Việt Nam ranks second in GenAI start-ups in ASEAN

Partner at GenAI Fund, Denning Tan, speaks at the event. — VNS Photo Mai Hương

HÀ NỘI — Việt Nam has emerged as a key player in the development of Generative AI (GenAI), securing second place in ASEAN for the dynamism and growth of GenAI start-ups, according to the ASEAN GenAI Start-up Report 2024.

This promising position reflects Việt Nam’s significant potential, not just within the region but on a global scale, as highlighted by the Partner at GenAI Fund, Denning Tan, at the ASEAN GenAI Start-up Report Launch Roadshow in Hà Nội yesterday.

The event was hosted by the GenAI Fund, the first Southeast Asia-based investment fund dedicated to GenAI, in partnership with Amazon Web Services (AWS), Databricks and Việt Nam’s National Innovation Centre (NIC). It aimed to provide crucial insights into the rapidly evolving GenAI ecosystem across Southeast Asia.

Denning Tan emphasised that the ASEAN GenAI Start-up Report 2024, based on surveys across six countries, outlines the trends, opportunities and resources shaping the future of GenAI in the region. The report surveyed 500 start-ups over three months, offering data-driven insights for start-ups, governments and businesses on how GenAI technologies are transforming industries across ASEAN, with Việt Nam emerging as a critical innovation hub.

"Việt Nam is becoming an important GenAI Development hub in ASEAN," Tan said.

He predicated that Việt Nam's share of GenAI startups in the region would rise from 27 per cent to 35 per cent, moving closer to Singapore's position. Tan noted Việt Nam's advantages, including its skilled technical talent and culture of rapid product development.

"Our research indicates that Việt Nam is well-positioned in the GenAI space," Tan said. "The combination of government support, strong technical education and entrepreneurial spirit creates favorable conditions for GenAI innovation in Việt Nam."

Deputy Director of NIC, Đỗ Tiến Thịnh, stressed the fundamental role of AI in the Fourth Industrial Revolution, which drives advancements in productivity, competitiveness and sustainable economic growth. He noted that AI, particularly GenAI, is breaking new ground, offering unprecedented possibilities for humanity. AI is now applied across various sectors, from healthcare and education to manufacturing and agriculture.

The Vietnamese government recognises AI’s importance and has implemented several policies to promote its research, development and uses. In line with this, the Ministry of Planning and Investment has submitted a proposal to the Prime Minister to develop a semiconductor workforce, aiming to have at least 5,000 engineers with AI expertise by 2030.

Additionally, the NIC has been tasked with establishing an AI-focused research and training centre, targeting the development of 7,000 AI experts and incubating 500 AI start-ups by 2030.

At the event, three pioneering GenAI start-ups in Việt Nam – Reforged Labs, Lex Engine, and Laka.ai – showcased innovative applications. Reforged Labs introduced GenAI solutions for game marketeers, Lex Engine demonstrated GenAI tools for the legal industry and Laka.ai presented its GenAI-powered travel planning tool.