODIONOV Dmitrii G.1ORCID,NGUYEN Thi Kim Chi2

Affiliation:

1. Peter the Great St. Petersburg Polytechnic University (SPbPU)

2. Vietnam National University (VNU)

Abstract

Subject. Currently, the relationship of innovation and economic sustainability has become an important aspect to consider. Analyzing the importance of encouraging the innovation for the economic growth of the Social Republic of Vietnam, we can determine the future of the economic development in many developing countries. Objectives. We substantiate the relationship of innovation and economic sustainability and outline our recommendations for encouraging the innovation and improving the innovative system of Vietnam. Methods. As part of the study, we mainly analyze proceedings on the role of innovation in the economic sustainability, materials of international organizations, and official papers of the Vietnamese government. Results. Having analyzed Global Innovation Index reports from 2013 through 2020, we found achievements and weaknesses of innovations in Vietnam. We determined the main challenges of Vietnam’s innovation system through the comparative analysis of the innovation indices of Vietnam, Singapore, Malaysia and Thailand. The article substantiates priorities for improving the national innovation system of Vietnam, and raising the importance of innovation for the economic sustainability. Conclusions and Relevance. We suggest what should be done to improve innovation in Vietnam. The findings can be used to set up a mechanism for encouraging innovation, which should become the principal driver of the sustainable economic development in Vietnam and other emerging economies.

Publisher

Publishing House Finance and Credit

Subject

General Medicine

Cited by 1 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. TRENDS AND RESULTS OF AGRICULTURAL DEVELOPMENT IN VIETNAM;International Trade and Trade Policy;2022-04-15

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