Artificial intelligence (AI) medtech firm Waycen announced on April 24 that it will join the economic delegation accompanying Lee Jae Myung’s state visit to Vietnam, aiming to expand its footprint in the Vietnamese market.
This participation in the economic delegation is viewed as official recognition of Waycen’s business achievements and growth potential in the Association of Southeast Asian Nations (ASEAN) region, including Vietnam.
Waycen has already established a significant revenue stream in Vietnam with its AI endoscope, Waymed Endo, progressing from initial market entry to full-scale business expansion.
The company is swiftly building brand recognition among local healthcare professionals by securing product adoption references through partnerships with leading hospitals.
Waymed Endo is an AI-powered software that detects abnormal lesions in real-time (CADe) and analyzes their characteristics (CADx) during gastrointestinal endoscopy procedures.
It seamlessly integrates with existing endoscopic equipment without disrupting examination workflows, providing medical staff with intuitive information on lesion locations and risk levels. This enhances diagnostic accuracy and aids in identifying subtle lesions that might otherwise be missed.
Furthermore, it offers an end-to-end solution that includes post-examination patient report generation, improving the overall efficiency and consistency of endoscopic procedures.
To secure its market position in Vietnam, Waycen has consistently invested in strategic initiatives centered on academic conferences and training. A prime example is the company’s regular participation in the Vietnam Gastroenterology Endoscopy Conference (VGEC), where it showcases its cutting-edge AI endoscopy technology.
During this economic delegation visit, Waycen signed a memorandum of understanding (MOU) with Vietnam’s state-owned enterprise VNPT, laying the groundwork for government-level collaboration.
Having already achieved success primarily in Vietnam’s private hospital sector, Waycen anticipates that this agreement will strengthen its ties with the Vietnamese government and public healthcare system, supporting its efforts to penetrate the public healthcare market.
Kim Kyung-nam, Chief Executive Officer (CEO) of Waycen, stated that Vietnam represents a strategic market with rapidly growing healthcare needs and a strong appetite for AI technology adoption. He added that through the participation in this economic delegation, it aims to reinforce the partnerships with the government and local stakeholders, while continuing to expand our global market presence.