Tech enterprises latch onto GenAI popularity

Tech enterprises latch onto GenAI popularity

Last month, VinBigData JSC, a subsidiary of Vingroup specialising in platform technology solutions and advanced products based on big data and AI, launched ViFi, a comprehensive AI-powered solution suite designed for businesses in the banking, financial services, and insurance sector.

Unlike global GenAI models such as ChatGPT, ClaudeAI, and Gemini, which serve a broad range of users across various industries, the ViFi suite is specifically developed to address the unique challenges faced by the aforementioned sectors. The suite includes customised virtual assistants for finance, banking, insurance, and internal operations, focusing on process automation, internal system integration, enhanced customer service, and intelligent data management.

Nguyen Kim Anh, product director at VinBigData, told VIR, “Rather than competing directly with global tech giants, Vietnamese enterprises can carve out niches in sectors like healthcare, education, or financial services, where AI solutions can be tailored to meet domestic market needs. This strategic focus led VinBigData to develop ViFi, optimised for Vietnamese users while adhering to national regulations and laws.”

Before launching the ViFi solution suite, VinBigData had implemented a series of GenAI applications across various sectors. These include the GenAI Bot virtual assistant integrated into the National Business Registration Information Portal for the Ministry of Planning and Investment, the MIVI virtual assistant for public services for the Ministry of Information and Communications, an internal virtual assistant for Vietjet Air staff, and the ViVi 2.0 virtual assistant with integrated GenAI for VinFast VF8 Lux Plus vehicles.

Kim Anh said, “Vietnam is entering the second AI wave. The first wave showcased GenAI’s capabilities in daily tasks. Now, we are on the brink of a new era where AI will be used in enterprises, leveraging large language models and internal business data for customised solutions.”

Alongside VinBigData, many other technology enterprises in Vietnam have also rolled out GenAI applications to boost operational efficiency across various sectors.

At an AI Day event in August, Le Hong Viet, CEO of FPT Smart Cloud, said that FPT’s goal was to leverage GenAI to enhance operational efficiency for businesses and tailor language models for specific industry sectors.

“Our goal is to build a comprehensive AI platform, providing Vietnamese businesses with affordable resources to develop AI tools for efficient data processing and utilisation. We are developing large language models fine-tuned by FPT Smart Cloud, with the key distinction of focusing on specific industries such as banking, insurance, healthcare, and more,” Viet said.

For the insurance sector, FPT Smart Cloud introduced a chatbot in August, assisting with sales, customer service, and product information dissemination. This integration has led to a 38 per cent increase in internal productivity and successfully handled 98 per cent of incoming requests.

Moreover, FPT’s GenAI technology is improving risk assessment in the insurance sector by analysing historical claims and credit scores. This advancement facilitates the creation of personalised insurance products and more accurate pricing models.

In human resources, FPT’s generative AI-powered solution, FPT AI Mentor, is also making waves. This tool builds knowledge repositories and maps tailored to specific business operations and products, enabling customised training content. Its micro-adaptive learning model personalises training paths, adjusting content, pace, and lesson length according to each learner’s progress.

In addition to FPT, Viettel has developed the Cyberbot, which uses GenAI technology for data generation. This virtual assistant, operational at partner businesses, handles around 6,000 customer inquiries daily, enhancing productivity by half.

VNPT is also integrating AI to refine its customer service operations. The technology embedded in VNPT’s chat platform has reduced the need for human intervention in chat sessions by 85 per cent and improved customer satisfaction by 10 per cent. Additionally, VNPT’s intelligent call centre system now automates the summarisation and analysis of 2-3 million calls monthly.

Industry insiders predict that, given its significant growth potential, GenAI will become a promising market in the digital economy. According to a July report by Statista Market Insights, the GenAI market is expected to grow at a compound annual growth rate of 46.47 per cent between 2024 and 2030, reaching a market volume of $356 billion by 2030. Amid this technological wave, Vietnamese businesses are seizing opportunities to stay competitive in the global tech landscape.

Eric Yeo, country general manager of Amazon Web Services, Vietnam, told VIR, “This period will mark a major difference in how GenAI develops over the next 5-10 years in Vietnam. The strong entrepreneurial spirit in companies leads to rapid adoption of innovations. When paired with targeted training and education at all levels, this dynamic drives significant productivity and efficiency, positioning businesses for remarkable success.”

Denning Tan, partner at GenAI Fund, an investment group focused on innovative AI solutions in Southeast Asia, added that Vietnamese businesses could learn from the innovation models of other countries.

“In Thailand and the Philippines, many large enterprises have established innovation arms, including incubators, accelerators, and investment units. Vietnam has significant potential to develop these kinds of innovation arms, given the strong synergy between business-to-business GenAI startups and enterprises that require these solutions,” Tan said.

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