Vietnam-based Fund Seeks to Develop $1.5 Billion Data Centre Hub
Bangkok Post | 4th March 2025
HANOI — Saigon Asset Management seeks to develop a data centre hub in southern Vietnam with an estimated investment of as much as UScopy.5 billion, it said in a release.
The 150-megawatt hub will be developed in stages with the first facility expected to be operational within two years, said Louis Nguyen, chief executive officer of the Ho Chi Minh City-based US private equity firm focusing on areas from artificial intelligence (AI) to education. It is looking for investors, including local banks with possible debt financing, and businesses to participate in the project, he said.
The government in 2022 issued a decree requiring foreign tech companies to store user data in the Southeast Asian country. Last year, it ordered foreign social media platforms to verify the accounts of users and provide their identifies to authorities on demand.
Previously, companies in Vietnam moved data to Singapore, Louis said. Now, he added, "they need to come back to Vietnam based on this privacy law, the enforcement of it. So that is a big book of business."
He estimates that there are about 200 megawatts of data centres in Vietnam, with a need for another 200 megawatts in coming years to meet the demand from foreign companies.
AIBP Insights
