Mr. Nguyen Trung Chinh, Chairman of the Board of Directors of CMC, shares insights on the corporation’s strategic priorities and its vision for the future.

CMC’s success and Forbes recognition

CMC Corporation has been named among Forbes Vietnam's "Top 50 Best-Listed Companies" in 2024, marking the first time the company has received this prestigious accolade. This recognition highlights the trust and confidence investors have in CMC, making it one of only two IT companies in Vietnam to be honored.

Mr. Nguyen Trung Chinh attributes this success to CMC’s proactive embrace of AI transformation. Beyond impressive business performance, CMC has excelled in delivering AI consulting services and technological solutions, not only across Vietnam but also globally.

"Over the past 31 years, CMC has continuously evolved, particularly in recent years as we have led the charge in embracing new technological waves such as AI, IC Design, Cloud Computing, and Cybersecurity," said Mr. Chinh. "In 2017, we officially launched our digital transformation strategy, and today, we are advancing to the next stage - AI Transformation."

In 2023, CMC achieved remarkable financial results, despite a slight dip in net revenue to over VND 8.05 trillion ($335.42 million). The company’s pre-tax profit soared to VND 548 billion ($22.83 million), the highest since its stock exchange listing. The second quarter of 2024 saw a surge in CMC’s ticker (CMG) following a strategic partnership with Nvidia, contributing to a wave of tech stock appreciation even as the broader market stagnated.

Today, CMC operates as a leading technology conglomerate in Vietnam, with around 10 member units focusing on four strategic business areas: Digital Infrastructure, Solutions & Technology, International Business, and Research & Education. With operations spanning over 30 countries, including Japan and South Korea, CMC’s revenues and corporate value are estimated at around $400 million.

The impact of AI transformation in Vietnam

"AI is not a new technology; its research dates back to the 1960s. However, recent advancements, particularly in generative AI models, have significantly impacted every aspect of society," Mr. Chinh noted. "At the 2024 Davos Conference, AI emerged as the central theme among discussions by global leaders, scholars, and the business community."

Countries like South Korea have launched national AI transformation programs, reinforcing their positions as leaders in digital and AI transformation. Similarly, service providers globally are embedding AI into their products and services to enhance business productivity, better understand customer needs, and create new value.

In Vietnam, AI has had a strong influence across all sectors, from government to enterprises and everyday life. "The advancements of this new era have streamlined tasks and processes that were previously challenging for humans to manage," Mr. Chinh emphasized. "Looking ahead, AI will continue to evolve, making further strides in assisting human life."

AI transformation across CMC’s core business areas

In July, CMC began transforming CMC Digital University into an AI University, applying AI in operations, teaching, and enhancing student experiences. "This transition reflects our commitment to integrating AI into every aspect of university life, from management to research and student engagement," Mr. Chinh explained.

Similarly, in CMC’s core business areas, all activities are transitioning to an AI platform. Dedicated AI-X transformation units have been established, integrating AI into financial management, human resources, and operations. For example, the C-Meet application, developed by CMC ATI, is an AI-driven solution that converts speech to text and produces meeting minutes immediately after each meeting.

CMC’s top technology experts provide AI consulting services and solutions, both "made by CMC" and those of partner companies. Notable products include C-OCR for Vietnam Social Security and C-LS, an AI-based software designed to detect overlaps and conflicts in legal documents.

Strategic priorities and global ambitions

At CMC, AI is seen not just as a trend but as a fundamental driver of sustainable growth and innovation. "Our strategy begins with fostering an AI transformation culture internally and nurturing a modern work environment within the company," Mr. Chinh said. "This approach reflects our commitment to continuous learning and the application of the most advanced technologies."

CMC is committed to this revolutionary transformation, not only within Vietnam but globally. The company has identified key areas for development, including AI/DX and Cloud Computing. With training programs from partners in Japan, South Korea, and the United States, CMC is building a highly trained IT workforce.

"Our goal is to transform CMC into a global digital corporation with a scale of billions of dollars and a workforce of 10,000 to 15,000 employees by 2028," Mr. Chinh stated. "Expanding CMC's global influence requires us to offer products and services of Vietnamese intelligence that are widely utilized worldwide, with AI technology as a focal point."

PV