Vietnam’s digital economy to reach $200 bln by 2030, circa half of current GDP: Google
Vietnam’s digital economy to reach $200 bln by 2030, circa half of current GDP: Google
Vietnam’s digital economy will grow by an “astonishing” 11 times in nearly a decade, reaching $220 billion by 2030, around half of its current GDP, and artificial intelligence (AI) is expected to be a key driver of this growth, said Marc Woo, managing director, Vietnam, Google Asia Pacific.
Woo made the content at the Creating Vietnam’s AI Future forum on Thursday in Hanoi. The event was held by Google, the National Innovation Center (NIC), and the Ministry of Planning and Investment. The event aimed to support potential Vietnamese AI startups to develop, commercialize, and expand products to new markets.
Marc Woo, managing director, Vietnam, Google Asia Pacific, speaks at Creating Vietnam’s AI Future in Hanoi, July 11, 2024. Photo courtesy of Google.
Startups selected to participate in the program will receive a Google Cloud account worth up to $350,000.
In addition, Google will provide 40,000 scholarships with 10 AI courses for officials, lecturers, and students at more than 80 universities and colleges in the country.
Deputy Minister of Planning and Investment Tran Duy Dong commented that the world is witnessing breakthrough development in AI that will fundamentally change the way people research, work, and create content. AI is forecast to contribute trillions of dollars to the global economy every year.
Vietnam is taking strong steps, participating in promoting AI research, application, and human resource development, said Dong. According to the Government AI Readiness Index report conducted by Oxford Insights in 2022, Vietnam increased seven places to 55th position globally.
Woo commented that AI is one of the key factors to realizing the forecast of Vietnam’s $220 billion in 2030. The country is well positioned to take advantage of AI opportunities, with a dynamic startup community, tech-savvy young people accounting for 20% of the total population, and supportive policies from the government.
However, the big challenge right now is the shortage of human resources and AI experts. It is estimated that there are currently only about 300 AI experts in the Vietnamese workforce. This scarcity of human resources, combined with a lack of access to high-quality AI training programs, widens the gap between market demand and human resource availability, Woo mentioned.