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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

The recent Australia-Vietnam Tech Forum, held in Ho Chi Minh City, marked a significant milestone in the collaboration between Vietnam and Australia in the field of technology. The forum, which attracted over 70 executives from 42 technology companies, showcased Australian expertise in fintech, digital transformation, and smart cities. This event highlighted Vietnam’s commitment to leveraging Industry 4.0 technologies to enhance productivity and drive economic growth. Vietnam's strategic focus on AI development Vietnam has emerged as a promising market with a large population, a government dedicated to ambitious goals, and one of the fastest-growing digital economies in the region. According to the World Bank, Vietnam’s digital sector is projected to surpass USD 200 billion by 2045, a substantial figure compared to its GDP of USD 352 billion in 2021. This growth is driven by an increase in fintech payment values, which have nearly tripled from 2017 to 2021, largely due to the boom in e-commerce. The Vietnamese government has placed a strategic focus on artificial intelligence (AI) development, aiming to position the country among the top four in ASEAN and within the top 50 globally in AI research, development, and application by 2030. This ambitious goal is supported by a national AI strategy that seeks to foster a robust environment for AI growth. Vietnamese tech firms: Growth potential and opportunities Vietnamese technology firms are well-positioned to benefit from this supportive environment. The country's digital economy is expanding rapidly, and there is significant potential for growth in various sectors, particularly fintech. The integration of Industry 4.0 technologies is expected to boost productivity and spur further economic development. The forum also highlighted the role of Australian expertise in supporting Vietnam’s digital transformation. Australia's experience in fintech and smart city development provides valuable insights and strategies that can help Vietnamese companies and the government achieve their technological goals. Australian support for ASEAN smart cities Australia has shown a strong commitment to supporting ASEAN countries, including Vietnam, in the development of sustainable smart cities. Rebecca Ball, the Senior Trade and Investment Commissioner at Austrade, emphasized that the Australian government is actively involved in creating smart and sustainable urban environments in the region. This includes the InnovationXchange program, which has allocated AUD 5 million (approximately USD 3.3 million) for a pilot project aimed at scaling high-growth potential enterprises focused on smart urbanization solutions. This initiative is part of a broader effort to support smart city development across ASEAN, enhancing urban living through advanced technologies and sustainable practices. The pilot project will provide crucial support to enterprises working on innovative solutions for smart cities in ODA-eligible cities across the region. The AI cooperation network In 2021, Vietnam and Australia established an AI cooperation network to foster collaboration between Vietnamese and Australian entities. This network brings together individuals, businesses, and organizations involved in AI from both countries to work together on various projects. The network aims to facilitate knowledge exchange and collaboration, enabling Vietnam to learn from Australian expertise and international best practices. The AI cooperation network is a significant step toward achieving Vietnam's national AI strategy goals. By creating a conducive environment for AI development, the network supports Vietnam’s aspiration to excel in AI research and application. This collaboration is expected to drive innovation and contribute to the country’s position as a leader in AI within the ASEAN region and globally. Conclusion The Australia-Vietnam Tech Forum represents a pivotal moment in the collaboration between the two countries, highlighting their joint efforts in advancing technology and smart city development. With a focus on AI and digital transformation, Vietnam is poised to leverage these opportunities to enhance its economic growth and technological capabilities. The continued support from Australia and the establishment of strategic initiatives like the AI cooperation network will play a crucial role in realizing Vietnam’s ambitious goals in the tech sector. Source: OpenGov Asia

Vietnam's information and communication technology (ICT) companies are well-positioned to make strong breakthroughs and reach out to the world in the near future, on the back of widespread Internet access, abundant workforce and support from authorities at all levels. Statistics from the International Telecommunication Union (ITU) showed that about 49% of the world population, or nearly 4 billion people, have yet to be connected to the Internet. It is a chance for Vietnamese ICT firms to reach globally.Vietnamese IT Firms Boost Earnings in ICT IndustryVietnam Software OutsourcingVietnam now ranks 12th in the world in terms of the number of Internet users with over 70 million subscribers. There are roughly 45,000 ICT firms with more than 1 million employees. The country also leads Southeast Asia with 25 software enterprises obtaining Capability Maturity Model Integration (CMMI) certification, surpassing Singapore and Malaysia.In the coming time, the Ministry of Information and Communications MIC together with technology associations will support ICT firms by promoting economic diplomacy in digital technology, tapping global trade mechanisms to market digital technology trademarks, holding digital investment and trade promotion forums and conferences abroad, and advising the Government to sign digital partnership deals with countries, Hung said.Source: vietnamplus

Several tech firms in Vietnam are using OpenAI's ChatGPT to do different tasks, from writing codes and bug checking to data analysis and report creation. Quan, a CTO of a company specializing in website services, said that ChatGPT is capable of creating shortcodes to build a basic website within minutes. To accomplish the same task, it might take an engineer an entire day to manually code an entire website. Thu Hien, a specialist at the company, said the human side sometimes wins thanks to their experience and knowledge about the project. However, if ChatGPT were allowed to read all the codes of the project, it is likely that the chatbot might be able to find faulty parts that even the most experienced programmers may miss.Engineers said programs designed to find bugs are not something new in the programming field. However, what sets ChatGPT apart is how quickly it can explain a problem and reach for a solution. Thanh said that if ChatGPT is not given a clear prompt, or if the reports it produces are not properly edited, the data analysis might be inaccurate, or even false. Moreover, the cost of using Open AI's API is still quite high for the Vietnamese market.Source: vnexpress

With the Government AI Readiness Index, British consultancy company Oxford Insights aims to measure government preparedness to implement artificial intelligence (AI) in the delivery of public services to their citizens. Vietnam earned an average score of 53.96 points in 2022, increasing from 51.82 points in 2021 and surpassing the global average of 44.61, according to Oxford Insights, which ranked 181 countries this year, up from 160 in last year’s iteration. Under a national strategy on AI research, development, and application to 2030, approved by the Government on January 26, 2021, Vietnam aims to make AI a spearhead technology in the fourth Industrial Revolution. The country also strives to become a center for innovation and development of AI solutions and applications in ASEAN and the world by 2030.At present, many provinces and cities such as Ho Chi Minh City, Ha Noi, Da Nang, and Hue have applied AI in various fields such as healthcare, education, and public administrative services. From the economic perspective, Vietnam's AI research, development, and application in the future will contribute to solving problems in socio-economic development, and supporting domestic enterprises to improve their competitiveness. Grasping the AI development trend, several large enterprises have built and developed AI research and development centres in Vietnam, which have attracted leading experts in this field from around the world. Products applying artificial intelligence are a prerequisite to promote the strong development of this industry and are the lever to speed up digital transformation in Vietnam.Source: vietnamnews

Intel Corp (INTC.O) is considering a significant increase in its existing $1.5-billion investment in Vietnam to expand its chip testing and packaging plant in the Southeast Asian nation, two sources familiar with the matter told Reuters. Asked about the possible investment plan, Intel told Reuters, “Vietnam is an important part of our global manufacturing network, but we have not announced any new investments.” A statement on the Vietnam government's official portal was amended on Wednesday to remove a reference to an effort by Ho Chi Minh City to attract $3.3 billion in additional investment from Intel. The chip packaging and testing factory in Vietnam's southern commercial hub is Intel's biggest worldwide. The company is estimated to have invested about $1.5 billion in it so far.Vietnam Software OutsourcingSource: Reuters