At the World Economic Forum (WEF), Vietnam garnered considerable attention from prominent international technology companies and investment firms. Discussions centered on the country’s potential for growth in sectors like technology, infrastructure, and finance.
Schneider Electric, a major player in industrial technology, expressed interest in collaborating with Nvidia on data center development in Vietnam. This follows Nvidia’s recent announcement of a partnership with the Vietnamese government to establish an AI research and development center and an AI data center within the country.
The Investor reported that Jean-Pascal Tricoire, chairman of Schneider Electric, highlighted the importance of developing transport infrastructure to support Vietnam’s growth. He suggested that increased foreign investment in airports and seaports would be beneficial. A.P. Moller Capital, an investment firm with ties to the shipping giant Maersk, also expressed interest in Vietnamese infrastructure projects and called for a review of foreign ownership limits in the sector.
Moreover, Google‘s Sanjay Gupta emphasized Vietnam’s potential for economic advancement and highlighted the role of connectivity and data accessibility in achieving this goal. The Swiss Asian Chamber of Commerce identified opportunities for Vietnam to develop as an international financial center, aligning with the government’s recent initiatives to establish financial hubs in Ho Chi Minh City and Danang.
Vietnam has made a surprising about-face, welcoming foreign investment in its data center sector after strict data storage rules backfired. The new Law on Telecommunications, effective in July 2024, eliminates foreign ownership restrictions for data and cloud providers, a stark contrast to the 49% cap on foreign investment in many other Vietnamese industries.