A stable economy, a rapidly developing ecosystem, a favourable startup environment, low costs, and support from policies are creating favourable conditions for Artificial intelligence (AI) startups to thrive, said insiders.
The seminar “AI Frontier: Funding and Futures in Vietnam” in Hanoi on May 22 (Photo: VietnamPlus)
Hanoi (VNA) – A stable economy🏅, a rapidly developing ecosystem, a favourable startup environment, low costs, and support from policies are creating favourabl𝓡e conditions for Artificial intelligence (AI) startups to thrive, said insiders.
AI is developing rapidly and gradually establishing itself as a foundational and breakthrough technology in the 4th Industrial Revolution. However, this process also faces numerou🐻s challenges and barriers while impacting various aspects of contemporary life in positive ways.
Increasingly fierce competition
The race to develop AI is becoming increasingly fierce globally and is expected to significantly change behaviour, not only for individual users but also for businesses.
To leverage the potential along with practical opportunities for AI development solutions, the Vietnam National Innovation Centre (NIC) in collaboration with the Ministry of Planning and Investment (MPI) partnered with Amazon Web Services (AWS) to organise a seminar themed "Vietnam AI Frontier: Funding and Futures in Vietnam” on May 22 as part of the Vietnam Innovation Challenge (VIC) programme.
Sharing insights into the future of AI, Kai Yong Kang, Business Development Manager - Startups at Amazon Web Services (AWS) said that 2024 is referred to as the "year of products."
He said that within the vast scope of AI, Generative AI (GenAI) has been the hottest topic recently. This represents a significant advancement where technology can mimic human intelligence by generating new content (such as text, image, music, video) from the data it has been trained on. GenAI is fundamentally changing human behaviour and approaches to work, learning, entertainment, artistic creativity, and deeply impacting all aspects of life.
Vietnam’s startup ecosystem has recorded remarkable strides in recent years. (Photo: VietnamPlus)
Regarding this, Le Vy, CEO of Do Ventures Fund, noted that technology companies are heavily investing in GenAI.
According to Vy, the most important factor for startup development is to create favourable infrastructure.
Vietnam boasts a stable economy, rapidly developing ecosystem, conducive startup environment, low costs, and support from government policies and large enterprises. All of these have provided great conditions for AI startups to flourish, Vy said.
Many GenAI founders benefit from partnerships with large corporations, where vast systems and data are readily available, she noted, adding that this is particularly impressive as corporations in Vietnam all have policies to collaborate with startups.
Vy said a huge amount of capital is being directed to GenAI startups in leading technology centres such as Silicon Valley and Europe.
However, she also noted that the AI market, although "fertile", is also changing rapidly, as applications are constantly updated, therefore, investors in the region need to consider carefully before deciding to cooperate with a GenAI startup.
The three key factors to evaluate an AI startup are competitive advantage, revenue model, and human resources, Vy said.
Meanwhile, Laura Nguyen, Partner at GenAI Fund, emphasised that the top concern of investment funds is ensuring the sustainability of startups' business models.
Laura said that GenAI startups need to focus on protecting their businesses against risks from the AI market, while always innovating and creating.
According to Valerie Vu, Founder of Ansible Ventures, with their intelligence and abilities, Vietnamese engineers can take their AI applications to the world.
While Western countries focus on software development, Vietnam has the advantage of high-quality human resources, both in charge of software and hardware development, Valerie said.
With its role of coordinating, creating a legal corridor and supporting policy mechanisms, the MPI is making initial efforts in building the foundation for the startup ecosystem.
The VIC 2024, which is co-organised by the Ministry and US tech giant Meta Group is one of the key programmes.
With strong pushes from policies and support from programmes such as VIC, participants shared the view that AI has great potential to contribute to socioeconomic development, improving the quality of life and work efficiency in Vietnam./.
The Ho Chi Minh City Computer Association and HCM City Artificial Intelligence of Things Club organised a conference for career guidance in artificial intelligence of things on May 30.
