On November 4, KBC disclosed this unexpected development, revealing that on October 28, it entered into a memorandum of understanding (MoU) with Accelerated Infrastructure Capital (AIC) and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank). The signing took place in London and outlines their collaboration on building a 200MW artificial intelligence data center at Tan Phu Trung Industrial Park in Ho Chi Minh City.

Accelerated Infrastructure Capital (AIC) is a data center and digital infrastructure investment platform headquartered in both London and Hong Kong.

The MoU signing was held shortly after a high-level reception for international business leaders and investors hosted by Secretary of the Ho Chi Minh City Party Committee Tran Luu Quang and Vice Chairman of the Ho Chi Minh City People’s Committee Nguyen Loc Ha.

According to the agreement, the three parties will combine their respective strengths to launch the first phase of the project and explore opportunities to expand to other locations across Vietnam in the following stages.

KBC, led by Chairman Dang Thanh Tam, is a seasoned player in developing industrial zones and urban areas. The firm sees the data center initiative as a strategic step in upgrading its value chain - transitioning from traditional manufacturing infrastructure to digital and high-tech ecosystems.

This move is considered a natural evolution of KBC’s industrial ecosystem and is expected to enhance its appeal to high-tech and digital service investors in Vietnam.

AIC has experience in developing large-scale data center projects in Asia, the Middle East, and Europe, with a total investment portfolio exceeding $20 billion.

The firm aims to establish long-term collaboration with KBC and other partners to build a hyperscale and neocloud data center network to support cloud computing and AI demands across the region. VietinBank will serve as the financial partner, offering project advisory, financial services, and capital mobilization.

The estimated investment of nearly $2 billion will come from a combination of equity and commercial loans, with the equity contributed by KBC, AIC, and other strategic partners.

Dang Thanh Tam stated that the data center is a crucial component in upgrading the industrial zone value chain, positioning Vietnam to capitalize on the global shift toward new manufacturing and technology trends.

Manh Ha