In recent years, startups have increasingly become pivotal in advancing artificial intelligence (AI) technology across the globe. Vietnam has embraced AI as a cornerstone of its technological strategy, positioning itself as a leader in the fourth industrial revolution.
The Rise of AI in Global Startups
AI has taken center stage in global forums and discussions, most notably at the recent World Economic Forum in Davos. Topics like security and climate change shared the spotlight with AI, highlighting its importance. Generative AI, which simulates human intelligence and creates new content, has been particularly prominent, promising to revolutionize various aspects of daily life including work, education, and entertainment.
Vietnam’s AI Ambitions
In Vietnam, the momentum behind AI is partly driven by governmental support. In 2021, Prime Minister Pham Minh Chinh launched the National Strategy for Research, Development, and Application of AI aimed at positioning Vietnam as an ASEAN leader in AI and establishing ten internationally recognized AI brands by 2030. This initiative has drawn interest from both major tech companies and innovative startups, paving the way for sophisticated projects and business models.
Investment Trends in AI Startups
According to Kai Yong Kang from Amazon Web Services, the integration and application of AI technologies are becoming more common, extending beyond simple models to more complex systems such as vector databases and orchestration engines. This broadening scope has attracted a flood of investment into AI startups, particularly in tech hubs like Silicon Valley and Europe. However, Vy Le from Do Ventures advises caution, noting that many investors prefer to start with small stakes or wait until the technology has matured.
Challenges remain, especially in competing with tech giants such as Google and Microsoft, who have vast data resources. However, experts like Laura Nguyen from GenAI Fund emphasize the importance of sustainability in startup business models to mitigate market risks and encourage ongoing innovation.
Vietnam’s burgeoning startup ecosystem, bolstered by a stable economy and supportive government policies, is showing remarkable progress. Many university students in Vietnam are becoming founders of GenAI companies, creating lucrative products. The collaboration between startups and large corporations, which provides startups access to extensive systems and data, is seen as beneficial.
Despite technological infrastructural advantages held by countries like the United States and China, Vietnam is carving out a competitive edge in AI application development. Valerie Vu from Ansible Ventures highlights the potential of Vietnam’s talented engineers to make significant contributions to AI applications.
