Phạm Huỳnh Quang Hiếu, deputy director of the HCM City Department of Science and Technology, speaks at the InnoEx Business Innovation Forum in HCM City on Thursday. — Photo courtesy of the organiser

HCM CITY — In today’s digital age, innovation is not only a driver of profit but also a matter of survival, with data as raw material, AI as the tool for processing it and business competitiveness depending on how both are harnessed, experts said at the InnoEx Business Innovation Forum in HCM City on Thursday.

Phạm Huỳnh Quang Hiếu, deputy director of the HCM City Department of Science and Technology, stressed that the world has entered an era where data is a strategic asset that defines the strength of both enterprises and nations.

Data today is continuously generated from every transaction, interaction and digital operation, while AI plays the role of a tool that transforms these scattered pieces of data into valuable, practical knowledge, he said.

“If data is the raw material, AI is the crafting tool, and customer insight is the bridge that turns data into profit. This powerful combination allows businesses to understand hidden needs, personalise products, optimise costs, and, most importantly, build trust and long-term engagement with customers.”

Examples from the banking and retail sectors illustrate how data and AI have already become growth levers. Banks are deploying AI to analyse transactions, both to prevent fraud and to design credit packages tailored to individual customers. Retailers are using data-driven analytics to optimise product placement, increase sales, and cut inventory levels.

Hiếu added that to fully unlock this potential, businesses must develop long-term strategies, build AI ecosystems across their value chains, invest significantly in human resources and ensure strict compliance with the law, transparency and the protection of customer privacy.

Il-Dong Kwon, managing firector and partner at Boston Consulting Group (BCG) Vietnam, said data is important, but the biggest challenge is how to turn it into real value. Worldwide, only a handful of companies have truly managed to do this.

Not all data is useful, he pointed out, emphasising that the key is to identify what truly adds value and to transform that into actionable insights.

Kwon stressed the need for developing internal capabilities to harness data.

In reality, successful businesses are not only those that collect data, but those that know how to operate based on it. He cited the case of an international telecommunications company that applied AI and analytics to send more than 200 million personalised messages to customers every day, dramatically boosting revenue compared to traditional approaches.

A panel discussion at the forum. — Photo courtesy of the organiser

From a global perspective, Sudeepto Roy, vice president of Engineering at Qualcomm Inc, highlighted the power of edge AI in real-time data processing, enabling businesses to harness “real time” as a new competitive edge.

Edge AI offers a multi-modal advantage: the ability to simultaneously process text, images, video, sensors and biometric data. This enables a single device to integrate multiple smaller models – for voice, emotion or financial transactions – to create specialised, personalised applications.

By processing data directly on devices rather than in the cloud, enterprises can lower costs, reduce latency, improve security and scale AI applications to billions of devices worldwide from smartphones and cars to industrial IoT systems.

At the forum, executives from leading enterprises shared strategies on how to optimise available resources – from customer data to technological infrastructure – to create new revenue streams and enhance profit margins.

The forum took place within the framework of the International Innovation Forum & Exhibition – InnoEx 2025, which opened at Thisky Hall Sala in HCM City on Thursday.

With the theme “Shaping the Future Economy: From Data to Digital Assets”, InnoEx 2025 provides a comprehensive view of emerging trends, innovative solutions, and strategic directions that are set to shape the future economy driven by innovation, technology, and global cooperation.

Organised by the Young Businesspeople Association of HCM City (YBA), the Business Startup Support Center (BSSC) and Investment & Business Partners (IBP), the two-day event attracted more than 30,000 participants, including 4,000 CEOs and founders, 300 domestic and international exhibitors, over 100 startups from Viet Nam and abroad, and more than 70 investment funds representing 60 countries. — VNS