“The Multi-Billion Dollar Industry: Unlocking Vietnam’s Economic Potential.”

This is Generative Artificial Intelligence (GenAI), a form of AI that can generate various data formats such as images, videos, audio, text, and 3D models.

This information was discussed during the Data Center & AI Cloud session at the Vietnam Artificial Intelligence Festival 2024 (AI4VN) on August 23.

According to Dr. Tran The Trung, Director of the FPT Technology Research Institute and Vice Director of FPT Smart Cloud AI Products, compared to traditional AI, generative AI has many differences and requires more computational power, larger data volumes, and more parametric models.

“Generative AI is not suitable for old infrastructure. Currently, Vietnam has not been able to produce AI computing chips and human resources are still limited,” shared Dr. Tran The Trung.

The expert stated that generative AI is expected to contribute 14 trillion VND to the Vietnamese economy by 2030, with a 50% growth rate in applications. It will also contribute to personalization and support specific industries and fields. However, only 36% of Vietnamese businesses are exploring AI, and the actual implementation stands at only 9%. The reason for this is that generative AI has only exploded in the last two years, and there is not enough data available yet. However, FPT representative assured that they can solve this problem.

Dr. Tran The Trung shared that FPT is focusing its resources on research and collaboration with the “giant” NVIDIA to address existing issues. As a result, a portion of the solutions that FPT offers in the market includes NVIDIA’s services. These solutions have initially brought efficiency to individuals and businesses.

As an example, Dr. Tran The Trung mentioned the case of the Long Chau pharmacy chain. This chain has approximately 1,300 pharmacies across 63 provinces. Obviously, pharmaceutical knowledge is complex and constantly changing, while controlling the advice given to customers plays an important role as it affects the health of consumers.

To address this issue, FPT Smart Cloud has created a generative AI solution that provides a 5-minute daily training session for pharmacists. This way, pharmacists are reminded of their shortcomings daily, and the accuracy of their advice has improved compared to before.

GenAI Will Grow Rapidly, and Vietnam Has a Significant Advantage

Sharing the same view on harnessing GenAI for businesses, Mr. Ajay Kushwaha, Senior Director of Enterprise Architecture for ASEAN at Salesforce, stated that to effectively apply AI in enterprises, we need to provide AI with context. This is crucial in helping decision-makers trust AI and understand their data.

Mr. Ajay Kushwaha mentioned that AI can work 24/7 and instantly notify humans and interact with customers. Moreover, there are increasingly more investment sources worldwide, leading to the daily development of AI models. In Vietnam, despite the huge market demand, the potential remains untapped.

On this issue, Dr. Tran The Trung shared that Vietnam is receiving a lot of attention due to its tech-savvy young generation, with 70% of them applying GenAI. This is like a magnet attracting businesses, so it needs to be fully utilized to create a strong boost for the development of GenAI. The FPT representative predicted that GenAI would grow rapidly in the future, accounting for 50% in the next 5-10 years.