Data has become a matter of survival for businesses.

A matter of survival

On August 4, Vietnam Report Joint Stock Company (Vietnam Report) in collaboration with VietNamNet newspaper organized the Vietnam CEO Summit Conference and the Announcement Ceremony of the Top 50 Prestigious and Effective Public Companies, Top 10 Prestigious Companies in the Banking - Insurance - Technology industry in 2023.

In his opening speech, VietNamNet Editor-in-Chief Nguyen Van Ba shared that in the process of moving towards the goal of restoring and developing the country's economy, it is impossible not to mention the efforts and contributions of the business community - especially leading enterprises with a strong and agile spirit to anticipate the trend of the 4.0 Industrial Revolution.

Editor-in-Chief of VietNamNet newspaper Nguyen Van Ba speaks at the Conference

“The Vietnam CEO Summit 2023 with the theme “Data Economy: Opportunities for businesses to make breakthroughs globally” is an opportunity for leaders of large enterprises to exchange with leading domestic and foreign experts on the latest thinking in practicalizing technology applications in business management activities,” Editor-in-Chief Nguyen Van Ba shared.

Deputy Minister of Information and Communications Nguyen Huy Dung said that businesses that want to maintain their leading position and go further must constantly change. The goals and missions of each business may be constant, but the means and methods of doing things are always changing. Digital transformation is a new way of doing things and approaches, creating changes thanks to digital technology and digital data, bringing digital technology and digital data to naturally and by default permeate all aspects of business production of the business.

On that journey, Deputy Minister Nguyen Huy Dung assessed that data is an important component that is formed, created and becomes a new type of asset of enterprises. Hidden under that huge amount of data is information about customer behavior, emerging trends and forecasts about the future. Data changes the way of thinking and thinking. Every enterprise needs to form a data culture and make decisions based on data.

“If in the past, the value of a business was mainly physical and tangible assets, now the value of an organization or business is largely intangible assets and data assets. If in the past, businesses focused their resources on protecting the information security of their systems to prevent intrusion, now they are more concerned with protecting the integrity of data when an attack occurs. Data has become a matter of survival for a business,” said Deputy Minister Nguyen Huy Dung.

Deputy Minister Nguyen Huy Dung said that each enterprise needs to form a data culture and make decisions based on data.

Referring to the Conference theme "Data economy: opportunities for businesses to make breakthroughs globally", Deputy Minister Nguyen Huy Dung affirmed that data is a new type of resource, the more it is used, the more it is generated, the more it is shared, the more value it creates.

Data has become the lifeblood of the digital economy. In the past two years, the amount of data generated globally is equal to the amount of data generated in all previous years combined. The emergence of ChatGPT and large language models has opened up opportunities for businesses to exploit and apply artificial intelligence (AI) technology, making AI technology a popular, common service that any business can access.

Also assessing the vital role of technology, Mr. Le Tri Thong, General Director of Phu Nhuan Jewelry Joint Stock Company (PNJ) shared: For the retail industry, the application of technology and artificial intelligence is a vital factor. The story of the Covid-19 season is an example. Many traditional retail companies with a history of 100, 200 years experienced a Covid-19 outbreak and had to file for bankruptcy protection. Meanwhile, modern retail models, online retail models, are growing much better. Retail companies such as Amazon, Alibaba... are in the process of evolving into technology companies. We see that the issue of survival is so we must increase the application of technology.

“We aim to find ways to increase customers wherever there is room for purchasing power. Previously, we applied marketing through “carpet-laying communication”, but after the Covid-19 pandemic, we increased the application of digital marketing with higher accuracy, requiring us to invest more in technology and creativity in approaching customers”, Mr. Le Tri Thong recounted the story of PNJ.

Opportunity for Vietnam to rise

Referring to the AIWS Global Enlightened Economy, Prof. Alex Pentland, Massachusetts Institute of Technology (MIT) assessed that data and artificial intelligence are the backbone of the economy. The collaboration between humans and AI is the main driver of economic growth and development.

In an AIWS economy, AI will be used to optimize the production, distribution, and consumption of goods and services, leading to increased efficiency and productivity. AI can also be used to address issues such as unemployment, income inequality, and environmental sustainability.

Workers will be trained to work alongside AI systems and be able to perform tasks that require creativity, empathy, and other uniquely human abilities, becoming innovators in the process. The goal of the AIWS economy will be to improve the overall well-being of society while addressing the challenges posed by rapid technological advancement and increased automation.

Sharing the same interest in the Global Enlightenment Economy, Mr. Nguyen Anh Tuan, Director of the Boston Global Forum, assessed that this is an opportunity for Vietnam to stand at the same starting line with civilized countries to build a data economy and creative economy for the Global Enlightenment Era.

“Enlightenment with the power of AI and the data economy is a great opportunity for Vietnam to rise up,” Mr. Tuan emphasized.

According to Mr. Nguyen Anh Tuan, deploying the construction of a strong data infrastructure to build a digital economy and digital society according to the artificial intelligence society (AIWS) model, Vietnam is joining the group of pioneering countries with an enlightened economy with the power of AI. Attracting the world's leading intellectual resources, attracting new investment resources from the US, Japan, Europe, and India to join in building this infrastructure, openly, transparently, creating equal opportunities for all Vietnamese enterprises to participate, do business and develop the data economy and together build an enlightened economy with the power of AI.

Building an optimal and effective data infrastructure and digital economic infrastructure for the whole society can only be successful if there is an administrative system that supports and creates maximum conditions for businesses and citizens to develop, and protects the creative assets of citizens and businesses. All public services of ministries, branches and localities are available online, simple, easy, and synchronized to serve businesses and citizens.

Mr. Nguyen Anh Tuan affirmed that this is the prerequisite to create an open mechanism, create an open environment with the world, especially with the world's elite, support innovation, and attract the world's elite to Vietnam.

“Every citizen can participate in building and creating their own lives through the infrastructure of the data economy and digital economy, thereby building a creative social ecosystem for all people,” said the Director of the Boston Global Forum.

Vietnamese businesses transform in the data economy In the context of data being a new type of resource, many companies, businesses, and organizations are taking advantage of data to digitally transform their operations.

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