Thị trường Data Center Việt Nam 2023–2025: Cơ hội đầu tư

2. Major Data Center & AI Projects (2023–2025)

Below is a detailed breakdown of major operational and under-construction data center projects in Vietnam:

3. Key Investors Profile

Domestic Telecommunication & Tech Giants

1. Viettel Group (Viettel IDC):
2. Market Position: Dominant market leader with ~40% market share.
3. Footprint: Operates 14+ data centers across Hanoi, HCMC, Da Nang, and Binh Duong with 11,500+ racks (>50 MW active capacity).
4. Strategy: Targeting 34,000 racks by 2030. Key investments include Hoa Lac DC (30 MW, April 2024) and An Khanh DC ($665M, 60 MW, Aug 2025).
5. VNPT Group:
6. Footprint: Operates 8+ IDCs nationwide. Launched flaghship VNPT IDC Hoa Lac (2,000 racks, Oct 2023).
7. Strategy: Expanding regional edge data centers to support government digital transformation, 5G core network, and enterprise cloud.
8. FPT Corporation / FPT Telecom:
9. Footprint: Operates Fornix data centers in Hanoi and HCMC.
10. Strategy: Heavy focus on AI infrastructure. Partnered with NVIDIA ($200M AI Factory in April 2024) and G42 ($1B framework) for GPU cloud services.
11. CMC Telecom:
12. Footprint: Operates 3 data centers (Tan Thuan, Cau Giay, Da Nang).
13. Strategy: High-security enterprise & financial cloud hosting. CMC Tan Thuan DC ($63M) is TVRA and Tier III certified.
14. VNG Corporation:
15. Strategy: Partnered with Singapore’s ST Telemedia Global Data Centres (STT GDC) to form a joint venture operating STT VNG Saigon 1 (9.6 MW) and developing STT VNG Saigon 2 (60 MW).

International Investors & Cloud Hyperscalers

1. ST Telemedia Global Data Centres (STT GDC, Singapore):
2. First major foreign hyperscale operator to establish operational JV footprint in Vietnam. Total planned footprint in HCMC: ~70 MW.
3. NVIDIA:
4. Strategic partner powering Vietnam’s sovereign AI roadmap. Supporting FPT ($200M AI Factory), Viettel, and VNPT with H100/H200 Tensor Core GPUs and AI Center of Excellence.
5. Google:
6. Exploring a ~$300M–$650M (50 MW) hyperscale data center project near Ho Chi Minh City, targeting operational launch around 2027.
7. AWS (Amazon Web Services):
8. Launched AWS Direct Connect in Hanoi (CMC Tower, Dec 2025) and deployed an AWS Local Zone in Hanoi (June 2026) to provide sub-10ms cloud latency.
9. G42 (UAE):
10. Entered a $1.0 Billion framework agreement with FPT Corporation and Viet Thai Group to develop AI infrastructure and supercomputing data centers.
11. Keppel Data Centres (Singapore):
12. Established strategic framework with Dell Technologies (Sept 2025) to deploy AI data center platforms in Vietnam, Singapore, and Malaysia.
13. Equinix & Digital Realty:
14. Monitoring market expansion closely following the removal of foreign ownership caps under the 2024 Telecommunications Law; establishing interconnection and cloud on-ramps.

4. Government Policies & Regulatory Framework

flowchart TD

    A[Vietnam Data Center Regulatory Framework] --> B[Law on Telecommunications 2023 / Decree 163/2024]

    A --> C[Decree 53/2022/ND-CP Cybersecurity]

    A --> D[Decree 13/2023/ND-CP Data Protection]

    A --> E[Decision 36/QD-TTg ICT Infrastructure Plan]

    A --> F[PDP8 & Decree 80/2024 DPPA Green Power]

    B --> B1[Allows 100% Foreign Ownership of DCs]

    C --> C1[Mandatory Data Localization for User Data]

    D --> D1[Cross-Border Data Transfer DPIA Assessments]

    E --> E1[National Digital Hub & Tier III/IV Standards]

    F --> F1[Direct Renewable Energy Power Purchase for DCs]

Key Legislation & Decrees:

