HCMC DRAWS BILLIONS INTO DATA CENTER PROJECTS

An aerial view of downtown HCMC - PHOTO: LE VU

HCMC – HCMC is drawing several billion-dollar investments in data centers and digital infrastructure, with investors in the UAE and the United States committing up to US$2 billion each.

The UAE’s G42 and Vietnamese partners signed a long-term agreement to develop large-scale data centers in Vietnam with total capital of up to US$2 billion. The facilities will be built in HCMC and operated under international standards to provide digital services to government agencies, businesses, and global partners.

Separately, a U.S. investor is implementing another major data center project in the city with an estimated US$2 billion required, according to Nguyen Van Duoc, chairman of the HCMC People’s Committee.

Authorities view these projects as critical infrastructure to support secure data storage, processing, and transmission, and to help attract international financial institutions, fintech firms, and global technology companies.

The launch of the Vietnam International Financial Center in HCMC (VIFC-HCMC) on February 11, 2026, has reinforced the city’s push to build digital and financial infrastructure. The center plans to invest heavily in technology systems to serve global capital flows.

Pham Tuan Anh, head of technology at the VIFC-HCMC’s executive board, said the financial hub is designed to facilitate investment into Vietnam and act as a regional capital transit point, including foreign indirect investment that previously lacked efficient entry channels.

Singapore- and Australia-based Vantage Point Asset Management has committed to mobilize up to US$10 billion over five years for investment linked to the center, focusing on data infrastructure, fintech platforms, and smart city systems. HCMC is also planning a digital asset investment fund with a target size of around US$1 billion to support the fintech ecosystem.

Lam Dinh Thang, director of the HCMC Department of Science and Technology, said investments in data centers, artificial intelligence, and cloud computing are essential to support digital transformation, smart city development, and the international financial center.

HCMC continues to lead Vietnam in attracting foreign investment. According to the city’s Department of Finance, the city had more than 20,470 valid FDI projects with total registered capital of US$142.2 billion as of the end of January. In 2025 alone, it attracted more than US$8.37 billion in FDI.

Source: The Saigon Times