Brian Jeffrey
On September 11, 2024, CMC Group’s president, Nguyen Trung Chinh, delivered a keynote speech centered around “AI Transformation (AI-X)” during the announcement ceremony for the AI transformation strategy.
Chinh emphasized that we are entering a transformative era dominated by AI, which is evolving beyond mere technology to become a fundamental force shaping the future of the global economy.
Experts estimate that by 2030, AI could contribute approximately $15.7 trillion, equating to about 14% of the global GDP, highlighting its role as a lasting driver of growth. This driving force is referred to as AI-X.
While AI has been studied for over six decades, its recent surge is attributed to advancements in computational power capable of processing Big Data, along with the rise of Generative AI.
This trend became particularly evident to Chinh during his participation in the Davos World Economic Forum in January 2024, where AI emerged as a focal point of various discussions.
As defined by Chinh, AI-X encompasses the broad adoption of AI technologies to facilitate transformative change across all societal sectors, including governance, business, and daily life.
The ambition behind AI-X is to harness AI’s vast capabilities to drive innovation, enhance productivity, and generate value, all while adhering to ethical practices that improve living standards and encourage sustainable development.
Vietnam is well-positioned to leverage AI to advance its digital economy, with projections suggesting AI could account for 14% of its GDP by 2030, amounting to $150-200 billion.
From a governmental perspective, AI presents opportunities to boost administrative efficiency, elevate the quality of public services, and enhance transparency within governmental processes.
By utilizing AI for big data analysis and trend forecasting, the government can make more informed decisions. AI applications include optimizing licensing processes, curbing tax evasion, combating fraud, and effectively managing natural resources and the environment, which ultimately streamlines public service delivery.
In cities like Ho Chi Minh, Hanoi, and Da Nang, where smart city initiatives are underway, AI-X is expected to expedite the development of intelligent applications that improve management, service delivery, and residents’ daily lives. Citizens will enjoy benefits like advanced transportation systems, innovative educational frameworks, eco-friendly environments, and enhanced public safety, while accessing streamlined online government services.
Healthcare is another sector in Vietnam where AI is advancing through initiatives focused on medical imaging, genomic studies, and predicting health outcomes.
In terms of environmental safety, AI plays a pivotal role in predicting natural disasters, thereby preserving ecological integrity and safeguarding public health.
The education sector is also witnessing AI’s transformative impact, providing tailored learning experiences through smart educational platforms that foster more effective knowledge acquisition. AI assists educators in identifying student challenges, enabling timely interventions—an essential move as Vietnam aims to elevate education standards for a digitally skilled workforce.
Additionally, AI serves as a catalyst for new business ventures, enhancing competitiveness and the development of innovative products and services. Many global companies are integrating AI to streamline their production processes and enhance customer experiences.
A PwC report suggests that AI could boost productivity by up to 40% over the next decade, particularly in manufacturing and service sectors.
Within Vietnam, numerous firms are investing heavily in AI to enhance operational efficiency. For instance, commercial banks utilize AI to evaluate customer behaviors and assess credit risks, while e-commerce platforms harness AI to tailor shopping experiences, boosting revenue.
Moreover, AI aids businesses in reimagining and innovating high-value products and services. Notable advancements include product design and the creation of sophisticated technologies such as autonomous robots and drones. This presents a significant chance for Vietnamese firms to seize the momentum and lead in the fourth industrial revolution.