A seminar discussing the role of artificial intelligence (AI) and 5G technology in digital transformation, green transition, and digital economic development took place in Hanoi on May 29, as part of the Vietnam - Asia DX Summit 2024.
The Ministry of Science and Technology has proposed the Government approve a national strategy on artificial intelligence (AI) research, development and application by 2030.
The course aims to promote knowledge exchange between scientific and educational schools from different countries, while deepening participants’ expertise in modern technology and technical education. It comprises two main specialisations of electronics-automation and nuclear technology.
ANTARA and VNA can design global-scale cooperation programmes or joint media campaigns, demonstrating the comprehensive strategic partnership between Vietnam and Indonesia, as well as the cooperation between the two national news agencies.
As Vietnam’s digital transformation accelerates, both the frequency and severity of cyberattacks are growing. The National Cybersecurity Association (NCA) reported that in 2024 alone, there were some 659,000 separate cybersecurity incidents, impacting around 46.15% of government agencies and businesses.
A key highlight will be the technology cluster pavilion, showcasing top enterprises selected for their innovation, market potential, and practical applications. These firms will display flagship products and solutions, supported by government policies to strengthen the tech sector.
Since 2022, more than 500 Vietnamese startups have engaged in Google’s Startup Academy, Google for Startups Accelerator, and Google Startup Masterclass. Nearly 100 of these firms received support to develop and improve their products, benefiting more than 300,000 customers and creating over 300 new jobs through successful fundraising and team expansion amidst Vietnam’s competitive economy.
Over the past three decades, Binh Duong has cemented its status as one of Vietnam’s most dynamic industrial hubs, building a robust foundation in manufacturing, exports, and investment. The province now has 30 operational industrial parks spanning over 13,000 hectares, with an occupancy rate exceeding 90%.
The diplomat emphasised that Vietnam places the highest priority on the development of science, technology, and innovation, viewing them as critical drivers for the country’s advancement in the new development era.
The PM revealed Vietnam’s plan to develop nuclear power in the near future, and called on the Swedish side to assist Vietnam in developing and refining legal and policy frameworks for the use of nuclear energy for peaceful purposes; training and developing human resources; ensuring nuclear safety; and conducting training and drills to improve incident management capabilities.
More than an art showcase, the second “Technology with heart” contest seeks to inspire innovation and spotlight the humanistic values that technology can bring into daily life, expected to contribute to a sustainable digital future.
The average speed of the national mobile broadband network remained stable, with download speeds reaching 76.86 Mbps and upload speeds reaching 26.98 Mbps.
Under the MoU, AMD will support several key initiatives spearheaded by HCM City’s authorities, including piloting policies, co-hosting innovation events, and evaluating the investment environment within the Saigon Hi-Tech Park.
The centre is a joint initiative between Australia’s Department of Foreign Affairs and Trade and Vietnam’s Ministry of Science and Technology, with PTIT and the University of Technology Sydney (UTS) serving as co-leads, and global telecommunications giant Nokia as founding industry partner.
The new centre, staffed by a team of scientists, researchers, and AI specialists working in Hanoi and Ho Chi Minh City, forms part of Qualcomm’s global AI research group.
As a flagship initiative of the community project “Digital Literacy for All”, the programme forms part of a national scheme to equip 20 million young people with digital business skills.
The organisers hope the competition will help shape a generation of exceptional engineers who will make significant contributions to Vietnam’s scientific and technological progress in this era of transformation.
In the digital age and amidst the Fourth Industrial Revolution, IP plays an increasingly critical role, not only in safeguarding inventions but also in reducing copyright infringement and curbing piracy.
Ambassador Nguyen Minh Vu laid stress on the significance of the Hanoi Convention, particularly to the Asia – Pacific, to handling legal gaps in international cooperation against rapidly increasing global cybercrime.
The week features a rich lineup of activities, including a plenary conference on blockchain and AI development, thematic seminars on future technology trends and investment visions, applications of blockchain and AI in business, the Super Vietnam PitchFest, as well as forums for blockchain and AI.
