According to global consulting firm IMARC Group, the AI market in Vietnam reached a value of $547.1 million in 2023 and is projected to surge to $2.06 billion by 2032, demonstrating a compound annual growth rate of 15.8%.

"We need to further accelerate the development and application of this technology to access the global AI economy," said Mr. Le Chi Hieu, Deputy Director of Digital Transformation at CMC Technology & Solutions Corporation.

Mr. Hieu believes that the emergence of Generative AI (GenAI) is helping the world address a major economic challenge: declining labor productivity due to global population aging. Following a decline in birth rates since 2022, labor productivity is expected to gradually decrease. GenAI is poised to be a catalyst for improving labor productivity by 0.7% per year (average annual growth rate from 2023 to 2040).

"Many industries hold promise for significant labor productivity enhancements with the application of GenAI, particularly those involving knowledge-intensive and highly creative tasks such as education, art, and law, thanks to GenAI's ability to synthesize, analyze large data sources, and create products on existing platforms," Mr. Hieu stated.

Notably, Vietnam's AI development potential and scope are deemed "very large," as its AI Preparedness Index remains relatively low compared to the regional and global averages.

The AI Preparedness Index, developed by the International Monetary Fund (IMF), measures preparedness across four dimensions: digital infrastructure, innovation and economic compatibility, workforce resources and market, and regulations and ethical values.

The 2024 AI Preparedness Index released by the IMF reveals that Vietnam scored a mere 0.48, falling short of the global average of 0.5.

Countries with the highest AI preparedness scores include the UK and Australia, both achieving 0.73. The US has an AI Preparedness Index of 0.72. Other nations such as Thailand, Indonesia, and Malaysia have also surpassed Vietnam in AI preparedness.