Friday , July 12 2024

US professor highlights Vietnam’s big opportunity in Gen AI

Professor Tung Bui of the University of Hawaii (USA) believes that incorporating AI into businesses to create competitive value is a great opportunity for Vietnam.

The Shidler College of Business at the University of Hawai’i at Mānoa hosted the Shidler Global Leadership Summit on “Vietnam’s Competitiveness in the AI Era and New World Order” at Van Lang University, Ho Chi Minh City, early this month.

Dr. Vance Roley, Dean of the Shidler College of Business at the University of Hawaii, spoke with over 120 business CEOs and technology leaders from some of the world’s leading companies who are alumni of the Shidler Vietnam Executive MBA (VEMBA) program about the advancement of AI and its impact on Vietnam’s future development.

Professor Tung Bui of the Shidler College of Business pointed out that Vietnam may not have the ability to build AI machines like ChatGPT because money is the problem.

“OpenAI pays hundreds of thousands of dollars per day to run its AI models. But fortunately, there are many open AI source codes that we can take advantage of,” he said.

Professor Tung Bui of the University of Hawaii speaking at the event on July 5. Photo courtesy of Shidler College of Business

Professor Tung Bui of the University of Hawaii speaking at the event on July 5. Photo courtesy of Shidler College of Business

According to Tung, the biggest opportunity for Vietnamese businesses in this era is to find a suitable AI model and apply it to their systems in order to boost competitive value and save operating expenses.

When it comes to GenAI, there are three major components to consider: user interfaces, machine learning models, and AI training data.

“Without data, there is no AI. Data is the biggest competitive asset for Vietnamese businesses that OpenAI or any international company does not have,” the professor said.

He thinks that global supply chain disruptions are creating new opportunities for Vietnam.

However, multinational companies still have concerns about the quality of the production chain and the skills of the labor force.

If Vietnamese businesses can apply AI to limit weaknesses and enhance strengths, multinational corporations will be more confident in picking Vietnam as their new location.

In the AI age, competition revolves around creating the best intelligence.

This is also a race against time, as businesses that do not embrace new technologies risk falling behind. Vietnam, with its strong technological drive, appears to be ready to adopt AI.

Nguyen Thi Thuy Duong, Chief Revenue Officer of FPT Automotive, said that it took the company 25 years to generate US$1 billion in revenue from software exports.

However, with AI, it might take only 2–3 years to achieve the next billion-dollar milestone.

Duong believes that AI is “both attractive and scary.”

But if businesses are bold enough to adopt it and find the right formula, they will develop very quickly. The FPT leader is a testament to this, with the rapid development of the Long Chau pharmacy chain, she said.

“From the outside, Long Chau appears to be a pharmaceutical company, but behind it is a team of highly skilled technology engineers. We use AI not only to train employees but also in logistics, sales, customer needs analysis, and behavior,” Duong said.

At the forum, CEOs and managers of global corporations assessed that the strong transformation period of the scientific and technological revolution and the enhancement of competitiveness in the AI era promised to bring many great benefits to Vietnam.

Professor Tung Bui, VEMBA faculty director and Matson Navigation Company chair of global business, Shidler, University of Hawaii at Manoa, at the AI summit on July 5. Photo courtesy of Shidler College of Business

Professor Tung Bui, VEMBA faculty director and Matson Navigation Company chair of global business, Shidler, University of Hawaii at Manoa, at the AI summit on July 5. Photo courtesy of Shidler College of Business

Nguyen Thi Tra My, Co-founder & Group CEO, The PAN Group, said that AI was impacting all aspects of life.

Even traditional industries, such as agriculture, are susceptible to this trend.

AI has the potential to automate, boost productivity, and effectively manage resources.

“If we know how to collect and organize data, AI can be trained based on the knowledge and experience of farmers, helping to maintain and pass on traditional techniques to future generations,” she said.

Tra My also mentioned that this combination has the potential to produce a sustainable and efficient agriculture model that is appropriate for Vietnam’s current environment.

This will not only help increase productivity and product quality but also protect and develop natural resources and biodiversity.

Regarding the application of AI in manufacturing practices, Professor Tung Bui noted that before implementing AI, users must have a clear approach.

Knowing what they have, what they require, and avoiding reliance on machinery.

He emphasized that for the first time in history, AI allows humans to interact with computers using their own natural language rather than through programming software, which opens up a great turning point for society.

However, AI has its flaws, and there is still some incorrect information in billions of pieces of information.

Users need to be cautious when using this tool, especially when it comes to “AI ethics,” which must be carefully considered when applying the technology.

The gathering of VEMBA alumni intends to identify how AI may be used to deliver the greatest value to Vietnam, guaranteeing that the country is prepared for the future.

AI should be used to help society in a fair and ethical manner.

The Vietnam Executive MBA (VEMBA) program at the University of Hawai’i Shidler College of Business offers an unparalleled opportunity for career advancement. The AACSB-accredited program blends rigorous academic coursework with practical, hands-on learning experiences designed specifically for full-time executives.

Since its inception in 2001, VEMBA has built a diverse cohort of 1,007 professionals from over 20 countries, providing a unique platform for networking and collaboration. The program’s flexible hybrid format, which combines in-person and online sessions, allows participants to manage their professional commitments while pursuing their MBA.

With faculty drawn from prestigious institutions and a strong alumni network, VEMBA stands out as a leading choice for those aspiring to leadership and excellence in the global business arena.

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