Artificial intelligence might revolutionize financial markets. Vietnam has a great chance to gain and take the lead in both development and application. Here we'll take a look at AI in Vietnam, talk about its effects there, and show you some specific examples of its usage.
Is Vietnam ready to build AI?
There are three main components that determine a nation's or territory's preparedness for artificial intelligence: its data infrastructure, its technology, and its governance.
A government's bedrock
The 2019 report from Vietnam's Ministry of Information and Communication states that there are more than 80,000 college and university graduates with degrees in information and communications technology, over 955,000 IT professionals, and more than 30,000 ICT firms of all sizes. In addition, Vietnam has become one of the most popular locations for IT outsourcing globally and the new IT center in Southeast Asia. Numerous AI applications have achieved remarkable progress in the nation due to its open economic environment and big labor pool.
In an effort to foster the growth of artificial intelligence, many Vietnamese universities and research institutes have set up AI Centers of Excellence. The centers work with business partners to create AI solutions for different industries in Vietnam while also supporting and resourcing researchers. When properly implemented, AI has the potential to revolutionize corporate practices and spur economic expansion.
Vietnam may be struggling to keep up with the rest of the pack when it comes to artificial intelligence, but that shouldn't stop this Southeast Asian nation from pouring resources into digital transformation.
The foundation of technology
The Vietnamese minister of planning and investment recently announced the creation of a digital ecosystem devoted to innovation and new technology, as well as the proposal of a national innovation center to foster technical advances and the innovative ideas of Vietnamese entrepreneurs.
The data and infrastructure foundation
The country has emphasized the long-term building, maintenance, and development of data infrastructure to speed up the economic growth of AI technology and make AI research, development, and application more efficient and effective.
Vietnam has made great strides toward the imminent deployment of full-scale AI, with its AI readiness score for data infrastructure reaching 51.87.
Difficulties presented by AI in Vietnam
On the one hand, Vietnam's path has serious limitations when it comes to human resources and funding for AI research and development.
Investing in AI technology is crucial for developing highly efficient and productive apps. So, it's critical that the Vietnamese government immediately provide sufficient funds for AI research.
Vietnam is lacking in AI-specific human resources, as are other "rookies" in the AI race. Staffing for local AI initiatives will be challenging in Vietnam due to the need for a substantial pool of AI professionals, despite the country's superior IT labor base compared to other nations in the area and globally. World Intellectual Property Organization (WIPO) indexes show that more than 1,600 Vietnamese are engaged in AI-related fields of education or employment.
Does Vietnam's AI field hold any promise for future advancements? Given the government's commitment and backing of the AI industry, we have reason to assume that Vietnam possesses all the necessary components to become an AI center quickly. If Vietnam keeps up its current level of commitment and efforts, it has boundless potential to lead the digital revolution utilizing AI.
Source: Innovature BPO
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