Vietnamese AI firms have many chances of development

Demand in the domestic market along with a series of new regulations and policies are supporting for the Vietnamese AI start-up community to develop.
An AI expo was held in Hanoi in August. The Government has made great strides in supporting and promoting the development of AI enterprises in Vietnam. (Photo: VNA)
An AI expo was held in Hanoi in August. The Government has made great strides in supporting and promoting the development of AI enterprises in Vietnam. (Photo: VNA)

Hanoi - Demand in the domestic market along with a series of new regulations and policies are supporting for the Vietnamese AI start-up community to develop.

According to data from many reports, the number of Vietnamese AI start-ups is increasing rapidly, even the GenAI Fund predicts that with the current growth in scale and number of AI businesses, Vietnam can surpass Singapore in AI start-up market share in the Southeast Asian region.

“Vietnam is forecast to lead the ASEAN region in the number of AI businesses. Organisations and businesses in many fields such as education, healthcare, and especially e-commerce, are increasing the application of AI to reduce workload and improve efficiency," Prof. Dr. Chu Duc Trinh, Rector of the University of Engineering and Technology, under the Vietnam National University told Thoi bao Kinh te Vietnam (Vietnam Economic Times).

According to MarketsandMarkets research, the global artificial intelligence market is expected to grow from 214.6 billion USD in 2024 to more than 1.3 trillion USD by 2030, with an annual growth rate (CAGR) of 35.7% during the forecast period.

Rapid digital transformation across various industries, such as healthcare, finance, manufacturing and retail, needs AI applications to improve efficiency and customer experience.

A report conducted by Google and Temasek said that Vietnam's digital economy is expected to reach 45 billion USD by 2025 with AI technology playing a major role in this growth.

These figures show a wide market at home and abroad for the Vietnamese AI start-up community to explore and affirm their capabilities.

Many AI start-ups in Vietnam agree that developed technology research will be the premise for creating innovative businesses, including in the field of artificial intelligence. This means that development needs to start from research institutes, universities and technology organisations.

So far, Vietnam has had about 50 universities specialising in information technology, more than 20 organisations having certificates of registration for scientific and technological activities granted by the Ministry of Science and Technology, and hundreds of other technology communities and associations. The growth of them has created a strong AI ecosystem.

In addition, Vietnam has recently signed many important economic cooperation agreements with many countries. This has brought opportunities to cooperate with leading international companies, and expand their operations to foreign markets.

Meanwhile, in the domestic market, the demand for AI applications is also exploding.

According to the report “AI at work is here. Now comes the hard part” published by Microsoft, 88% of people surveyed in Vietnam said they used AI at work, higher than the world level.

Microsoft also noticed a trend of workers in Vietnam equipping themselves with AI tools to use, instead of waiting for deployment from companies and organisations.

Trinh believed that along with the advantage of a young population loving technology, Vietnamese businesses are also gradually recognising the benefits of integrating technology, including AI, into innovation in production and business activities. So, they are willing to put investment in technology to optimise processes and save costs.

Demand from the domestic market is constantly increasing and seen as a 'delicious cake' that Vietnamese AI companies have competitive advantages to exploit.

Nguyen Van Khanh, Director of Information Technology of the Data Science Joint Stock Company, a business operating in the field of artificial intelligence in Vietnam, said that the Government has made great strides in supporting and promoting the development of AI enterprises in Vietnam.

"These companies are benefiting a lot from the Government's policies, including tax incentives and paperwork support," Khanh said.

However, to accelerate the development of the Vietnamese start-up ecosystem, including start-ups in the field of AI, the Government needs to add new financial support mechanisms, such as venture capital funds or preferential loan programmes for high-tech start-ups. These mechanisms will create favourable conditions for the AI companies to develop further./.

Source: VNA

See also

2024 Vietnam Business Day opens shop in Japan

2024 Vietnam Business Day opens shop in Japan

The Vietnam Business Association in Japan (VJBA) on December 3 held the 2024 Vietnam Business Day with the theme “Shared Vision, Shared Success".
Việt Nam

Việt Nam's OCOP products debut at AF-L'ARTIGIANO IN FIERA 2024 in Milan

Under the theme 'Việt Nam’s OCOP Products: Gathering Values, Spreading Culture', Việt Nam’s pavilion spans 200 square metres.
Top 10 reputable logistics companies in 2024 announced

