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AI takes centre stage in Vietnam’s tech revolution

HANOI (ANN/VIETNAM NEWS) – Artificial intelligence (AI) is reshaping the global startup landscape, and Vietnam is no exception.

At the recent World Economic Forum in Davos, Switzerland, AI took centre stage alongside key issues like security, employment, and climate change. Generative AI (GenAI) emerged as a standout, demonstrating its ability to mimic human intelligence and create new content. 

This innovation has far-reaching effects on various aspects of human life, from work and education to entertainment and creativity.

In Vietnam, AI is experiencing a significant boom, positioning itself as a cornerstone of the fourth industrial revolution (Industry 4.0). 

In response, the Prime Minister issued the National Strategy for Research, Development, and Application of AI until 2030, with the goal of establishing Vietnam as an AI leader in ASEAN and nurturing ten reputable AI brands by the end of the decade. 

This initiative has attracted investment from both tech giants and forward-thinking startups, paving the way for innovative projects and business models.

Kai Yong Kang, Business Development Manager for Startups at Amazon Web Services (AWS), predicts that 2024 will be dubbed the ‘Year of Products’, with integration and AI adoption expanding beyond foundational models to encompass advanced technologies like vector databases and orchestration engines.

According to Vy Le, CEO of Do Ventures, there is a surge in investment in GenAI startups, particularly in top technology hubs like Silicon Valley and Europe. However, caution is advised in forming partnerships due to the rapidly evolving AI market. 

Investors often opt for small initial investments or wait for technology to mature before committing fully. Key evaluation criteria for AI startups include competitive advantage, revenue model, and the strength of the team.

Laura Nguyen, a partner at GenAI Fund, emphasises the importance of ensuring the sustainability of GenAI startup business models. This is crucial, especially with tech giants like Google and Microsoft having access to vast amounts of data. 

She underscores the need for GenAI entrepreneurs to protect their businesses from market risks while fostering innovation and creativity.

Experts are sharing optimistic insights on the progress of AI in Vietnam as technology companies make big investments.

Many university students are now GenAI founders and have already developed products that generate substantial revenues.

Vietnam’s start-up ecosystem has progressed remarkably in recent years.

Experts highlight the importance of creating a supportive environment and infrastructure for startup development.

With a stable economy, a fast-growing ecosystem, a favourable start-up environment, low costs, and support from government policies and large corporations, AI startups are flourishing.

Vy from Do Ventures noted the benefits of collaborations between GenAI founders and major corporations, which provide extensive systems and data. And Vietnamese corporations have policies to foster partnerships with startups.

Though the US and China have a technological infrastructure advantage in AI, Vietnam can still compete in application development.

Valerie Vu, founder of Ansible Ventures, believes in the country’s talented engineers’ potential to create impactful AI applications. Vietnam’s high-quality human resources excel in both software and hardware development, setting it apart.

Founders from innovative markets like the US and Singapore are interested in Vietnam, seeking partnerships and envisioning global tech corporations supporting the country’s AI industry, Valerie said, adding that Vietnam’s startups are already making strides in AI, with significant potential for growth with backing from global tech giants.

However, Vietnam is still facing challenges in developing AI comprehensively, such as policy frameworks, infrastructure, and limited access to supportive resources for domestic solution founders.

To ensure AI’s integration into every corner of life and contribute to the country’s socio-economic development, strong support is required.

This entails effective policies, highly applicable products, high-quality human resources, robust data infrastructure, computing capabilities, and intensified international collaboration with top AI research and development entities worldwide.

These factors will not only enhance work efficiency but also elevate the quality of life for individuals.

While the ultimate potential of GenAI may not yet be fully known, its undeniable impact on management, the labour market, professions, and daily work is substantial.

It is crucial for businesses to make the topic a top priority in 2024 and the coming years. It represents an opportunity for significant advancement or the risk of falling behind.

A product of a Vietnamese brand showcased at the 2024 Vietnam Expo in Hanoi. PHOTO: ANN/VIETNAM NEWS