AIC to build $2.1bn AI data centre in Ho Chi Minh City

On March 11, Accelerated Infrastructure Capital (AIC) signed an MoU with Ho Chi Minh City Department of Science and Technology to invest in an AI data centre project. The facility, to be located at Tan Phu Trung Industrial Park, will be the first AI mega-project in the city

The project has an estimated investment of approximately $2.1 billion and will be implemented by a joint venture between AIC, Kinh Bac City Development Holding Corporation, and international partners. Components include data centre infrastructure, power and water systems, and GPU infrastructure. The entire capital is expected to be fully disbursed by the end of the first quarter of 2027.

Oliver Jones, co-founder of AIC Group, said, “The progress of the venture has moved faster than initially expected. We really appreciate the support from Ho Chi Minh City authorities during implementation. We hope that this AI data centre will become a technological hub not just for Vietnam, but also across Southeast Asia.”

In February, G42, the Abu Dhabi-based technology holding group, and a consortium, comprising the FPT Corporation and the Viet Thai Group, signed a Framework Cooperation Agreement to develop sovereign AI capabilities and cloud infrastructure across Vietnam. G42 and its Vietnamese partners have a plan to develop a billion‑dollar data centre in Ho Chi Minh City.

Nguyen Ky Phung, head of the SHTP management board, said, “G42 has conducted surveys three times to select the site for its data centre at SHTP. In the first quarter of 2026, SHTP is expected to grant an investment licence for a $500 million data centre to Evolution Group.”

Besides data centres, Ho Chi Minh City aims to lure at least four high‑value foreign investment ventures in the semiconductor industry this year, targeting collaboration with foreign technology corporations such as AMD, Nvidia, and Qualcomm.

Among them, BE Semiconductor Industries NV (Besi) plans to invest $1 billion in a new advanced packaging fab in Vietnam. Although the exact location has not been confirmed, the facility may be developed in Ho Chi Minh City, where Besi operates a factory in SHTP.

According to the municipal Department of Finance, Ho Chi Minh City has attracted nearly $2.9 billion in foreign direct investment (FDI) in the first quarter of 2026, soaring 219 per cent from a year ago. The city is expected to secure an additional $8.9 billion in the second quarter, bringing the figure to around $11 billion by the end of the third quarter, equivalent to approximately 100 per cent of the 2026 annual target.

Some key ventures include Can Gio International Transshipment Port (over $4.9 billion), Nha Be Metrocity GS ($2.2 billion), a smart complex in Thu Thiem New Urban Area ($1.2 billion), the AI data centre in Tan Phu Trung Industrial Park ($2.1 billion), and Evolution Group’s data centre ($500 million).

Ahead of strong FDI inflows to the city, Phung said, "SHTP will revise its 1/2,000 detailed planning and revoke delayed projects, freeing up about 100 hectares of land to draw more high-tech and green technology investments."

"With ventures in the pipeline, SHTP is set for strong growth in 2026, targeting $1.6 billion in FDI attraction. In the next phase, the park will shift its focus to core technologies, semiconductors, AI, and innovation, rather than concentrating on manufacturing as before," he added.

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