Artificial Intelligence is revolutionizing the way the world – including Vietnam – will operate
Artificial Intelligence (“AI”) is, perhaps, the fastest growing and most impactful technology today. AI refers to computer systems able to perform tasks that, until recently, required human intelligence — recognizing speech, making decisions, solving problems, and much more. It uses algorithms, statistical models, and machine learning to simulate human cognition. Think Siri or Alexa, self-driving cars, or the AI algorithms which allow e-commerce sites and streaming services like Netflix to suggest products and content based on a user’s past behavior.
AI is poised to revolutionize economies. Vietnam is well-positioned to reap the benefits and emerge a leader – both development and application. In this article, we explore how AI is impacting Vietnam, provide some specific use cases for AI, and talk about the manufacture of processors, a key ingredient to AI’s success.
We start with ChatGPT, currently in the spotlight. ChatGPT is an AI language model developed by OpenAI, an AI research and deployment company backed by Microsoft, Reid Hoffman’s charitable foundation, and Khosla Ventures. It’s trained on an enormous body of text data to generate human-like responses to text inputs. What this means, is that AI uses machine learning algorithms to analyze data and make predictions or decisions, all based on patterns in the data. The AI is trained on a dataset, and based on its interactions with users, constantly improves its accuracy. The quality of the AI’s predictions depends on the quality of the data it has access to. Basically, it learns and improves as it goes.
ChatGPT allows the creation of conversational AI applications such as chatbots and virtual assistants. It improves the efficiency and accuracy of communications between humans and machines. It has high potential, and is already being used for content creation, data analysis, customer service, and marketing. For example, when given minimal or raw inputs it can create poetry…or perhaps more practically…ads targeting fashion-conscious Gen Z customers. It supports the financial and healthcare sectors. It is making it easier for businesses to reach customers and to promote their products. It is the most powerful, readily accessible example of AI to date. The possible uses and the implications are endless.
The Vietnamese government is taking steps to support the development of AI, with initiatives that foster innovation and entrepreneurship. For example, the government, itself, is investing in research and development, providing tax incentives for companies that adopt AI technology, and supporting the growth of the startup ecosystem. One example is the Vietnam AI Grand Challenge, a program launched in 2019 to encourage development of AI technology. It provides funding, support, and resources to AI startups and researchers, helping them to develop and commercialize their AI solutions.
Vietnam has also set up several AI Centers of Excellence in universities and research institutions to encourage the development of AI technology. The centers provide support and resources to researchers, and collaborate with industry partners to develop AI solutions for various sectors. AI has the potential to bring about significant changes in the way business is conducted and to drive economic growth.
One of AI’s main advantages is its ability to automate many routine and manual tasks, freeing up valuable human resources for more strategic and creative work. This will certainly improve efficiency and productivity in industries, from manufacturing and logistics to healthcare and finance. In addition, AI can also help companies to better analyze data and to make more informed decisions, leading to improved outcomes and higher profits.
AI is already creating new job opportunities in Vietnam’s tech sector. As demand for AI expertise grows, surely there will be an increased need for trained professionals in data science, machine learning, software development, and more. This will provide new career paths for young people while helping to drive economic growth and innovation.
In the financial sector, AI systems are being used worldwide to detect fraud, improve customer service, and increase transaction speed. Banks and financial institutions are already using AI-powered chatbots to provide customers with 24/7 support and answer their questions, reducing wait times and improving customer satisfaction. AI systems can also be used to analyze data and make investment decisions, leading to higher returns for financial institutions.
AI-powered fraud detection systems have become more common, helping to improve security and to prevent financial crimes. In the future, AI is expected to play an even larger role in the financial sector, with the development of AI-powered financial advisors and the use of AI to analyze market trends and make investment decisions.
One of the most exciting developments is the use of AI to improve healthcare in Vietnam. With the use of AI-powered systems, doctors and healthcare professionals can make more accurate diagnoses, provide more effective treatments, and improve patient outcomes. VMED’s OneAI can now make an informed prediction of the probability of a patient developing chronic diseases such as cardiovascular disease, diabetes, atrial fibrillation, heart failure, asthma (non-allergic), chronic obstructive pulmonary disease – all based on medical history. Further, it can view chest X-ray images to enable early diagnosis of tuberculosis, lung cancer, and breast cancer. AI is helping healthcare professionals identify patients at risk of certain conditions, allowing them to intervene early and prevent more serious problems from developing. This not only improves patient outcomes but also reduces the burden on healthcare professionals, who are often overworked and understaffed.
