GS E&C announced on the 24th that on the 22nd it signed a memorandum of understanding (MOU) in Hanoi, Vietnam, with local IT company FPT Corporation for data center development and smart city construction.

The signing ceremony was attended by key officials including GS E&C CEO Heo Yoon-hong and FPT Corporation CEO Nguyen Van Khoa.

FPT Corporation is an IT company that holds the No. 1 market share in the private-sector data center market in Vietnam. GS E&C has capabilities spanning design, construction, and operation in the data center field, and based on this, the two companies plan to cooperate in expanding Vietnam’s digital infrastructure.

The two companies will pursue data center development mainly in key regions of Vietnam, starting initially with capacities in the tens of megawatts (MW) and expanding in stages. To respond to increasing demand for AI and cloud services, they also plan to apply construction methods that prioritize efficiency, such as modular design.

Cooperation will also take place in the smart city sector. The two companies plan to promote the construction of digital infrastructure across cities, including intelligent transportation systems, energy management, and public safety platforms, and to enhance operational efficiency by utilizing AI- and IoT-based technologies.

In terms of role sharing, GS E&C will be responsible for project execution, including development, design, and construction, while FPT Corporation will provide cloud and digital platform technologies and support the projects by utilizing its local network.

On the 23rd, GS E&C also signed a financial cooperation MOU with the Bank for Investment and Development of Vietnam (BIDV), a state-owned commercial bank in Vietnam. Through this, the company plans to establish a financial support framework for development projects and smart city projects promoted by its Vietnamese subsidiary VGSE.

The two parties will provide financial services such as project financing, guarantees, and fund management, and will also consider housing finance programs for smart city residents.

With this cooperation, GS E&C plans to secure an integrated business structure that links data center development, smart city construction, and financial support, thereby strengthening its position in Vietnam’s digital infrastructure market.

A GS E&C official said, “We plan to expand related businesses in line with the growth of Vietnam’s digital economy,” adding, “We will continue to enhance our business competitiveness based on our technological and infrastructure capabilities.”

Meanwhile, GS E&C is pushing to restructure its portfolio around new businesses such as data centers, AI, and clean energy.

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