Hong Kong-based Accelerated Infrastructure Capital (AIC) will jointly build a $2.1 billion AI data center in Ho Chi Minh City, Vietnam’s biggest city, according to the municipal authorities.

The firm and Ho Chi Minh City Department of Science and Technology signed a memorandum of understanding for the move on Wednesday. The project is jointly conducted by AIC and KinhBac City Development Holding Corporation (KBC), a major industrial real estate developer in Vietnam.

The groundbreaking ceremony of the project is slated for April 30, a major holiday in Vietnam. The capital disbursement is set to complete by the end of the first quarter of 2027.

The first phase of the project will develop an AI facility of up to 50MW, equivalent to 28,000 graphics processing units (GPUs). The project can provide computing capacity to serve the artificial intelligence and high-performance computing needs of customers inside and outside Vietnam.

The project aims to build a modern data center per international standards; promote research and application of AI in various industries. It can also contribute to the formation of an ecosystem for innovation, research and development of technology, and digital economic development in Ho Chi Minh City.

AIC is a global investment and management advisory platform for data centres and digital infrastructure. AIC provides active direct investment and access to venture funding and growth capital in support of “next generation” digital infrastructure programmes in Tier 2 and Tier 3 markets worldwide.

HITC and Evolution team up to develop large-scale data centers in Vietnam