The US and UK Pledge to Support Vietnam in the Trillion-Dollar Industry that will be the Lifeblood of the Global Economy

This article focuses on the field of Generative AI (GenAI) and its potential impact on the global economy and various industries.

According to the International Data Corporation (IDC), GenAI is projected to contribute nearly $10 trillion to the global GDP over the next decade, infiltrating all aspects of economic and social life.

A recent study by Moody Analytics highlights the growing global demand for AI. Technology companies worldwide are heavily investing in GenAI, with 43% of over 1,400 businesses surveyed by EY currently investing in this field.

In Vietnam, AI and GenAI are also gaining significant attention. At the Vietnam AI Day 2024 (AI4VN) on August 23, Tran Luu Quang, Member of the Politburo, Deputy Prime Minister, and Head of the Central Economic Commission, emphasized the pivotal role of AI in the Fourth Industrial Revolution and its impact on transforming the world and human lives.

AI is being vigorously promoted in many countries, with diverse application potentials across numerous sectors. In 2023, the world witnessed breakthroughs related to foundational technologies such as Large Linguistic Models and GenAI, along with notable applications built on these foundations.

Deputy Prime Minister Tran Luu Quang acknowledged the Vietnamese government’s commitment to AI development, highlighting various policies and strategies aimed at boosting AI research, development, and application.

The Vietnamese government has adopted a National Strategy on AI Research, Development, and Application until 2030, aiming to establish AI as a key technology for the country. This strategy sets a goal for Vietnam to become a hub for innovation and AI solution development within ASEAN by 2030.

After three years of implementing the National Strategy, Vietnam has achieved initial encouraging results. AI technology is enhancing labor productivity and improving people’s quality of life. An increasing number of economic sectors are benefiting from AI integration.

However, the rapid development of AI also presents challenges in governance and management, not only in Vietnam but worldwide.

Deputy Prime Minister Tran Luu Quang emphasized: “Vietnam affirms that the development and application of AI must center on the interests of the nation, society, and people, and this technology must not be abused to infringe on legitimate rights and interests.”

The US, the UK, and Other Nations Pledge Support for Vietnam’s AI Development

At AI4VN, Mr. Marc Evans Knapper, US Ambassador to Vietnam, highlighted the close cooperation between the US and Vietnam in the field of AI, especially as the one-year anniversary of their strategic relationship approaches.

Ambassador Knapper emphasized: “This is a testament to Vietnam’s strong commitment to the ethical and responsible use of AI.” He described AI as a global revolution that brings immense value to society.

“We are proud to support Vietnam in integrating AI into its operations and contributing to human resource development,” Mr. Knapper added.

In recent times, American delegations have visited Vietnam to conduct AI-related training programs and guide English teachers in utilizing AI in their instruction, providing access to more effective teaching models related to AI, robotics, and more.

Additionally, the US collaborates with numerous public and private enterprises in Vietnam in the fields of AI and cloud computing.

“This is an exciting time to explore new opportunities to serve society. I hope that through this event, we will learn more about AI applications in daily life, and we are committed to supporting Vietnam on this journey,” affirmed the US Ambassador to Vietnam.

Similarly, Mr. Iain Frew, the UK Ambassador to Vietnam, congratulated Vietnam on its progress in building an AI ecosystem. These achievements are evident through the development of companies and corporations and the diverse applications of AI in sectors such as finance, healthcare, and education.

According to Ambassador Frew, the UK is committed to the responsible development of AI, unlocking new potentials of this technology. In 2023, the UK hosted the AI Safety Event, underscoring the necessity of AI risk management. The UK is a key partner in fostering responsible and ethical AI development, which is a central focus of the country’s efforts.

During the same year, the UK and Vietnam collaborated in various AI-related projects, including business contracts in AI for healthcare, software, and cybersecurity. The UK has also funded Vietnamese universities to develop technology and promote AI applications in healthcare and education.

In early 2024, 15 UK technology companies visited Vietnam. This trip fostered valuable cooperation through discussions centered on AI. The UK views AI as a pivotal element for ushering in a new era of economic growth and enhancing public service quality. Consequently, the UK government is committed to the balanced and safe development of AI and plans to establish legal frameworks to ensure this in the future.

Also present at AI4VN, Mr. Choi Youngsam, Ambassador of the Republic of Korea to Vietnam, Ms. Renée Deschamps, Chargé d’Affaires of the Australian Embassy in Vietnam, and Mr. Jonathan Wallace Baker, Head of UNESCO in Vietnam, expressed their delight at Vietnam’s progress in building an AI ecosystem, particularly in advocating for ethical AI usage. They affirmed their support for Vietnam in establishing new ethical standards for responsible AI utilization and developing a high-quality workforce.