Ho Chi Minh City partners with Silicon Valley firm to build AI center of excellence

The MoU was signed in the city on Wednesday as part of a program celebrating Vietnam's National Innovation Day (October 1).

The deal includes a call for connecting the AI COE with an international innovation network.

The AI COE will be developed through cooperation among the government, universities, and businesses, focusing on AI research, startup incubation and acceleration, and the application of AI solutions in practice, according to the MoU.

The center is expected to have three main pillars.

The first will focus on developing strategies, a competency framework and an operational roadmap for the AI COE, as well as organizing training programs on AI and innovation for students, lecturers, government officials, and corporate personnel.

The second will be an acceleration program for AI startups in fields prioritized by Ho Chi Minh City.

Selected startups will receive training and mentoring, present their projects, and connect with experts, investors, and businesses in Vietnam and abroad.

The third will address specific problems identified by government agencies, businesses, and industry associations in the city.

The partners will identify suitable startups and technologies to test in real-world operating environments, then assess their potential for improvement, expansion and commercialization, according to the MoU.

Speaking at the MoU signing ceremony, Truong Minh Huy Vu, deputy chairman of the Ho Chi Minh City administration, said the city does not want to measure innovation and startup activities simply by the number of centers established.

Instead, it should assess their quality, operating standards, and tangible results, he said.

The city should measure its innovation efforts by the number of products, programs, and startups developed, the strategic technologies put into practice, and the amount of capital raised for innovation, Vu said.

With more than 80 universities in Ho Chi Minh City, the city cannot invest across the board and should instead select universities with strong capabilities to develop startup support centers before connecting them with international networks, venture capital, and the Vietnam International Financial Center, he said.

Behind every idea and project are people, Vu said, adding that alongside selecting promising projects, the city needs to identify and invest in capable individuals and teams to further develop products and startups.

Plug and Play Tech Center was founded in 2006 in Silicon Valley and operates in venture capital investment, startup acceleration, and connecting businesses with startups.

The organization currently has a network of more than 100,000 startups and over 550 corporate partners and operates in more than 60 locations worldwide.

Its investment portfolio includes more than 35 companies that have reached unicorn status, including PayPal, Dropbox, LendingClub, N26, Rappi, SoundHound AI, Guardant Health, Flutterwave, and Turing.