The artificial intelligence (AI) economy in Vietnam is projected to reach between US$120 billion and 130 billion by 2040.
This remarkable growth attributed to a significant boost in productivity and a surge in consumption-driven revenue, according a new report by the Vietnam National Innovation Centre (NIC), the Japan International Cooperation Agency (JICA), and Boston Consulting Group (BCG).
By 2040, AI is poised to contribute up to US$130 billion to the domestic economy. This contribution will include a growth in consumption-driven revenue, which is set to generate US$45 billion to US$55 billion by then, fueled by increasing demand for AI-powered products and services, and productivity-driven cost savings, which are set to amount to US$60 billion to US$75 billion, achieved through AI-enabled automation, predictive analytics, and efficiency enhancements.
The impact of AI is expected to be felt across all major industries in Vietnam. The technology is set to contribute between US$25 billion and US$30 billion in manufacturing by 2040, and US$15 billion and US$20 billion in consumer products. The financial services sector is expected to benefit from US$10 billion and US$15 billion, while education will receive between US$10 billion and US$15 billion.
AI in Vietnam
Over the past years, Vietnam has made meaningful progress in AI adoption. In the private sector, AI has gradually been expanded since 2019, especially in banking, logistics, consumer, and healthcare.
The banking industry was an early adopter of the technology, leveraging AI for facial recognition, electronic know-your-customer (eKYC) processes, optical character recognition (OCR), and voice bots. Notably, Techcombank uses AI and machine learning (ML) to provide personalized financial management advice and insights, leveraging the technology to deliver over 100 million personalized insights views in 2023.
A 2025 global survey conducted by Finastra further demonstrates the strong uptake of AI in the Vietnamese banking sector. The study, which polled more than 1,500 managers and executives from banks and financial institutions, found that 74% of institutions in Vietnam had actively deployed AI – the highest level of active AI deployment among the studied countries.
Beyond banking, AI adoption is also gaining traction in healthcare with image diagnostics, in consumer packaged goods and fast-moving consumer goods with AI/ML-driven supply chain analytics, as well as in internal operations for documentation and human resources (HR) needs, the NIC, JICA, and BCG report says.
Vietnam is also seeing the emergence of a dynamic AI startup ecosystem. According to the report, Vietnam ranks second in Southeast Asia in the number of generative AI startups, accounting for 27% of all of ASEAN genAI startups. By 2024, investment funding for AI-enabled firms in the country had reached US$780 million, representing the second biggest sum among Southeast Asian nations.
Vietnam’s National AI Strategy
Vietnam’s AI ecosystem is supported by several government initiatives. The National AI Strategy, launched in 2021, provides a framework and specific targets for ministries and the private sector to boost AI innovation and adoption.
By 2030, the country aims to become among the top four leading AI nations in Southeast Asia and among the top 50 globally. Additionally, it seeks to develop ten regional recognized AI brands, establish three national data centers with 50 open datasets, create two AI national innovation centers, and establish ten AI research institutions, with at least one in the top 20 in ASEAN. Furthermore, Vietnam intends to apply AI in digital government services and administrative processes in key cities.
Earlier this month, the Ministry of Science and Technology established the Global Vietnamese AI Experts Network to connect Vietnamese scientists, researchers, entrepreneurs and policymakers around the world and strengthen the country’s AI ecosystem and accelerate innovation.
The network is expected to create a high-level AI community capable of pooling knowledge and experience to address the country’s practical development challenges, while advancing science, technology and innovation. Priority application areas include healthcare, education, smart cities, cybersecurity and national data systems.
Vietnam’s AI-driven economy is also supported by the private sector, and international partnerships. In May 2026, Qualcomm Technologies, which develops and designs technologies for global communications and computing, including next-generation mobile networks, smart devices, and semiconductors, such as mobile processors and AI chips, inaugurated its research and development (R&D) center in Hanoi.
Initially, the facility will focus on AI research and system-on-chip (SoC) development, with planned expansion into automotive technology and the Internet-of-Things (IoT).
Just this month, Vietnamese tech group FPT signed a partnership with Canadian AI research institute Mila to advance AI research, develop high-quality talent, and promote knowledge and technology transfer. In parallel, FPT is also collaborating with NVIDIA, Microsoft and OpenAI in the field of AI.
Addressing the AI talent shortage
Despite progress and ambitions, Vietnam, along with the broader ASEAN region, is grappling with a significant talent shortage in AI.
Recognizing this critical skill gap, the government approved this month a national program for AI skill development through 2030, with a vision to 2035. The initiative aims to establish Vietnam as a one of the leading countries in the region in terms of AI HR development capacity, and seeks to provide at least 100,000 teachers, lecturers and education administrators with in-depth training on the use and application of AI by 2030. Meanwhile, around 10 million workers will receive training, further education or skills updates in basic AI use.
Furthermore, the program will offer new training, retraining and advanced upskilling opportunities for at least 50,000 people with university degrees or higher, teaching them how to apply AI in key sectors and fields. It also aims to cultivate at least 1,500 experts capable of researching, developing and mastering core technologies and leading key AI tasks.
Featured image: Edited by Fintech News Singapore, based on image by RSplaneta via Magnific