AI will have a large impact on agriculture. With a population approaching 100 million people and a rapidly growing middle class, food security is a major concern. Vietnam is one of the world’s largest agricultural producers, and AI can help improve the efficiency and yield of crops. Precision agriculture is the use of technology, such as AI, to optimize crop yields through precise monitoring, analysis and agricultural management. Already, the Viet-Uc Group and AquaEasy joint venture (among others) are helping thousands of small shrimp farmers increase productivity. AI-powered technologies are helping farmers to optimize their yields, growing seasons, use of fertilizer, and much more. This includes using sensors, drones and other digital tools to gather data on soil conditions, weather, crop growth, water usage, and other factors to inform decisions on seed planting, fertilization, pest control and other agronomic practices. The goal is to improve efficiency, reduce waste, and increase crop yields while preserving resources. Homegrown companies like https://mismart.ai/ are active in the market and are providing direction.
AI is already having an impact in Vietnam in manufacturing. Vietnam has become a hub for manufacturing industries such as electronics, textiles, and footwear. AI is helping these industries to become more efficient and to improve quality. For example, Denmark-based Universal Robots, manufacturer of collaborative robots (cobots), advises manufacturing industry leaders to implement its cobots in Vietnam. The AI-powered robots work 24/7, improve productivity and reduce the need for human labor. They are programmed, for example, to identify and resolve problems quickly, reducing downtime and reducing or eliminating error. With the use of AI-powered robots, Vietnamese manufacturers can automate repetitive and hazardous tasks, reducing the risk of accidents and freeing up workers to focus on higher-value tasks. Additionally, the use of AI in supply chain management and logistics helps optimize processes, reducing waste and increasing efficiency.
The manufacturing of processors is set to play a significant role in Vietnam’s AI landscape. Processors (ie, Central processing units (CPUs) and graphics processing units (GPUs)) are the backbone of AI systems, and their production is essential for the growth of the AI industry. As the demand for smarter and more advanced devices grows, so too will demand for processors. In Vietnam, companies like Intel have been investing in the production of processors for years. AI will play a critical role in this growth, as it will help to optimize the production process and drive continual improvement of the quality of processors being produced. This will create jobs and will generate export revenues as processors are in high demand globally.
It is worth mentioning the probable impact of AI on the Vietnamese labor market. While AI will create new and more dynamic job opportunities, it is also likely to disrupt existing employment. For example, the use of robots is growing, and it will become possible for robots and machines to perform many tasks that are now being performed by humans. This will result in job losses.
AI-powered chatbots and virtual assistants are becoming increasingly popular in industries such as customer services, financial services, and healthcare. These technologies allow companies to provide high-quality service 24/7, without the need for human intervention. This not only improves customer experience (ie, having their question answered by a chatbot at 8:00pm, as opposed to having to wait until 9:00am the following day), but also reduces costs for companies, making it an attractive solution for businesses of all sizes.
AI is set to make a profound impact on Vietnam’s economy. From improving manufacturing efficiency to revolutionizing healthcare and driving economic growth, AI has the potential to bring about significant changes and to help Vietnam accelerate its path of development. Vietnam has a good start to position itself at the forefront of the AI revolution, creating jobs and generating revenues.
To be sure, the adoption of AI will present challenges including the need for a skilled workforce with deeper skills. There will need to be appropriate regulations and policies to ensure that AI is used ethically and responsibly.
Some issues will need to be addressed. For instance:
- Privacy and Data Protection: AI systems collect and process vast amounts of data (often personal in nature), which raises privacy issues.
- Bias and Discrimination: AI systems have the potential to perpetuate and amplify human biases, which could lead to discrimination against certain groups of people.
- Intellectual Property: AI systems will certainly create new forms of intellectual property, such as patents, trademarks, and copyrights…it can also be misused to create copyright violations.
- Liability and Accountability: AI systems can cause harm, and responsibility may be hard to fix.
- Workplace and Employment: The increasing use of AI in the workplace will have an impact on employment and can raise questions about the rights of workers.
- Regulation: Governments are grappling with ways to regulate the use of AI systems so that innovation and economic growth do not overwhelm public safety and privacy.
- Ethical Considerations: AI systems raise ethical questions about the appropriate use of technology and the role of humans to control and direct its development and use.
Nevertheless, the opportunities presented by AI are enormous, and the future looks bright for Vietnam’s AI enabled economy.