Top 10 reputable logistics companies in 2024 announced

The Vietnam Report JSC on November 29 announced the list of top 10 reputable logistics companies for 2024.
150 products honoured as “Vietnamese Goods Loved by Consumers 2024”

150 products honoured as “Vietnamese Goods Loved by Consumers 2024”

A ceremony honouring the 150 most popular products voted by consumers took place in Hanoi on November 28.
Phú Xuyên a land of hundreds of timeless crafts

Phú Xuyên a land of hundreds of timeless crafts

Phú Xuyên District, located 30 kilometres south of Hà Nội, is renowned as the 'land of hundreds of crafts', with all 154 villages engaged in various trades.
Dong Thap diversifies lotus products

Dong Thap diversifies lotus products

Lotus growers in the Mekong Delta province of Dong Thap have won big as their efforts to diversify lotus products pay off.

See more news

Top 10 reputable pharmaceutical, medical supply companies in 2024 announced

Top 10 reputable pharmaceutical, medical supply companies in 2024 announced

The Vietnam Report JSC announced the list of top 10 reputable companies in the pharmacy, medical supply and health care for 2024.
The essence of Chuon Ngo Mother-of-Pearl Inlay Village

The essence of Chuon Ngo Mother-of-Pearl Inlay Village

Despite the passage of time, local artisans have meticulously preserved and elevated this traditional craft. Their exquisite creations have gone beyond national borders, reaching the continents and the world.
Petrovietnam grows strongly thanks to volatility management

Petrovietnam grows strongly thanks to volatility management

(VEN) - In the context of market volatility with complicated developments from epidemics, economic crises, to geopolitical instability, the proactive management of volatility of the Vietnam National Oil and Gas Group (Petrovietnam) has helped the group not only steadily overcome numerous difficulties, but also take advantages of new opportunities to set many records in production and business activities and make great contributions to the country’s economic growth.
Doubling insurance product’s payout significantly benefits customers

Doubling insurance product’s payout significantly benefits customers

(VEN) - The Agriculture Bank Insurance Joint Stock Corporation (ABIC) has officially doubled the maximum payout for its Bao An insurance product to VND1 billion. This is a major breakthrough, enhancing financial protection for customers amid an increasingly volatile economy and rising demand for financial security.
PJICO: 30 years of development

PJICO: 30 years of development

(VEN) - Throughout the past 30 years of establishment and development, Petrolimex Insurance Corporation (PJICO) has solidified its position in the non-life insurance sector and overcame numerous challenges.
VN takes part in food and beverage fair in Chicago

VN takes part in food and beverage fair in Chicago

The event is organised by the Private Label Manufacturers' Association (PLMA).
Hòa Bình honey awaits reactions from UK

Hòa Bình honey awaits reactions from UK

Farmers, producers, and the agricultural authorities in Hòa Bình Province are waiting for feedback on their locally produced honey, which was exported for the first time to the UK last month.
Post-Typhoon Yagi trade networking event starts in Hải Dương

Post-Typhoon Yagi trade networking event starts in Hải Dương

The Hải Dương Handicrafts Association and Nam Vũ Clean Agricultural Cooperative organised a trade event in Thanh Hà District to help local businesses expand markets and find partners after Typhoon Yagi.
Hòa Bình exports honey and pearl onions to UK

Hòa Bình exports honey and pearl onions to UK

This shipment marks Hòa Bình Province's second export of processed agricultural products to the UK, and has a value exceeding VNĐ300 million (US$11,800).
Central province selects OCOP products to be promoted in the US

Central province selects OCOP products to be promoted in the US

The central provincial department of Agriculture and Rural Development has included ten OCOPs (One Commune One Product) – for promotion and introduction into the US market.
View more
Latest Most Read
Việt Nam needs a competitive energy market: experts

Việt Nam needs a competitive energy market: experts

Economists, industry experts and policymakers at the event highlighted several critical challenges facing the country’s energy sector and the urgent need for strategic reforms.
Australia shows interest in Việt Nam

Australia shows interest in Việt Nam's vision of a 'rising era'

Việt Nam and Australia shared a vision of a peaceful, stable, and prosperous region and the relationship between Việt Nam and Australia have been growing fruitfully in all sectors.
Power sector must not let electricity shortage happen as the country aspires for double-digit growth

Power sector must not let electricity shortage happen as the country aspires for double-digit growth

