Malaysia’s K-One Technology, a partner of Amazon Web Services, Google, Microsoft and Alibaba, is in the process of setting up a cloud computing joint venture in Vietnam.
The tech solutions provider has proposed Ho Chi Minh City-based VietNet Distribution JSC to form the venture with its wholly-owned subsidiary G-AsiaPacific Sdn Bhd, K-One said in a release Thursday, adding that the two sides had entered a term sheet.
The new entity’s proposed name is G-AsiaPacific (Vietnam) Limited Liability Company, and the capital contribution plan is 51% from the Malaysian side and the balance from the Vietnamese partner. The parties shall execute the definitive agreements - the joint venture deal and shareholders’ agreements - no later than November 30, 2022, according to K-One.
K-One states it is partnering with Amazon Web Services, Google, Microsoft and Alibaba to deploy cloud solutions and services to local and regional enterprises in Southeast Asia, and the proposed joint venture is in line with its ongoing regional cloud business expansion.
The cloud computing market in Vietnam is one of the fastest growing in the region, driven by its accelerating digital transformation, according to K-One. Besides, Amazon Web Services, Google and Microsoft have established their big footprints in Vietnam for good reasons.
Under the K-One proposal, Vietnet Distribution would focus on developing the business through its wide network, while G-AsiaPacific would provide technical support.
VietNet was established in 2011 in HCMC as a value-added distributor of cybersecurity solutions. It also runs offices in Hanoi, Cambodia, and Malaysia. The firm says it partners with leading cybersecurity vendors like Fortinet, McAfee, Keysight, Netscout, PTC, LogRhythm, D3Security, Menlo, Radware, and others.