Vietnam's biggest private sector business Vingroup has announced the launch of a new tech hub in the country's capital dedicated to enabling and advancing work on artificial intelligence, big data and technological research
Vietnam’s capital city could become home to the latest tech ecosystem after the country’s largest private sector company, Vingroup, revealed it wants to build a new Silicon Valley-style hub.
The retail and real estate conglomerate aims to realise this goal through the creation of its latest collection of business interests under the umbrella of VinTech, which will focus on expanding the city’s capability in artificial intelligence (AI) and big data.
Vingroup vice-chairman and deputy general director Nguyen Viet Quang said: “Vingroup has now qualified to join the technological and industrial sectors after 25 years of consolidation and investment.
“Investments in the two sectors will not only help Vingroup reach new heights but also create a new tech industry environment to boost Vietnam on the world’s tech stage.
“This is our destiny and we’ll strive to realise this target.”
Breaking down the Vingroup Hanoi tech hub
Vingroup’s move is only the latest in an ongoing effort to expand its business into the world of tech.
It also announced its commitment to employing 100,000 technology students within the next ten years as part of this plan and to help accelerate its work in Hanoi.
The company’s new VinTech business unit will research and acquire licences from various Vietnamese organisations to enable the progression of tech-focused initiatives and advancements.
It will study and test products that use AI, automation and next-generation materials in a bid to deepen the national understanding of future tech.
Additionally, VinTech plans to create a fund for science and technology applications to support research projects conducted by domestic students and lecturers.
Vingroup will also establish an investment fund to help finance this work, though has not yet disclosed its full amount.
The company was founded in 1993 by Pham Nhat Vuong, the country’s richest man with a net worth of $6.7bn (£5.2bn) according to Forbes.