Schneider Electric keen to partner with Nvidia in developing data centers in Vietnam

Schneider Electric is keen to cooperate with U.S tech giant Nvidia in developing data centers in Vietnam, said Jean-Pascal Tricoire, chairman of the French industrial technology giant.

At a forum on the sidelines of the World Economic Forum (WEF) in Davos on Tuesday, Tricoire also noted that he wanted to see Vietnam have breakthroughs in the development of transport infrastructure, airports and seaports. The participation of foreign investors will contribute to helping Vietnam realize this goal, he added.

The forum, focusing on high-tech investment in Vietnam, was organized on occasion of Prime Minister Pham Minh Chinh attending the 55th Annual Conference of the WEF and gathered more than 30 representatives of global corporations and senior Vietnamese leaders.

Schneider Electric is a global industrial technology leader famous for expertise in electrification, automation, digitization, smart infrastructure, and data centers.

Nvidia and the Vietnamese Government on December 5, 2024 signed a deal to jointly set up an AI R&D center and an AI data center in Vietnam, which are expected to turn the country into a hub of Asia in this field. Financial details regarding the planned centers were not mentioned.

The AI R&D center of Nvidia in Vietnam, named the Vietnam Research and Development Center (VRDC), will be one of the giant's three world-class AI R&D centers, along with one in Santa Clara (Silicon Valley) and one in Taiwan, according to ambassador Hoang Anh Tuan, consul general of Vietnam Consulate General in San Francisco.

At the Tuesday forum, Kim Fejer, CEO of A.P Moller Capital, proposed Vietnam raise the ceiling foreign ownership at projects in two important infrastructure areas: airports and seaports.

Currently, the ceiling ownership limit for foreign investors at airport and seaport projects in Vietnam is 30% and 49%, respectively.

Fejer noted that the group is looking for investment opportunities and partners in infrastructure, transportation and logistics projects in Vietnam.

A.P Moller Capital is a subsidiary of A.P Moller Group that owns a $2 billion investment portfolio, including the world's leading shipping company Maersk.

Sanjay Gupta, president of Google's Asia Pacific business, commented that Vietnam has a 'unique' position to become a developed country in the region. The government should increase connectivity and open up AI data warehouses to develop even more strongly, he added.

Roger Leitner, president and CEO of the Swiss Asian Chamber of Commerce, highlighted that Vietnam can develop a financial center by opening the door for the world's leading financial institutions to develop digital assets and cooperate with local private banks.

Vietnam is completely capable of becoming an international financial center similar to Switzerland, Singapore and the UAE, he said.

In November 2024, Vietnam’s highest decision-making body, the Politburo, greenlighted the establishment of an international financial center in Ho Chi Minh City and a regional financial center in Danang. The government's action plan was mentioned in its Resolution 259/NQ-CP dated December 31, 2024.