"AI Transformation (AI-X)” was the major topic of the speech delivered by CMC Group president Nguyen Trung Chinh at the AI transformation strategy announcement ceremony held on September 11, 2024.

“We are in a new historic period, a new era, the era of AI, when AI is not only a new technology, but is becoming the core factor that shapes the future of the global economy."

Experts believe that AI will make up $15.7 trillion, or 14 percent of the global GDP by 2030, the figure which shows that AI is not just a temporary trend, but serves as a long-term momentum for development. The momentum is AI-X.

In fact, the science about AI has existed for 60 years. However, only in recent years, thanks to the boom in calculation capability which can handle Big Data, AI, and especially Generative AI, can see a strong rise.

This factor became clearer when Chinh attended the Davos World Economic Forum with PM Pham Minh Chinh in January 2024 and found that AI was the key topic at most discussion sessions.

AI-X, according to Chinh, is the process of applying AI technology to comprehensive change in all areas of society from the government to businesses to people's lives. 

The goal of AI-X is taking advantage of the endless potential of AI to innovate, improve performance and productivity, increase value and create a digital economy, with responsibility and ethical commitments to improve quality of life and promote green and sustainable development.

Vietnam now has great potential to use AI to promote the digital economy and improve its position in the international arena.  AI is predicted to make up 14 percent of Vietnam’s GDP by 2030, or $150-200 billion.

For the government, AI brings an opportunity to enhance management efficiency, improve public service quality and increase transparency in the administrative system.

With the capability of analyzing big data and predicting trends, AI can help the government make more reasonable decisions. AI, for example, can be used to optimize the process of licensing, prevent tax evasion, fight against fraud, control natural resources and the environment, and help save time and minimize mistakes, as well as create more favorable conditions for people and enterprises in using public services.

In HCM City, Hanoi, Da Nang and cities/provinces which are building smart cities, AI-X will help accelerate the process of going smart with apps serving management and administration, service and people’s lives. People will get benefits to be brought by smart cities, such as smart transport, smart education, clean environment, and social security and order. Meanwhile, smart online public services can help minimize inconveniences for people.

In Vietnam, AI application in healthcare has been developing with projects on medical imaging, genetic analysis and disease prediction. 

In the environmental sector, AI helps predict typhoons and natural disasters, ensuring environmental quality and safety for people. 

In education sector, AI is changing the way people access knowledge. With smart learning systems, AI can provide personalized learning programs, thus helping students receive knowledge more effectively. 

AI also helps teachers discover their students’ problems, so they can make interventions and give timely support. This is important when Vietnam is making every effort to improve education quality to create a high-quality workforce for the digital economy.

AI is the key that opens up new business opportunities, strengthens competitiveness and creates smarter products and services. Global enterprises are using AI to optimize their production lines, and improve product quality and customers’ experiences. 

A research report by PwC found that AI can improve productivity by 40 percent in the next decade, especially in manufacturing industries and services.

In Vietnam, many enterprises have begun making heavy investments in AI to improve business effectiveness. Commercial banks, for example, are using AI to analyze customers’ behaviors, predict credit risks, and optimize customer access strategies. Meanwhile, e-commerce firms are using AI to personalize shopping experience, thus increasing their revenue.

AI also can help enterprises renovate, and develop new products and services with high added value. The typical example is that AI helps design products, from optimizing the production process to developing advanced technology solutions such as self-propelled robots, unmanned flying vehicles and other hi-tech products. This is a great opportunity for Vietnamese businesses to grasp and lead the 4.0 industrial revolution.

Nguyen Trung Chinh