The 500kV transmission line spans a total length of 519km, comprising 1,177 towers, with a total investment of over VNĐ22.3 trillion (approx. US$878 million) and plays a vital role in ensuring stable power systems and enhancing electricity supply for northern Việt Nam in 2024 and beyond.
Information and communications sector’s revenue exceeds VND3.9 trillion in 11 months

Information and communications sector’s revenue exceeds VND3.9 trillion in 11 months

(VEN) - In the first 11 months of 2024, the total revenue of the information and communications sector reached an estimated VND3,982,742 billion, a year-on-year increase of 19.8 percent.
Kinh Bac Art 3 contemporary painting exhibition opens

Kinh Bac Art 3 contemporary painting exhibition opens

(VEN) - On the afternoon of December 7, the Kinh Bac Art 3 contemporary painting exhibition was opened at the Appraisal and Exhibition Center of Art and Photography, 29 Hang Bai Street, Hoan Kiem District, Hanoi.
16 intangible cultural heritage elements recognised by unesco

16 intangible cultural heritage elements recognised by UNESCO

The Ba Chua Xu (Holy Mother of the Realm) Festival at Sam mountain in the Mekong Delta province of An Giang was officially recognised by UNESCO as intangible cultural heritage of humanity at the 19th session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage in Paraguay on December 4. With this recognition, the festival has become the 16th intangible cultural heritage element of Vietnam recognised by UNESCO.
vietnam japan comprehensive strategic partnership for peace and prosperity in asia and the world

Vietnam-Japan Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World

National Assembly Chairman Tran Thanh Man and his spouse are paying an official visit to Japan from December 3-7. The visit is expected to promote the two countries' legislative ties in a practical and sustainable manner, thus concretising the comprehensive strategic partnership across spheres.
streamlining political systems organisational apparatus

Streamlining political system's organisational apparatus

Party General Secretary To Lam has urged Party committees, Party organisations, agencies, units, and sectors at all levels to demonstrate the highest political determination in streamlining the political system's organisational apparatus.
vietnam singapore strategic partnership

Vietnam-Singapore Strategic Partnership

The official visit to Singapore by National Assembly Chairman Tran Thanh Man and his spouse aims to further deepen the strategic partnership between Vietnam and Singapore.
local vibe at wholesale market

Local vibe at wholesale market

A market can often be described as the beating heart of a city. And Đồng Xuân Market in the centre of Hà Nội is exactly that.
Australia shows interest in Việt Nam

Australia shows interest in Việt Nam's vision of a 'rising era'

Việt Nam and Australia shared a vision of a peaceful, stable, and prosperous region and the relationship between Việt Nam and Australia have been growing fruitfully in all sectors.
Plan to streamline Government

Plan to streamline Government's organisational apparatus finalised

According to Minister of Home Affairs Phạm Thị Thanh Trà, the government's restructuring extends beyond ministerial consolidation, and the number of units under ministries and ministerial-level organisations will be cut by 15-20 per cent
Vietnam slashes government apparatus, with 9 minitries, agencies cut

Vietnam slashes government apparatus, with 9 minitries, agencies cut

Hanoi – Nine ministries and agencies under the Government will be consolidated under a resolution on streamlining and optimising the political system, Minister of Home Affairs Pham Thi Thanh Tra told the Vietnam News Agency.
Specific plans announced to restructure Party apparatus

Specific plans announced to restructure Party apparatus

The plan will reduce at least four Party organisations, 25 Party delegations and 16 Party groups merged into others and add two more Party Committees under central management.
Việt Nam needs a competitive energy market: experts

Việt Nam needs a competitive energy market: experts

Economists, industry experts and policymakers at the event highlighted several critical challenges facing the country’s energy sector and the urgent need for strategic reforms.
Việt Nam resumes nuclear power project amid rising energy demands

Việt Nam resumes nuclear power project amid rising energy demands

Vietnamese law-markers have approved the plan to resume the nuclear power project in the south – central province of Ninh Thuận after eight years of pause in an effort to ensure energy security while meeting Net Zero goal.
Việt Nam

Việt Nam's supporting industry for electronics needs more support

In addition to the efforts of enterprises, Việt Nam's supporting industry for electronics production needs many helpful policies from the State to promote its development.
Vietnam’s automotive industry seizes golden opportunities from global supply chain

Vietnam’s automotive industry seizes golden opportunities from global supply chain

(VEN) - In recent years, Vietnam’s automotive industry has experienced positive growth, aiming not only to meet domestic demand, but also to establish its position in the international market.
Vietnamese businesses explore Indonesian market