1. Law on Telecommunications 2023 (Law No. 24/2023/QH15) & Decree 163/2024/ND-CP:
2. Effective Date: July 1, 2024 (Decree 163 effective Jan 1, 2025).
3. Impact: Modernized telecommunications laws by explicitly categorizing Data Centers, Cloud Computing, and OTT services as digital infrastructure/value-added services.
4. Foreign Ownership: Crucially removes the 49% foreign equity cap, allowing 100% foreign-owned entities to build, own, and operate data centers and cloud services in Vietnam without local joint venture requirements.
1. Decree 53/2022/ND-CP (Cybersecurity Data Localization):
2. Effective Date: October 1, 2022 (Guiding the 2018 Law on Cybersecurity).
3. Impact: Mandates that domestic telecom/internet firms and foreign tech platforms (cloud providers, OTT, social media, fintech) store specific user data locally in Vietnam:
4. Personal information of users in Vietnam.
5. User account creation data, credit card details, IP addresses, transaction logs.
6. Foreign firms served with non-compliance notices must store data in Vietnam and establish a local representative office/branch.
1. Decree 13/2023/ND-CP (Personal Data Protection Decree – PDPD):
2. Effective Date: July 1, 2023.
3. Impact: Vietnam’s comprehensive data privacy framework (similar to GDPR). Categorizes basic vs. sensitive personal data, mandates Data Protection Impact Assessments (DPIA), and requires prior approval and risk evaluations before transferring Vietnamese citizens' data across borders.
1. Decision 36/QD-TTg (Jan 11, 2024) – ICT Infrastructure Master Plan (2021–2030):
2. Approved by Prime Minister Pham Minh Chinh. Positions Vietnam as a regional Digital Hub.
3. Mandates green, open-architecture data centers meeting Uptime Tier III/IV standards across Northern (Hanoi/Hoa Lac), Southern (HCMC/Tan Thuan), and Central (Da Nang) clusters.
1. Power Development Plan VIII (PDP8) & Decree 80/2024/ND-CP (DPPA):
2. PDP8 (Approved May 2023): Prioritizes stable power allocation for high-tech digital hubs and industrial zones.
3. Decree 80/2024/ND-CP (Direct Power Purchase Agreement – DPPA): Enables large power consumers (like 30 MW–60 MW data centers) to purchase renewable energy directly from private solar/wind generators via the national grid or direct physical connection, aiding corporate RE100 commitments.

5. Subsea Cable Infrastructure

Subsea fiber-optic cables are critical to Vietnam's connectivity. To mitigate frequent outages of legacy routes, major investments are bringing high-capacity next-generation cables online.

Subsea Cable Capacities & Timeline (Vietnam Landing Points)

┌─────────────────────────┬──────────────┬───────────────────┬──────────────────────┐

│ Cable System            │ Capacity     │ Landing Point     │ Readiness Status     │

├─────────────────────────┼──────────────┼───────────────────┼──────────────────────┤

│ ADC (Asia Direct Cable) │ >140 Tbps    │ Quy Nhon          │ Operational 2024-25  │

│ SJC2 (SE Asia-Japan 2)  │ ~126 Tbps    │ Quy Nhon          │ Operational 2024-25  │

│ ALC (Asia Link Cable)   │ ~18 Tbps/fp  │ Da Nang           │ Expected 2025-26     │

│ VTT (Viettel Cable)     │ Custom       │ Ba Ria - Vung Tau │ Planned 2026         │

└─────────────────────────┴──────────────┴───────────────────┴──────────────────────┘

Legacy Active Cables (5 Existing Routes):

1. AAG (Asia-America Gateway): 20,000 km, frequently damaged by shallow water vessel traffic in the Malacca Strait / South China Sea.
2. APG (Asia Pacific Gateway): 10,400 km, ~54 Tbps capacity.
3. IA (Intra-Asia Cable System): 6,800 km.
4. AAE-1 (Asia-Africa-Europe 1): 25,000 km, ~40 Tbps capacity.
5. SMW3 (Southeast Asia-Middle East-Western Europe 3): Aging cable system near end-of-life.

