Wave of massive projects
Over the weekend, the municipal People’s Committee granted investment certificates to four hi-tech projects in the Saigon Hi-Tech Park (SHTP), with combined registered capital topping 1.23 billion USD. These projects focus on data centers, biomedical technology, and smart electronic equipment, which hold high value-added potential. Notably, two of the approvals are for hyperscale data centers.
The Evolution DC VN HCMC project, backed by a Singaporean consortium of Hathor, Frontier and Evolution, carries more than 508 million USD in investment and is designed for a 52 MW IT load. It will deliver large-scale data storage and cloud computing services while targeting over 30% renewable energy use and net-zero emissions by 2045.
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At the signing ceremony between AIC and the municipal Department of Science and Technology (Photo for illustration) |
Separately, StarMason JSC, a joint venture between Sembcorp Development, a unit of Singapore’s Sembcorp Industries, and BB Holdings, secured approval for a hyperscale data center complex with more than 480 million USD in capital and 60 MW IT load capacity.
Once operational, these projects are set to considerably expand large-scale digital infrastructure, drawing ICT providers and bolstering data storage, security, and processing power to meet surging demand for big data and cloud computing.
Earlier on March 11, the municipal Department of Science and Technology signed a memorandum of understanding with Accelerated Infrastructure Capital (AIC) to build an AI data center in Tan Phu Trung Industrial Park, Cu Chi commune. The venture, partnered with Kinh Bac City Development Holding and foreign investors, is projected to require about 2.1 billion USD.
The initial phase calls for a 50 MW AI factory, roughly 28,000 GPUs in total IT load, to serve foreign clients, Vietnam’s sovereign AI and high-performance computing needs.
In early February, UAE-based G42 Group teamed up with a local consortium of FPT, Viet Thai and VinaCapital on a framework agreement for a hyperscale data center system in Ho Chi Minh City, valued at around 2 billion USD.
Ecosystem fuels investor interest
Analysts said the wave of large-scale data center deals underscores Vietnam’s fast-evolving data infrastructure market, propelled by digital transformation, expanding cloud adoption and the explosive growth of AI.
Though still nascent, the country is carving out competitive edges, especially on cost. A Cushman & Wakefield report from early April 2026 highlighted Vietnam as an emerging hotspot in the next wave of Asia-Pacific data center expansion. Construction costs average 7.2 million USD per MW, ranging from 5.7-8.7 million USD, making it one of the region’s more affordable options. Annual cost inflation stands at a modest 3.8%.
Le Hoang Lan Nhu Ngoc, Senior Director and Head of Strategic Consulting at Cushman & Wakefield Vietnam, noted that being early in the data center cycle gives Vietnam long-term upside. The combination of competitive construction costs and booming demand from cloud, AI and the broader digital economy is proving attractive.
As land and power shortages bite in rival markets, Ho Chi Minh City is establishing itself as a viable alternative, assuming infrastructure gaps are closed.
Lee Ark Boon, CEO of Sembcorp Development, said Vietnam’s digital economy is gaining momentum rapidly on the back of cloud growth and AI advances. He called the approval a milestone to develop high-performance infrastructure targeted at tech and AI players.
Land availability and a maturing innovation ecosystem are key draws. Administrative expansion has given the city a sizable industrial land bank suited for multi-ha data center projects. Specialized zones such as the Saigon Hi-Tech Park and the northern science and technology area, previously part of Binh Duong, are already equipped with planned power, water and telecom infrastructure.
Administrative speed has also become a critical factor. In November 2025, the city set up a dedicated task force to fast-track AI data center projects, helping investors complete procedures, clear bottlenecks and accelerate rollout.
At a March 2026 investment promotion event, Oliver Jones, co-founder of Accelerated Infrastructure Capital, commended the city’s swift processing for a data center at the Tan Phu Trung Industrial Park. He highlighted suitable land, robust technical infrastructure, reliable power and supportive policies as essential for advanced tech, particularly AI.
Chairman of the municipal People’s Committee Nguyen Van Duoc said the 1.23 billion USD inflow into the Saigon Hi-Tech Park in the first quarter, paired with major high-tech commitments, marks more than just new capital, but also the city’s shift toward a knowledge-based, green industrial economy.
These projects are seen as “nucleus” shaping new standards in hi-tech investment, reinforcing confidence among international players in the local business climate.
The city will keep working closely with investors, maintain a transparent and secure environment, prepare essential infrastructure and eliminate delays that could derail their plans, he said.
Source: VNA