Vietnamese businesses explore Indonesian market

A business networking session between a delegation from the Ho Chi Minh City Association of Mechanical-Electrical Enterprises (HAMEE) and the Indonesian Chamber of Commerce and Industry (KADIN) was held on December 5 in Jakarta.
Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Vietnam attracts nearly 31.4 billion USD in foreign investment in 11 months

Total registered foreign direct investment (FDI) into Vietnam, including new and additional investments, and capital contributions via share purchases, reached 31.4 billion USD in the first 11 months of 2024.
Top legislator suggests Japan’s Tokyu Group expand investment in Vietnam

Top legislator suggests Japan’s Tokyu Group expand investment in Vietnam

Chairman of the Vietnamese National Assembly (NA) Tran Thanh Man received Chairman of Japan’s Tokyu Group Hirofumi Nomoto in Tokyo on December 5 morning, as part of his ongoing official visit to the East Asian nation.
Chinese media highlights Vietnam as attractive investment destination in 2025

Chinese media highlights Vietnam as attractive investment destination in 2025

The number of Chinese manufacturers shifting production to the Vietnamese market has boomed since 2018, and the upward trend is set to continue over the coming years, the South China Morning Post (SCMP) of Hong Kong (China) confirmed.
Finance ministry to use AI in stock market surveillance

Finance ministry to use AI in stock market surveillance

The Ministry of Finance announced on Friday that it is researching using artificial intelligence (AI) tools to monitor transactions in the stock market.
Year-end profits put heavy pressure on banks

Year-end profits put heavy pressure on banks

(VEN) - As of the third quarter of 2024, only 11 out of 27 commercial banks have completed 75 percent or more of their pre-tax profit plans. Therefore, the year-end profit target is a huge pressure weighing heavily on their shoulders.
Party chief receives leader of Japan Bank for International Cooperation

Party chief receives leader of Japan Bank for International Cooperation

Party General Secretary To Lam hosted a reception in Hanoi on December 4 for Chairman of the Board of Directors of the Japan Bank for International Cooperation (JBIC) Maeda Tadashi.
Central bank increases credit growth limit for banks for second time this year

Central bank increases credit growth limit for banks for second time this year

The State Bank of Vietnam (SBV) on November 28 announced it would increase credit growth target for credit institutions, for the second time this year.
Seeking capital for green transformation remains tough

Seeking capital for green transformation remains tough

(VEN) - Shifting to green economy has become the goal of many countries and businesses around the world, including Vietnam. However, capital for green transition is still a difficult problem for the Vietnamese business community.
Drainage infrastructure development behind pace of urbanisation

Drainage infrastructure development behind pace of urbanisation

Domestic wastewater and rainwater are discharged directly into sewers, canals and ditches and then into main rivers.
Việt Nam rattled by 458 earthquakes in 11 months

Việt Nam rattled by 458 earthquakes in 11 months

HÀ NỘI — Việt Nam has experienced a significant increase in seismic activity this year, with hundreds of small earthquakes reported across the country.
Hà Nội determined to revive its polluted rivers

Hà Nội determined to revive its polluted rivers

HÀ NỘI — After a long delay period, with strong political commitment and leadership from municipal leaders, the Yên Xá wastewater treatment system in Hà Nội has now begun trial operation.
NVIDIA to build AI research and data centres in VN

NVIDIA to build AI research and data centres in VN

An agreement to develop two centres dedicated to artificial intelligence (AI) studies was signed between the Vietnamese Government and the American technology company NVIDIA.
VinFuture Sci-Tech Week starts in Hà Nội

VinFuture Sci-Tech Week starts in Hà Nội

VinFuture Foundation organised the 'Science for Life' symposia on December 4, opening the VinFuture Sci-Tech Week and Award Ceremony series in Hà Nội.
Nineteen initiatives receive Vietnam Smart City Awards 2024

Nineteen initiatives receive Vietnam Smart City Awards 2024

The Vietnam Software and IT Services Association (VINASA) presented the Smart City Awards 2024 to 10 localities and authors of nine smart technological solutions during the Vietnam-Asia Smart City Summit 2024, held in Hanoi on December 3.
Empowering Vietnamese firms with digital transformation

Empowering Vietnamese firms with digital transformation

In response to the growing demand of digital transformation and smart production, the Ministry of Industry and Trade has implemented harmonious measures to support domestic businesses in navigating the fourth industrial revolution.
Power sector must not let electricity shortage happen as the country aspires for double-digit growth

