Vietnam forecast to become “AI dragon' in trillion-dollar market

This statement was made by Rafael Frankel, director of Public Policy for Southeast and South Asia at Meta Group, at a recent press conference announcing the Vietnam Innovation Challenge (VIC) 2024.

He said there are many reasons why he remains optimistic and believes that the nation will turn into a “dragon” in AI.

The Meta Group representative said that the first time he came to the country was 23 years ago. Since then, the Vietnamese economic picture has changed markedly and the nation's economic growth over the past generation can be seen as being very strong.

People have great determination and have shown a start-up spirit, while many businesses have become trusted partners of US firms, he added.

Frankel said he will continue to support Vietnamese enterprises in developing innovation, as well as promoting AI and semiconductors, thereby enabling them to become partners of US businesses.

According to Deputy Minister of Planning and Investment Tran Duy Dong, alongside the development of AI technology, the country has also taken strong steps in promoting AI research, application, and human resource development.

In 2021, the Vietnamese Government issued the National Strategy on AI research, development, and application until 2030.

After two years of implementation, the country has achieved encouraging achievements, noting that in 2022 it ranked 55th out of 180 countries and territories in the AI readiness index, up seven places compared to 2021, according to a report by Oxford Insights.

The nation also has businesses that have recorded significant achievements in research and application of AI, such as FPT, Viettel AI, VNPT AI, and VIN AI. This further proves the capacity and position of engineers and Vietnamese experts in research and development of AI technology applications, Deputy Minister Dong stated.

Vu Duy Thuc, co-founder of New Turing Institute & VietAI, underlined the need to determine the specific value that AI brings in order to fully consider developing products which have superior features for users.

Meanwhile, Phung Viet Thang, country director of Intel Vietnam, said that with Vietnamese advantages, making the best use off semiconductor and AI technology needs a clear strategy and support from the Government.

Encouraging innovation and development in all high-tech, semiconductor, and AI industries will therefore create plenty of opportunities for local businesses as the country has the advantage of abundant resources and readiness.

However, readiness will not bring about long-term advantages without a national vision strategy, Thang emphazised.