AI Revolution: CMC Leading the Charge

CMC has been recognized in Forbes Vietnam’s Top 50 Best Listed Companies. What were the key factors that contributed to this success after 14 years of listing?

CMC is one of the two information technology companies in Vietnam to be honored in Forbes Vietnam’s “Top 50 Best Listed Companies in Vietnam 2024.” This is the first time CMC has received this prestigious award, marking an important milestone and reflecting the trust and high regard of investors.

In addition to impressive business results, a significant reason for CMC’s recognition by Forbes Vietnam is its proactive embrace of the AI Transformation wave – offering AI consulting services and technology solutions not only in Vietnam but also globally.

CMC has been operating for 31 years and continues to grow, especially in recent years. We are one of the leading companies that have kept up with new technology waves such as AI, Chip Design, Cloud Computing, and Cybersecurity. In 2017, we officially announced our digital transformation strategy, and today, we are moving towards the next phase: “AI Transformation.”

CMC achieved remarkable financial results in 2023. Although our net revenue slightly decreased to 8.058 trillion VND compared to the previous year, our pre-tax profit surged to 548 billion VND – the highest since our listing on the stock market.

After more than three decades of development, CMC has become a leading technology group with approximately 10 member units focusing on four strategic business areas: Digital Infrastructure, Solutions & Technology, International Business, and Research & Education. Currently, CMC employs over 5,000 people and operates on a regional scale with an estimated revenue and company value of about 400 million USD.

CMC currently owns more than 20 core technologies, including FaceID, which is ranked 12th in the world by the US National Institute of Standards and Technology (NIST). This capability allows us to meet the collaboration needs of thousands of partners and customers, which is a great source of pride for all of CMC.

Our goal is to transform CMC into a global digital corporation by 2028, with a scale of billions of dollars and a workforce of 10,000 to 15,000 employees.

What is the current trend of AI Transformation in the region and the world? How is this trend currently impacting and will impact Vietnam?

AI is not a new technology; research in this field started in the 1960s. However, in recent years, generative AI models have had profound impacts on all aspects of society. Earlier this year, when attending the Davos Conference, I noticed that AI had become a dominant topic in the discussions among leaders of nations, scholars, and the global business community.

The European Union and the United States are pushing for new regulations related to AI to address its far-reaching impacts and potential risks. This calls for a balanced and responsible approach to AI development.

AI Transformation is also being strongly promoted in many countries in the region. For example, South Korea launched its national AI Transformation program in 2022, affirming its position as one of the leading countries in e-government, digital government, and now AI Transformation.

Service providers are increasingly integrating AI into their products and services to enhance business productivity, better understand customer needs, and create new value for service providers.

Looking ahead, AI will continue to evolve and achieve new milestones in supporting human life. To reduce the unfamiliarity and surprise in adoption, individuals, organizations, and businesses need to grasp the future trends of AI, which are likely to emerge in 2024.

CMC is undergoing a comprehensive transformation with AI technology, starting with CMC University, transitioning from a digital university model to an AI university model. Will this transformation be implemented simultaneously across CMC’s four core business areas: Digital Infrastructure, Solutions & Technology, International Business, and Research & Education?

For over 31 years since its establishment, the CMC Technology Group has actively invested in, researched, developed, and applied new technologies. When establishing CMC University, the leadership decided to leverage the group’s technological strengths to build the university according to the digital university model.

In July, the university transitioned from the digital university model to the AI university model, committing to applying AI technology in its operations, teaching, and enhancing student experiences. CMC will become a modern, innovative learning environment, enhancing the AI capabilities of students, staff, faculty, and researchers. I want to emphasize that the AI university model is not just about training in AI or having AI-related majors. More importantly, it is about using AI technology to comprehensively transform the activities of a university, from teaching and learning to administrative operations.

Similarly, in our core business areas, such as Digital Infrastructure, Solutions & Technology, International Business, and Research & Education, we have started to transform all activities onto an AI platform. We have established dedicated units for AI-X transformation (formerly CX/DX digital transformation) and integrated AI applications into financial management, human resources, and business operations. In parallel with our internal AI transformation, CMC’s leading technology experts in all four blocks are ready to provide AI consulting services and technology solutions, both “made by CMC” and from partners, to our clients. Some representative products include:

C-OCR: Successfully deployed for Vietnam Social Security, the C-OCR project uses AI technology combined with optical character recognition (OCR) to extract information from documents and forms used in the insurance system in 63 provinces.

C-HR: In April 2024, CMC successfully launched an intelligent management and information extraction solution for candidate profiles for the TH Group. Simultaneously, we are implementing a candidate search and suggestion system, AI chatbots for HR and legal functions for the TH Group.

C-LS: This AI software is designed to detect overlaps and contradictions in authority and validity in legal documents, improving efficiency in the law-making process.

C-OCR for the automotive industry: Developed for a leading Japanese automotive manufacturer, this solution enables the extraction and linkage of information about car components from technical documents and drawings to a central database, helping businesses optimize information search, manage spare parts inventory, and save operating costs.

AI Infrastructure Platform: CMC is proud to be one of the first telecommunications units in Vietnam to provide an AI infrastructure platform to many famous domestic and foreign corporations.

For over 31 years, the CMC Technology Group has actively invested in, researched, developed, and applied AI transformation solutions and technologies.

In the next stage of development, against the backdrop of ever-evolving technology and AI continuing to shape the way businesses operate, what are CMC’s strategic priorities? What role will AI play in this journey?

CMC is proud to be one of the leading groups in Vietnam in embracing the AI wave and accompanying the national digital transformation mission.

At CMC, we recognize that AI is not just a trend but a core driver of sustainable development and innovation in businesses. Our strategy starts with promoting an internal AI transformation culture, building a modern working environment within the company, and training high-quality human resources capable of embracing and applying AI technology in their daily work.

This orientation demonstrates the CMC Group’s commitment to continuous learning, improvement, and adoption of the most advanced technologies. This enables us to deliver breakthrough solutions that enhance efficiency, optimize business processes, and meet the needs and expectations of our customers.

CMC is steadfast in this revolutionary transformation, not only domestically but also globally. From 2024 onwards, CMC’s focus will be on supporting businesses in maximizing the benefits of adopting and transforming with AI technology.

A highlight of CMC’s products and services is the application of AI technologies to enhance efficiency, creativity, ensure quality, and save time and costs in the long run.

Strategically, the management platforms supported by AI and developed by the CMC ATI Institute will become increasingly sophisticated, providing agile monitoring and response capabilities to the growing risks of cybersecurity and data protection.

Compared to other companies in Vietnam, CMC is recognized as one of the leading technology enterprises. However, compared to large companies worldwide, we are still at a medium level. My biggest concern is how to elevate CMC to an international level. This requires us to develop the company on a large enough scale (10,000 – 15,000 people), with global influence (providing products and services used worldwide), and a stronger presence in more countries with products and services based on Vietnamese intelligence. AI is a field that suits the capabilities of Vietnamese people and CMC, and this will also be CMC’s focus in the future.