Vietnam ranks second in ASEAN Gen AI startup rankings

HANOI: Vietnam has emerged as a key player in the development of generative artificial intelligence (Gen AI), securing the second spot in ASEAN for the dynamism and growth of Gen AI startups, according to the ASEAN GenAI Start-up Report 2024.

This promising position reflects Vietnam’s significant potential not only in the region but also globally, as highlighted by GenAI Fund Partner Denning Tan during the ASEAN GenAI Start-up Report Launch Roadshow held in Hanoi last week.

The event was organized by GenAI Fund, the first Gen AI investment fund based in Southeast Asia, in partnership with Amazon Web Services, Databricks and the National Innovation Center of Vietnam (NIC).

The aim of the conference was to provide essential information on the rapidly growing AI generation ecosystem in Southeast Asia.

Tan highlighted that the ASEAN GenAI Start-up Report 2024, based on research conducted in six countries, outlines the trends, opportunities and resources shaping the future of Gen AI in the region.

The report surveyed 500 startups over three months, offering data-driven insights to startups, governments and enterprises on how artificial intelligence (AI) technologies are transforming industries across ASEAN, with Vietnam emerging as a key innovation hub.

“Vietnam is becoming an important center for AI development in ASEAN,” Tan said.

He predicted that Vietnam’s share of the next-generation AI startup market would rise from 27% to 35%, approaching Singapore’s position.

Tan highlighted Vietnam’s strengths, which include skilled technical specialists and a culture of rapid product development.

“Our research shows that Vietnam is well positioned in the area of ​​next-generation artificial intelligence.

“The combination of government support, strong technical education and entrepreneurial spirit creates a favorable environment for AI innovation in Vietnam.”

NIC Deputy Director Do Tien Thinh emphasized the fundamental role of AI in the Fourth Industrial Revolution, which drives progress in productivity, competitiveness and sustainable economic growth.

He noted that artificial intelligence, especially this generation, opens up new possibilities and offers humanity unprecedented opportunities.

Artificial intelligence is now used in many sectors, from healthcare and education to manufacturing and agriculture.

The Vietnamese government recognizes the importance of AI and has implemented a number of strategies to promote research, development and application of this field.

In connection with this, the Ministry of Planning and Investment has submitted to the Prime Minister a proposal to create a staff dealing with semiconductors. Ultimately, by 2030, at least 5,000 engineers specializing in artificial intelligence are to work there.

Additionally, NIC is tasked with establishing an AI-focused research and training center with the goal of educating 7,000 AI experts and incubating 500 AI startups by 2030.

During the event, three pioneering Gen AI startups from Vietnam – Reforged Labs, Lex Engine and Laka.ai – presented innovative applications.

Reforged Labs showcased Gen AI solutions for gaming marketers, Lex Engine showcased Gen AI tools for the legal industry, and Laka.ai showcased its Gen AI-powered travel planning tool. — Viet Nam News/ANN