Just a few weeks ago, Apple rolled out a range of AI upgrades to its phones, laptops, and digital services, including the Siri assistant. CafeBiz righteously stated that Apple is late to the game and unlikely to catch up with the ‘big names’ like Google and Microsoft.
Late or not, every company is now looking at AI and how the technology can upgrade their organization and products. Companies like Moderna, Microsoft, and Morgan Stanley are using AI to make work faster and better (for example, through AI recruiting) while improving the customer experience.
Vietnamese businesses, too, face a critical decision: Should they invest in dedicated AI teams? Or even appoint a Chief AI Officer (CAIO) as companies like Dell have done?
As AI reshapes businesses globally, this question becomes increasingly pressing for companies aiming to stay competitive. But as we’re already dealing with rising labor costs and a tightening economic climate, we must remain realistic too.
For some companies, the answer is clear.
Take Cake by VPBank, for example. This purely digital bank recently announced its NEXT GEN AI BANK strategy, positioning AI as the core of its operations. This move reflects a growing trend among forward-thinking Vietnamese companies to embrace AI technologies.
Mr. Nguyen Huu Quang, CEO of Cake by VPBank, believes AI is the solution for an effective purely digital banking model. In an interview with CafeF, he said: “We use AI to simplify the customer journey, understand their habits, and thereby suggest products and services tailored to each customer group, even each customer.”
The potential benefits of investing in AI are significant and far-reaching. AI’s ability to analyze vast amounts of data allows businesses to gain deeper insights into customer behavior and preferences.
Companies also benefit when AI improves their products. By Now, Pay Later app Klarna saw faster resolution times with fewer employees when it partnered with OpenAI on an AI chatbot.
For Cake by VPBank, these AI benefits translate to more personalized financial products and services. AI can also streamline internal processes, reducing costs and improving efficiency across various operations, from risk management to marketing.
By investing in AI talent, companies can develop unique products and services that set them apart. The ability to approve loans within minutes using AI technology is a prime example of how AI can create a competitive edge.
According to Niko Groeneweg, an AI expert who previously mentored Dreamplex startups, this makes investing in AI team members paramount:
“If you’re just running API calls, you can train your existing engineers. But if you’re training and deploying your own models, you need to hire specialists. If a company ignores it, it’ll probably fall behind in efficiency and innovation. Plus, people now expect smarter, more personalized experiences. AI helps businesses with better customer service and recommendations.”
It could also be a matter of budget, said Dylan Nguyen, Country Manager at Cake in Vietnam:
“Successful applications require a strong code base structure, which requires AI team members. Companies will likely hire 1-2 experienced AI developers or leaders, and then, based on their budget, consider upgrading the current developers or hiring new ones.”
While the potential benefits are compelling, Vietnamese businesses must consider the challenges.
Finding qualified AI professionals in Vietnam can be challenging.
As the demand for AI expertise grows, companies may find themselves competing for a limited talent pool. Investing in AI talent and infrastructure can be expensive, especially for smaller businesses. Companies must carefully weigh the potential returns against the initial investment.
Sometimes companies can get by through simply upgrading existing talent, Ruby Nguyen, founder of AI startup Curieous, told us for this article:
“Whether to hire dedicated AI talent depends on the objective and the company. Most smart engineers can figure out AI quite fast at the application level. Still, to train or build specific AI models, you’ll need specialized AI engineers. This hiring need is often determined by the head of AI in the company.”
Nhan Tran, an AI entrepreneur with experience at One Mount and VinBigdata, added that even upskilling still requires time and effort: “Yes, companies can convert existing talent. However, you must consider whether your engineers want to make that change. And, to ‘convert’ them you’ll need a comprehensive approach led by a senior AI leader. Either way, you’ll be investing both time and money.”
The regulatory environment also poses a challenge as AI technologies evolve rapidly, and businesses must stay informed about local and international AI regulations to ensure compliance.
Implementing AI solutions often requires integration with existing business systems, which can be complex and time-consuming. This integration process may require significant resources and expertise to execute successfully.
Before you invest in AI talent, consider at least these factors:
1. How big is your company, and how much can you invest?
2. Will you be going deep on AI, or building thinner layers on an LLM?
3. What is the rest of the industry doing? What could they do?
4. What are your current technical capabilities? What is your current tech leadership saying?
5. What is your overall long-term strategy?
Larger companies with more resources may find it easier to justify the investment in a dedicated AI team or CAIO. Industries facing significant AI-driven disruption, like banking and insurance companies, may need to prioritize AI investments to remain competitive.
Companies with strong existing technical teams may find it easier to integrate AI specialists. Investing in AI talent becomes more crucial if AI aligns with your company’s long-term vision and goals. As Niko added for this article:
“While companies need to be smart about using AI, ignoring it completely would be a big mistake. They should determine how AI can fit into their business to improve operations, keep customers happy, and stay competitive in a fast-changing world.”
The success of AI-driven approaches in Vietnamese businesses like Cake Bank demonstrates AI’s potential. However, deciding to invest in AI talent is more than one-size-fits-all.
As business leaders, you’ll need to carefully consider your company’s needs, resources, and long-term strategy. While the benefits of AI are clear, the path to realizing these benefits will vary for each organization.
Whether through hiring dedicated AI teams, appointing a CAIO, or exploring alternative approaches, AI will clearly play an increasingly important role in the future of Vietnamese business. The key is to start preparing now, ensuring your company is ready to harness the power of AI in a way that aligns with your business goals and values.
We’d love to hear from you: How are you applying AI to your teams and products, and what support could we offer to future-proof your business? Reach out at zoee@dreamplex.co.
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