G42 Group plans to invest in a $2 billion AI metadata center in Ho Chi Minh City

The above information was given by Mr. Lam Dinh Thang, Director of the Department of Science and Technology of Ho Chi Minh City in his report at the closing session of the 1st Congress of the Ho Chi Minh City Party Committee, term 2025 - 2030, which took place on the morning of October 15.

Ho Chi Minh City has risen to 30th place in the world in Blockchain

In his speech at the conference, Mr. Lam Dinh Thang, Director of the Department of Science and Technology of Ho Chi Minh City, said that in the recent period, science, technology and innovation have affirmed their role as important driving forces for the growth of the City.

Mr. Lam Dinh Thang, Director of the Department of Science and Technology of Ho Chi Minh City, presented the paper "Developing science and technology, innovation and digital transformation - Strategic breakthrough of Ho Chi Minh City in the new period in the spirit of Resolution 57 NQ/TW. Photo: Organizing Committee.

The city has achieved positive results that lay the foundation for development in the next 5 years. Specifically, the contribution of total factor productivity (TFP) - the factor that affirms the contribution of science and technology to the city's growth, is expected to reach 59% by the end of 2025, and is forecast to continue to play a leading role in growth in the next 5 years.

The digital economy is growing strongly, contributing 22% to GRDP in 2024 and is expected to increase to 25% in 2025. According to Mr. Thang, the City is currently ranked 2nd in digital transformation index and national innovation index.

The City's science and technology ecosystem is ranked 110th globally and 5th in Southeast Asia.

A very favorable factor in digital financial activities is that the City has risen to 30th place in the world in Blockchain.

To achieve the above results, Ho Chi Minh City has persistently and synchronously implemented many key groups of solutions. The city has built many unique and outstanding mechanisms and policies to attract talent and investment capital, typically: Non-refundable financial support for innovation; Preferential policies on salaries and wages; Formation of international standard research centers.

Ho Chi Minh City also strives to reform administration and attract investment. In particular, Reduced nearly 300 procedures related to production and business, equivalent to more than 1,900 working days. Established specialized working groups to provide direct and timely support to strategic investors.

Thanks to that, in just the first 6 months of 2025, the science and technology sector attracted 1.6 billion USD (accounting for 40%) of FDI capital. Currently, the City has more than 140 science and technology enterprises, ranking 2nd in the country.

In particular, the City focuses on training human resources in depth and breadth. According to Mr. Thang, With the potential of nearly 100 high-quality training units in the city, many of the world's leading technology corporations have opened offices and R&D centers in the city, typically SAP, Marvell, and Qualcomm.

However, the Director of the Department of Science and Technology of Ho Chi Minh City also frankly acknowledged some major challenges. For example, the mechanism for managing science and technology is not yet flexible enough to follow the market economy.

The city still lacks testing spaces for new technology products. The data infrastructure is not yet complete for comprehensive digital transformation, and is in dire need of support from central ministries and branches.

The “3-house” linkage model has not really developed in depth. Total social expenditure for research and development is still low.

Three strategic breakthroughs for science and technology development

In the next 5 years, Ho Chi Minh City aims for TFP to contribute at least 60%, with the digital economy accounting for 30-40% of GRDP. The city will become an international-class Innovation Center by 2030. "This is a task that the Central Steering Committee on Resolution 57 has just assigned to the City," Mr. Thang informed.

In addition, the City also aims to build an innovative science and technology ecosystem in the Top 100 most dynamic cities in the world. The City has at least 5 international standard research centers in strategic technology fields.

Ho Chi Minh City needs to make a breakthrough in strategic technology and innovation ecosystem. Priority should be given to developing technologies that are strengths such as artificial intelligence, cloud computing, semiconductor chips, robots, blockchain, and biomedicine.

To realize these goals, we will focus on three strategic breakthroughs.

Firstly, there is a breakthrough in mechanisms, policies and investment attraction. In particular, the City needs to focus on attracting strategic investors in the field of science and technology.

“The good news for the City is that the UAE's G42 Group is currently planning to invest in an AI Metadata Center with a capital of nearly 2 billion USD in the City,” Mr. Thang informed.

In the coming term, the City will also develop high-tech zones and testing zones for new technologies under specific mechanisms. There will be policies to promote private sector investment in science and technology.

Register for pilot model of Public-Public Cooperation - The City budget is used to invest in local universities, including promoting the National University to reach the Top 100 in Asia by 2030.

The second is a breakthrough in strategic technology and innovation ecosystem. Priority is given to developing technologies that are strengths such as Artificial Intelligence, Cloud Computing, Semiconductor Chips, Robots, Blockchain, and Biomedicine.

Establish a new model startup support fund, attracting capital from venture capital funds; At the same time, focus on supporting resources for potential innovation centers.

Third is a breakthrough in digital governance and digital human resources. The city needs to accelerate the development of digital data and digital platforms so that the city government can perfect its data-based management model.

Promote cooperation between the "Four Houses" (Schools - State - Enterprises - Investment Funds, Banks) along with technology diplomacy and attracting international experts. In addition, promote the development of digital human resources to maintain and promote the position of the City.

“With political determination, the companionship of businesses and the participation of the people, we believe that Ho Chi Minh City will successfully implement breakthrough solutions, becoming a regional and international center of science, technology and innovation as the strategic goal assigned to the City by the Central Steering Committee on Resolution 57,” said Mr. Lam Dinh Thang.

Source: https://baodautu.vn/tap-doan-g42-du-kien-dau-tu-trung-tam-sieu-du-lieu-ai-2-ty-usd-tai-tphcm-d413191.html