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We have more details on Vietnam, UAE collaboration, with some USD 3.5 bn earmarked for a new data center and related infrastructure. Foreign Trade Minister Thani Al Zeyoudi also expressed interest in pursuing further investments in Vietnam.
ICYMI- The UAE and Vietnam and the UAE inked a comprehensive partnership agreement earlier this week that will see both countries cooperate across several sectors and unlock USD 20 bn in trade. The agreement is expected to give a boost to sectors like food production, textiles, machinery, metal industries, logistics, and infrastructure, Al Zeyoudi said.
DIGITAL INFRASTRUCTURE-
UAE’s Benya Group and Vietnamese Vingroup are funneling USD 3.5 bn to develop a hyper-scale data center in Vietnam, along with supporting technical, power, and water treatment infrastructure, according to a statement from Vingroup. The project aims to support Vietnam’s growing digital economy and strengthen digital connectivity in the region.
The details: The data center is set to reach 300 MW in capacity, serving both domestic and international markets. It will be built in three phases, though the specific completion date has not been disclosed.
MARITIME LOGISTICS-
AD Ports is also partnering with Vingroup to develop shipyard-building capabilities, logistics ecosystems, and seaport operations in Vietnam, focusing on modernizing Vietnam’s logistics and manufacturing sectors. Vingroup will manage project development, infrastructure construction, and local partnerships, while AD Ports will oversee operational management and connect with international clients.
AD Ports also inked an MoU with Vietnam Customs (GDVC) to explore digital trade solutions for the country’s customs department, including a single window trade solution, customs and border solutions, trade and risk management platforms, and AI-supported digital trade solutions, Wam reports.
EVs-
Emirates Driving to back Vinfast: Emirates Driving will also lead a consortium of Emirati investors to provide at least USD 1 bn in funding to Vietnamese automotive company Vinfast, Bloomberg and Reuters report, citing sources. No specific timeline has been set up for the disbursement of these funds, the source said, while the Vingroup statement only confirmed that Emirates Driving will be leading a consortium investing in the company.
What we know: The two companies will work towards developing electric vehicle (EV) infrastructure, driver training, and road safety initiatives to support VinFast’s growth efforts, according to Vingroup’s statement.
COASTAL DEVELOPMENT-
NMDC’s partnership with Vingroup involves exploring coastal land reclamation projects, including a 150 mn cubic meter allocation for urban development. Additional projects will focus on land reclamation for industrial and real estate purposes, as well as coastal protection initiatives for high-end real estate developments.
How it will work: Vingroup will lead the development of urban and high-end real estate projects, while NMDC will contribute technical expertise to promote sustainability and reduce ecological impact.
THERE MIGHT BE MORE-
More UAE-Vietnam collaboration on the horizon? Abu Dhabi Investment Authority (Adia) Managing Director Sheikh Hamed Bin Zayed Al Nahyan met with Vietnamese PM Pham Minh Chinh to express Adia’s interest in backing various priority sectors in Vietnam, Tuoi Tre News reports. Adia agreed to explore projects in infrastructure, climate response, innovation, and the establishment of financial centers and freetrade and cargo transit zones for petroleum products in Vietnam, as well as partnerships with Vietnamese food corporations.
What’s next? Adia plans to send a working delegation to Vietnam to kickstart these collaborations, with Vietnamese PM Chinh tasking Vietnam’s Planning and Investment Ministry and other state agencies with coordination with Adia on potential projects.
