GS E&C President and CEO Huh Yoon-hong, front row left, poses with FPT Corp. CEO Nguyen Van Khoa, front row right, in Hanoi, Vietnam, Wednesday, after signing a memorandum of understanding to cooperate in developing and building data centers and smart cities. Courtesy of GS E&C
Major engineering company GS E&C has secured footholds for expanding its data center and smart city projects in Vietnam on the back of President Lee Jae Myung’s state visit to the country last week.
The construction arm of GS Group on Wednesday met representatives of FPT Corp., the largest private IT company in Vietnam and the country’s data center market leader by volume. The meeting in Hanoi brought together GS E&C President and CEO Huh Yoon-hong and FPT CEO Nguyen Van Khoa.
The two signed a memorandum of understanding (MOU) on data center development and smart city construction in Vietnam. Drawing on the Korean firm’s more than 20 years of experience in the data center business, the companies agreed to cooperate to support Vietnam’s digital economy growth and nationwide digital transformation.
GS E&C said the data centers will be built in key regions across Vietnam with an initial capacity of tens of megawatts each. The facilities’ efficiency will be secured through modular construction.
The two companies will also cooperate on introducing smart city infrastructure features based on artificial intelligence (AI) and Internet of Things (IoT) technologies, developing plans for advanced traffic systems, energy monitoring systems and public safety platforms.
Under the partnership, GS E&C will provide design and construction expertise for building AI infrastructure in Vietnam. FPT, meanwhile, will provide technological cooperation based on its expertise in cloud services and digital platforms, generate local demand and support partnerships with the Vietnamese government and local authorities.
On Thursday, GS E&C signed another MOU on comprehensive financial services cooperation with the Bank for Investment and Development of Vietnam, Vietnam’s largest state-owned commercial bank. The agreement aims to establish a financial support framework for development projects and broader smart city businesses being pursued by VGSE, GS E&C’s Vietnamese subsidiary.
Under the partnership, the two parties will provide various financial solutions, including project finance, guarantees and cash management, and introduce housing finance programs tailored to residents of future smart cities in Vietnam.
“We will concentrate the company’s technological capabilities and infrastructure expertise to strengthen economic cooperation between Korea and Vietnam and contribute to Vietnam’s digital economic growth. We aim to leap forward from a mere construction company into a leading partner in smart, innovative technologies," a GS E&C official said.
Source: Korea Times News