Next-Generation Cables (2024–2026 Onboarding):

• ADC (Asia Direct Cable): ~23,000 km connecting Vietnam (Quy Nhon) with Japan, China, Philippines, Singapore, Thailand. Design capacity >140 Tbps.
• SJC2 (Southeast Asia-Japan Cable 2): ~10,500 km connecting Vietnam (Quy Nhon) with Singapore, Japan, Taiwan, Hong Kong. Design capacity ~126 Tbps.
• ALC (Asia Link Cable): ~6,000 km connecting Da Nang with Singapore, Hong Kong, Philippines, Brunei. Co-invested by Viettel.
• MIC Master Target: The Ministry of Information and Communications (MIC) aims to add 4 to 6 new subsea cable routes by 2030, boosting international bandwidth from ~20-30 Tbps to >150 Tbps while building terrestrial fiber connections via Laos and Cambodia.

6. 5G Spectrum & Rollout Timeline

5G deployment is a core catalyst driving low-latency edge data center demand.

1. Spectrum Auctions (March 2024):

• Viettel: Won the B1 spectrum band (2500 MHz – 2600 MHz) for VND 7.5 trillion (~US$300 Million).
• VNPT: Won the C2 spectrum band (3700 MHz – 3800 MHz) for VND 2.58 trillion (~US$104 Million).
• MobiFone: Secured the C3 spectrum band (3800 MHz – 3900 MHz).

2. Commercial Launch (October 2024):

• Viettel 5G Launch: Officially launched commercial 5G on October 15, 2024. Deployed over 6,500 5G base transceiver stations (BTS) across all 63 provinces, delivering speeds of up to 1 Gbps.
• VNPT & MobiFone: Commenced commercial 5G rollouts in major metropolitan and industrial areas in Q4 2024 / early 2025.

3. Impact on Data Centers:

5G provides sub-10ms network latency required for IoT, smart manufacturing, financial high-frequency trading, and AI processing, creating immediate demand for edge data centers in Hanoi, HCMC, Binh Duong, and Da Nang.

7. Market Drivers & Challenges

Key Growth Drivers

1. Data Localization Regulations: Decree 53 and Decree 13 mandate local data storage for cloud and digital services, accelerating server migration from Singapore/Hong Kong to local Vietnamese data centers.
2. 100% Foreign Equity Liberalization: Telecommunications Law 2023 allows foreign data center operators full control, unlocking international private equity and REIT capital.
3. Rapid Digital Economy Growth: E-commerce, digital payments, video streaming, and AI workloads driving explosive bandwidth and storage demand.
4. Cost Advantage: Build costs at ~$7.0M/MW make Vietnam significantly cheaper than established regional hubs.

Operational Challenges

1. Power Supply & Grid Stability: High-density AI racks (20 kW–40+ kW/rack) put heavy load on regional power grids. Operators rely on PDP8 grid expansion and Decree 80 DPPA mechanisms for clean power.
2. Subsea Cable Vulnerability: Frequent outages on existing subsea routes affect international connectivity until ADC and SJC2 are fully operational.
3. Land Acquisition in Tier-1 Cities: Scarcity and cost of industrial land in central Hanoi and HCMC force operators toward satellite hubs (Hoa Lac, Tan Thuan EPZ, Binh Duong).
4. Specialized Talent Shortage: Scarcity of certified data center design engineers (CDCP/CDCS), liquid cooling specialists, and cybersecurity experts.

8. Outlook (2025–2028)

• Hyperscale & High-Density AI Workloads: Shift toward high-density computing (liquid cooling, 30+ kW/rack) driven by AI partnerships (e.g., FPT-NVIDIA, G42).
• Accelerated Foreign FDI Entry: Major global operators (Google, STT GDC, Keppel) expanding direct investments or forming strategic JVs.
• Green Certification Standard: International enterprise clients demanding LEED Gold/Platinum, ISO 50001, and Power Usage Effectiveness (PUE) ratios below 1.40.
• Regional Digital Hub Target: Total capacity expanding toward 500 MW by 2028 and 1,000 MW (1 GW) by 2030, solidifying Vietnam as Southeast Asia's next tier-1 digital infrastructure hub.

Report generated on August 8, 2026 based on empirical regulatory disclosures, corporate announcements, and market research figures (2023–2025).