At the "Starting a business in the context of AI development" seminar within the framework of the "Youth Startup Award 2025" on the afternoon of 22/7, Le Hong Minh, founder and chairman of VNG, said AI "sounds very exciting and innovative" but in reality "is very difficult to do," posing a major challenge for startups.

He pointed out that the AI market changes rapidly, leading to the risk that startups' products become obsolete by the time they launch. Therefore, a different approach is needed to both generate immediate revenue and understand real-world needs.

"Instead of spending time developing a product without knowing if it fits the market, you should start by directly approaching businesses and asking them, 'What problems are you currently facing? Hire me to solve them'," he recommended.

According to the head of VNG, many businesses are willing to pay to solve specific problems using AI. Startups can take on projects at competitive prices, gaining knowledge, experience, and potentially even intellectual property in return. "The opportunity is clearly there. The issue is your ability to convince them and your capacity for practical implementation," Minh said.

Le Hong Minh, founder and chairman of VNG, at the seminar. Photo: Organizers

Le Hong Minh, founder and chairman of VNG, at the seminar. Photo: Organizers

Agreeing, Dang Huu Son, founder of LovinBot, suggested that startups should "directly work with businesses to solve the real-world problems they are facing." "We have sold more than 10 solutions this way, sometimes for as much as 9,000 USD per solution per year," Son revealed.

Sharing practical experience, he advised startups "not to approach businesses empty-handed" but to thoroughly research potential clients beforehand to see if they have any bottlenecks or problems that can be solved with AI.

At the seminar, businesses also expressed their willingness to collaborate with AI startups. Nguyen Tran Nam, director of the Digital Banking Division at Asia Commercial Bank (ACB), said that applying AI is "a matter of survival" and has been implemented by the bank since before the ChatGPT boom. "We welcome startups that can solve specific problems," he said.

Dang Huynh Uc My, chairwoman of Thanh Thanh Cong Bien Hoa (TTC AgriS), said the company has transformed from a sugar producer into a provider of comprehensive agricultural solutions that utilize AI. According to her, businesses sometimes lack a fresh perspective and the energy to break out of old habits. "In that context, startups bring new thinking and flexible approaches," she said.

The "28th Annual Global CEO Survey - Asia Pacific Region," including Vietnam, conducted by PwC, also showed that 82% of CEOs surveyed said they had incorporated GenAI into their operations in the past 12 months. In 2024, 37% reported increased revenue thanks to this technology.

Research and Markets (Ireland) forecasts that Vietnam's AI market will grow from 2.15 billion USD (2023) to 23.06 billion USD by 2028, with an annual growth rate of 48.5%. Statistics from PitchBook (USA) indicate that Vietnam had about 765 startups operating in the AI field last year, ranking second in Southeast Asia after Singapore.

For young AI startups struggling with financial challenges, Dang Huu Son suggested using open-source code to quickly develop MVP products within 1-3 months, even using "no-code" tools (no programming required).

MVP (Minimum Viable Product) is the development of a product with just enough features to satisfy initial customers and gather feedback, which serves as a basis for future product development.

"The important thing is to get the product to market as soon as possible to gather data, and then start looking for co-founders with expertise," Son said.

Nguyen Hoang Hiep, COO of AI Hay, at the seminar. Photo: Organizers

Nguyen Hoang Hiep, COO of AI Hay, at the seminar. Photo: Organizers

In the fundraising stage, Nguyen Hoang Hiep, COO of AI Hay - an AI-based knowledge search and research platform - advises startups to view this activity as "sales." According to him, many startups are good at sales but think of fundraising as something completely different, thus overlooking effective sales processes.

Specifically, startups must have different strategies to persuade each type of investor, whether curious, cautious, or enthusiastic. In other words, the experience of the investor, like the customer, is the most important factor to optimize.

"They want to see the big picture: What is your vision? What are your advantages? Does your business model have the potential to generate revenue, even if you don't have any revenue yet? These are the questions that need to be answered. Save the technical details for later," he shared from his experience. Earlier this month, AI Hay completed its Series A funding round worth 10 million USD, bringing the total capital raised to 18.5 million USD.

Vien Thong