Vietnam conglomerate Vingroup, UAE partner seek to build $3.5 bln data center
Vietnam’s leading conglomerate Vingroup and the Middle East-focused Benya Technologies will jointly explore opportunities to invest in a $3.5 billion data center in Vietnam.
Vingroup and its Middle East partners signed a memoranda of understanding (MoUs) for the move at the Vietnam-UAE Business Forum, on the sidelines of Vietnamese Prime Minister Pham Minh Chinh’s official visit to the UAE, Vingroup said Tuesday.
Vingroup signs MoUs in the UAE on October 28, 2024. Photo courtesy of Vingroup.
Regarding digital transformation, Benya Technologies, which represents a group of investors from the Middle East and Africa, and Vingroup will assess feasibility and develop plans for several projects, including a hyper-scale data center and related technical, power and water treatment infrastructure.
The $3.5 billion hyper-scale data center project will be developed in three phases, reaching an estimated capacity of 300 MW. It aims to meet both domestic and international digital infrastructure needs.
Vingroup also signed MoUs regarding sustainable coastal land development and maritime logistics.
In maritime logistics, AD Ports Group, one of the leading port management and logistics development companies in the UAE, will seek opportunities to collaborate with Vingroup in joint development of shipyard building capabilities, logistics ecosystems, and seaport operations.
Vingroup will assess which potential projects could be secured for development, where it could oversee construction, provide essential infrastructure, and engage with local partners. Meanwhile, AD Ports Group will manage the operational aspects of the projects and connect with international customers.
For sustainable coastal land development, Vingroup and NMDC, a leader in coastal infrastructure and coastal protection, will explore cooperation in various areas, such as a project to reclaim 150 million cubic meters of coastal land for urban development, large-scale coastal reclamation for industrial and real estate purposes, sustainable coastal protection for high-end real estate, and other coastal-related projects.
Vingroup will take the lead in developing high-end real estate and urban projects, while NMDC will provide advanced technical solutions to enhance sustainability and minimize the impact on marine ecosystems.
Once operational, these projects are expected to create thousands of local jobs, boost economic development in coastal areas, and contribute significantly to Vietnam’s coastal tourism and services sectors.
Additionally, VinFast, the electric vehicle (EV) maker under Vingroup, signed an MOU with Emirates Driving Company (EDC), Abu Dhabi’s leading driver training and road safety institute. The two will focus on EVs, driver training in Vietnam, and investment to support Abu Dhabi’s industrial sector.
Under this agreement, EDC will lead a consortium investing in VinFast. In addition to gaining access to funding, VinFast will benefit from EDC’s expertise in driver training and road safety, supporting the development of a comprehensive EV ecosystem.
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