AI set to drive growth in Vietnam’s digital economy
Vietnam’s digital economy is on the brink of a transformative leap, with projections indicating an 11-fold growth by the year 2030, resulting in a valuation of 220 billion USD. This staggering figure represents nearly half of the nation’s current gross domestic product (GDP), highlighting the pivotal role of artificial intelligence (AI) in fueling this expansion. Such insights were unveiled at the inauguration of the Build for the AI Future initiative, spotlighting AI’s critical influence on Vietnam’s economic trajectory.
The initiative’s launch witnessed insightful remarks from Marc Woo, Managing Director of Google Vietnam, Google Asia Pacific. Woo emphasized the indispensable contribution of AI towards achieving the ambitious growth targets set for Vietnam’s digital landscape. Further echoing this sentiment, Vietnamese Deputy Minister of Planning and Investment, Tran Duy Dong, offered an optimistic overview of Vietnam’s strides in AI adoption and innovation. Citing the nation’s climb to the 55th position in the 2022 AI Readiness Index, a leap of seven places from the previous year, Dong highlighted the encouraging progress stemming from the national strategy for AI research, development, and application until 2030.
Despite these advancements, Vietnam’s AI sector faces certain bottlenecks, including a significant scarcity of AI specialists in the workforce, capped at approximately 300 professionals. This shortage is exacerbated by limited access to quality training programmes, creating a disconnect between market demands and the availability of skilled human resources. Moreover, AI startups in Vietnam wrestle with challenges like restricted access to experts, advisors, and essential infrastructural, platform, and tool support.
To navigate through these hurdles, the Build for the AI Future initiative pins its hopes on two core pillars: talent development and business innovation. Under the umbrella of talent development, an ambitious digital talent development program has been rolled out, promising 40,000 scholarships across ten different courses. This includes the newly minted Google AI Essentials, aimed at arming Vietnam’s youth, incorporating faculties, staff, and students from over 80 universities and colleges, with cutting-edge AI skills.
The business innovation pillar, on the other hand, is charged with the mission of fostering local startup innovation through Google for Startups Accelerator. This component of the initiative is designed to impart essential business acumen to the startup ecosystem. Its goal is to assist burgeoning AI startups in the development, commercialization, and expansion of their innovative products across new markets.
Reiterating the significance of the initiative, Deputy Minister Tran Duy Dong affirmed the Vietnamese government and Google’s consolidated commitment and support towards advancing the national AI ecosystem. The overarching aim is to equip the Vietnamese workforce with vital skills for the AI era, thereby enabling opportunities for groundbreaking AI-based startups. This initiative is a testament to the collaborative effort to steer Vietnam towards becoming a hub of AI innovation and a key player in the digital economy at a global scale.
