According to a business registration update in August, Nvidia Vietnam Co. Ltd., wholly owned by Nvidia International Inc., increased its charter capital to VND28.2 billion ($1.1 million) from VND2.4 billion ($90,950).

The unit is wholly foreign-owned, with chairman and director Mark Steven Hoose and deputy director Vo Huu Tu as its legal representatives.

Founded in May 2024 and headquartered in downtown Ho Chi Minh City, Nvidia Vietnam is registered to provide software and systems consulting, analysis, design and maintenance services.

The capital hike adds to a series of moves by Nvidia to cement its presence in Vietnam. CEO Jensen Huang once called the country the company’s “second home,” citing its family values, education system and STEM talent pool.

In April 2024, FPT (HoSE: FPT) announced a strategic partnership with Nvidia to build an AI Factory in Vietnam, in parallel with a similar facility in Japan.

Later in December, Nvidia acquired 100% of VinBrain, Vingroup’s (HoSE: VIC) healthcare AI arm, and signed an agreement with the Vietnamese government to establish an AI R&D center and data hub.

The company has also pledged to shift parts of its supply chain to Vietnam, with committed investment of $4-4.5 billion over the next four years. The move is expected to generate about 4,000 direct jobs and as many as 40,000-50,000 indirect jobs.