Power sector must not let electricity shortage happen as the country aspires for double-digit growth

The 500kV transmission line spans a total length of 519km, comprising 1,177 towers, with a total investment of over VNĐ22.3 trillion (approx. US$878 million) and plays a vital role in ensuring stable power systems and enhancing electricity supply for northern Việt Nam in 2024 and beyond.
The VinFuture 2024 Grand Prize honours 5 scientists for transformational contributions to the advancement of deep learning

The VinFuture 2024 Grand Prize honours 5 scientists for transformational contributions to the advancement of deep learning

HÀ NỘI — The VinFuture Foundation honoured four scientific breakthroughs in 2024 at a ceremony in Hà Nội on December 6.
With strong commitment and substantial investment, Việt Nam can end AIDS by 2030

With strong commitment and substantial investment, Việt Nam can end AIDS by 2030

To end AIDS by 2030, Việt Nam must focus on high-impact interventions and significantly scale up programme coverage from current levels.
Mang Den Airport construction plan proposed

Mang Den Airport construction plan proposed

(VEN) - Mang Den Airport in the Central Highlands province of Kon Tum is expected to be built with the first-phase investment of nearly VND5 trillion through a Public-Private Partnership (PPP).
2024 Vietnam Business Day opens shop in Japan

2024 Vietnam Business Day opens shop in Japan

The Vietnam Business Association in Japan (VJBA) on December 3 held the 2024 Vietnam Business Day with the theme “Shared Vision, Shared Success".
Việt Nam

Việt Nam's OCOP products debut at AF-L'ARTIGIANO IN FIERA 2024 in Milan

Under the theme 'Việt Nam’s OCOP Products: Gathering Values, Spreading Culture', Việt Nam’s pavilion spans 200 square metres.
Top 10 reputable logistics companies in 2024 announced

Top 10 reputable logistics companies in 2024 announced

The Vietnam Report JSC on November 29 announced the list of top 10 reputable logistics companies for 2024.
150 products honoured as “Vietnamese Goods Loved by Consumers 2024”

150 products honoured as “Vietnamese Goods Loved by Consumers 2024”

A ceremony honouring the 150 most popular products voted by consumers took place in Hanoi on November 28.
tcty-dau-khi-vn-pv-power-2022
Kinh Bac Art 3 contemporary painting exhibition opens

Kinh Bac Art 3 contemporary painting exhibition opens

(VEN) - On the afternoon of December 7, the Kinh Bac Art 3 contemporary painting exhibition was opened at the Appraisal and Exhibition Center of Art and Photography, 29 Hang Bai Street, Hoan Kiem District, Hanoi.
Exhibition on royal culture of Huế opens

Exhibition on royal culture of Huế opens

A special exhibition featuring the history and development of Huế Citadel has opened at the Museum of Hồ Chí Minh City.
Vietnamese artisans bring unique handicrafts to Milan

Vietnamese artisans bring unique handicrafts to Milan

Vietnamese firms are making their mark at the 28th Artigiano International Handicrafts Fair in Milan, the capital of Lombardy - Italy's largest economic and cultural hub, from November 30 - December 8.
Hanoi Digital Pho gives experience of unique culinary essence

Hanoi Digital Pho gives experience of unique culinary essence

(VEN) - Hanoi has just introduced to consumers and tourists its cultural heritage - Hanoi Pho - in a unique way, which is digital Hanoi Pho.
15.8 million int

15.8 million int'l tourists came to Việt Nam in first 11 months, nearing 2024 target

Experts noted that the sharp increase in November is expected, as Việt Nam is in the peak international tourism season from October to March. The previous record for monthly international arrivals was set in November 2019, with over 1.8 million visitors.
2025 holiday schedule announced early, expected to boost tourism

2025 holiday schedule announced early, expected to boost tourism

Vietnam’s 2025 holiday schedule was announced early, which is expected to help both people and tour operators actively prepare for holidays across the year.
Developing green and sustainable tourism as a pathway to growth

Developing green and sustainable tourism as a pathway to growth

Cities facing challenges like population density, environmental stress and economic development pressure are recognising the potential of green tourism to address these issues.
Việt Nam, RoK expand tourism cooperation

Việt Nam, RoK expand tourism cooperation

The Asia Tourism Development Institute (ATI) and the Korea Tourism Management Association have organised a conference in Hà Nội to promote tourism, trade, and education cooperation between Việt Nam and the Republic of Korea (RoK).
Mobile Version