A data center campus is planned in Ho Chi Minh City, Vietnam.

Kinh Bac City Development Holding Corporation (KBC) signed a Memorandum of Understanding (MoU) with Accelerated Infrastructure Capital (AIC) and Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) late last month to develop an AI data center complex in Ho Chi Minh City.

The companies aim to develop a ten-hectare, 200MW campus in Tan Phu Trung Industrial Park. The project could see up to $2 billion invested, which will be funded via equity and commercial loans, in which the equity capital is contributed by KBC, AIC, and partners.

The SGI-HCM site will reportedly be able to operate 100,000 GPUs. Timelines for development weren’t shared beyond saying it will be established in the next few years. Local reports suggest the first phase could come online by the end of 2027.

Accelerated Infrastructure Capital (AIC) was formed in 2023 by the co-founders of APAC data center firm Chayora. The company is a global investment and management advisory platform for data centers and digital infrastructure, with a focus on Tier 2 and Tier 3 markets worldwide.

In the release, AIC said it was “looking forward to a long-term cooperation with KBC and related parties in developing a chain of hyperscale and neocloud data centers, serving the needs of cloud computing and AI in the region.”

VietinBank, one of the largest commercial banks in Vietnam, will act as a financial partner.

Dang Thanh Tam, chairman of the KBC board of directors, said: “As a member of Saigon Invest Group, KBC wishes to contribute to the development of digital infrastructure in Vietnam. The data center is part of the process of upgrading the industrial park value chain, helping Vietnam to take the lead in new production and technology trends. We are honored to cooperate with domestic and foreign partners to implement this project, contributing to promoting investment, innovation, and sustainable development.”

Dang Nguyen Nam Anh, deputy general director of KBC, added: “Vietnam is entering the era of data and artificial intelligence, where data centers are the foundation of digital transformation. KBC will closely coordinate with domestic and foreign partners to jointly create data infrastructure and digital industry, based on its existing strengths in developing industrial parks and sustainable infrastructure.”

Vietnam is a growing data center market. It relaxed its laws regarding foreign ownership of data centers in July 2024, removing the 49 percent foreign ownership cap. As well as a number of local telecoms operators, other operators around Ho Chi Minh include STT GDC, Edge Centres, Gaw, NTT, VNG, True IDC, and CMC.