Artificial Intelligence (AI) drives the energy industries in Vietnam, including manufacturing, finance, retail, and agriculture.

In 2024, Vietnamese enterprises must identify ways to effectively apply AI to their operations while capitalising on growing market trends influencing the business landscape. The increasing popularity of Generative AI tools has brought greater attention to the growing capabilities of AI. This trend is expected to accelerate in 2024.

Numbers predict the future

A report conducted by technology industry research firm Gartner (USA) projects that the market for AI software will expand at a compound annual growth rate of 14.4 per cent in 2021 to 31.1 per cent in 2025, with a projected value of US$135 billion.

According to McKinsey & Company research, the annual impact of Generative AI on company productivity is estimated to be between US$2.6 trillion and US$4.4 trillion.

Vietnam has made significant progress in advancing AI application, research, and human resource development. The government has also issued the National Strategy on Research, Development, and Application of Artificial Intelligence until 2030.

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Vietnam has numerous AI models, including PhoGPT, VinAi, LovinBot, and FPT AI Mentor. By 2030, Generative AI, which is anticipated to be introduced in 2030, might bring in up to VND14 billion for the digital economy. But achieving the objective would not be easy.

AI and the ability to shape technology business trends in Vietnam 2024

“When they have personnel who are prepared, Vietnamese enterprises will face significant challenges in addressing AI-related issues within their organisations, not just from a technological standpoint but also from human resources. However, some people are not prepared to employ that technology.” – Bee Kheng, President of ASEAN, Cisco

Predictions make it clear that AI will move from being a “nice-to-have” technology to an important, must-have status, and not all organisations are fully prepared to take advantage of it.

Although AI adoption contains significant dangers, it has the potential to yield many transformative benefits. As such, companies must establish a policy framework and set of guidelines to govern data and AI systems management morally and responsibly.

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A new era of intuitive network infrastructure

More often than not, businesses realise the importance of their digital infrastructure as they use new technologies like AI to increase corporate productivity. Establishing a cutting-edge, intelligent network will significantly affect businesses’ expansion. Because their success in utilising AI and innovation may depend solely on their network’s scalability and integration with AI workloads or other cutting-edge technologies.

Businesses will realise they need comprehensive security platforms that give them end-to-end, real-time visibility into their supply chain. This is increasingly important as workers work remotely, connect to numerous networks, and access data on various platforms, and cybersecurity grows more difficult in multi-application and multi-cloud scenarios.

Fundamentally, the network will give all users, devices, and business units extensive and detailed insight. This reduces the time needed to isolate threats after they are found and enables the network to function as a single point of control for detecting, remedying, and enforcing security policies for containment.

The success of digital transformation initiatives will continue to depend heavily on people and their capacity for change

Vietnamese businesses must ensure their workforce is growing at a rate that keeps up with digitalisation. Although there is a strong need for recruits and the technology business is still expanding, insufficient human resources exist. This allows companies to develop tech workers who are prepared for the future and have the know-how to adjust to the rapidly changing technological environment.

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AI is not a threat but a driving force behind our daily progress. AI will be a powerful partner. AI can erase no one, but those who don’t know how to utilise it. So you only have two options: proactively change and cooperate with AI or let it replace you.

Overall, Vietnam understood the necessity of developing and promoting AI applications in economic areas early on. This is also a sound foundation for developing new data, infrastructure, and human resource systems, all of which are critical elements that will build this industry’s resilience in the long run.

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This article was first published on March 6, 2024

The post AI will change the game of tech business in Vietnam by 2024. This is what you need to know about it appeared first on e27.