Overview
Embarking on a technological renaissance, Vietnam is rapidly embracing the power of Artificial Intelligence (AI) and Machine Learning (ML) to propel short-term business goals and foster national growth. In the 2023 Government AI Readiness Index, Vietnam ascended to the fifth position among ASEAN member countries (vietnam.vn, 2024), signifying its commitment to digital evolution. The impact of AI and ML is not just a vision but a tangible force, with the KPMG Global Tech Report emphasizing their centrality in achieving immediate business objectives.
As we navigate through the intricacies of Vietnam’s AI landscape, case studies unfold, offering glimpses into groundbreaking applications. Explore the full article below to uncover how AI and ML are reshaping industries, driving efficiencies, and propelling Vietnam into a future guided by innovation.
AI & Machine Learning - The key to delivering on short-term business ambitions
Artificial Intelligence (AI) and machine learning stand out as the pivotal technologies essential for realizing short-term business ambitions. A substantial majority of surveyed technology professionals (57%) express their belief that AI and machine learning, inclusive of generative AI, will play a crucial role in attaining their business objectives over the upcoming three years. (Global tech report, 2023)
The multifaceted capabilities of AI and machine learning offer diverse avenues for organizations to meet their short-term goals. These technologies can streamline operations by automating repetitive tasks, enhance decision-making processes, and elevate customer experiences. By harnessing AI and machine learning, organizations gain the ability to extract valuable insights from extensive datasets, discern patterns and trends, and make informed predictions, thereby shaping business strategies and fostering growth.
Vietnam, in particular, stands at the forefront of leveraging AI to enhance user experiences for both consumers and businesses. Bolstered by its position as the fastest-growing digital economy in Southeast Asia for the second consecutive year with the digital economy expected to continue growing at a compound annual growth rate of 20 per cent, Vietnam is poised to harness the transformative potential of AI for continued advancements in the business landscape. (Vietnam News, 2023)
AI Application Case studies in Vietnam
In recent years, AI has emerged as a transformative force, empowering Vietnamese enterprises to optimize work efficiency, elevate customer experiences, and trim business costs through the judicious use of big data. The application of AI extends across diverse sectors in Vietnam, including smart urban areas, healthcare, insurance, smart agriculture, and environmental technology.
Supported by a robust technology infrastructure, Vietnam boasts over 30,000 ICT enterprises, approximately 955,000 IT professionals, and a pool of over 80,000 university and college graduates specializing in information and communications technology. This has positioned Vietnam as the burgeoning IT hub in Southeast Asia, garnering global recognition as a preferred destination for IT outsourcing services. (Ministry of Information and Communication, 2020)
The Ministry of Information and Communication’s report underscores the pervasive impact of AI applications in the country, facilitated by an open economic environment and an expansive labor pool. These factors have contributed to significant strides in AI development, making Vietnam a fertile ground for innovative solutions across various domains.
Below are case studies in Vietnam, including corporations, startups, and the government, providing evidence of their efforts to harness the benefits that AI offers as the key to realizing short-term business objectives.
Case study 1: TP Bank applied AI to integrate its face recognition technology into LiveBank
TPBank has been pursuing a digitalization strategy from an early age with methodical investment in technology. Currently, most of TPBank’s products/services are using advanced technologies such as Artificial Intelligence (AI), Big Data (Big Data).
TPBank’s VoicePay feature is integrated with AI Voice Banking technology – a voice banking solution. With in-depth research on the Vietnamese language, VoicePay of TPBank allows customers to perform many touchless transactions easily, such as making transactions anytime, anywhere; recharging services for themselves or their loved ones; locking/unlocking cards in a few seconds. Thanks to Natural Language Processing (NLP) technology, TPBank app can recognize and understand the intention in a user’s sentences, such as transaction type, beneficiary information, transaction amount, etc., thereby executing the exact commands of the user. (VnEconomy, 2023)
Case study 2: The edtech startup ELSA applied AI in speech recognition
Experience transformative language learning with ELSA, an innovative edtech startup boasting a global reach with 54 million downloads of the ELSA Speak app across 234 countries. Utilizing cutting-edge AI technology, ELSA Speak analyzes English speech, offering precise, real-time feedback on users’ spontaneous speech. Through deep learning algorithms, the app achieves an impressive 95%+ accuracy in detecting pronunciation mistakes. ELSA doesn’t just identify errors; it provides tailored suggestions, guiding users on tongue and lip movements to correct pronunciation. Whether you’re a language enthusiast or a professional seeking fluency, ELSA’s AI-driven approach ensures a personalized and effective learning experience. (Top Entreprise, 2023)
Case study 3: Government efforts to support AI Development in Vietnam
In response to the economic challenges brought on by the COVID-19 pandemic, the Vietnamese government is intensifying its commitment to digital transformation. Various AI policies and programs have been introduced to encourage Vietnamese businesses and innovative start-ups in advancing AI research, development, and its application in novel business models.
A significant step in this direction is the recent approval of the National Digital Transformation Programme, spanning until 2025 with a forward-looking perspective to 2030. The primary goal is to double the growth of the digital economy by 2025, establishing a robust foundation for ongoing digital transformation initiatives that will progressively prepare Vietnam for the era of AI.
The improvement in Vietnam’s AI Readiness Score, as noted by the nation’s deputy head of the Ministry of Science and Technology, can be attributed to the country’s active engagement in technology-based activities and the formulation of a national strategy for AI development.
The commendable efforts of the Vietnamese Government in constructing and executing e-government initiatives have garnered positive recognition from both experts and citizens in recent years. (VietNamNet News, 2024)
In conclusion
Vietnam’s rapid integration of Artificial Intelligence (AI) and Machine Learning (ML) marks a technological renaissance, propelling short-term business goals and contributing to national growth. As explored through case studies, AI and ML are transformative forces shaping industries and driving efficiencies. From corporate to innovative startups and government efforts, make the nation poised for sustained growth in the era of AI, redefining its technological landscape.
References
Ministry of Information and Communication (2020). Vietnam has comparative advantages in digital transformation. [online] Available at: https://english.mic.gov.vn/Pages/TinTuc/tinchitiet.aspx?tintucid=143433.
Top Entreprise. (2023). ELSA Speak nổi bật trong lĩnh vực luyện nói tiếng Anh bằng AI. [online] Available at: http://topenterprise.com.vn/elsa-speak-noi-bat-trong-linh-vuc-luyen-noi-tieng-anh-bang-ai.html.
Vietnam News. (2023). AI drives transformative shift for business and consumers. [online] Available at: https://vietnamnews.vn/economy/1637696/ai-drives-transformative-shift-for-business-and-consumers.html.
vietnam.vn. (2024). Vietnam ranks 5th in Southeast Asia on the Global AI Readiness Index 2023 – Vietnam.vn. [online] Available at: https://www.vietnam.vn/en/viet-nam-xep-thu-5-dong-nam-a-ve-chi-so-san-sang-ai-toan-cau-2023/.
VietNamNet News. (n.d.). Available at: https://vietnamnet.vn/en/vietnam-s-e-government-architecture-framework-updated-2237267.html [Accessed 22 Jan. 2024].
VnEconomy (2023). AI making a mark in Banking & Finance. [online] Nhịp sống kinh tế Việt Nam & Thế giới. Available at: https://vneconomy.vn/ai-making-a-mark-in-banking-finance.htm.
Global tech report 2023. (2023). Available at: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/09/kpmg-global-tech-report.pdf.
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