As part of his working session in the United Arab Emirates (UAE) on Wednesday, Standing Deputy Prime Minister Nguyen Hoa Binh met with Ali Al Amine, executive vice president of G42, a leading AI and data center group.

G42, which owns 60% of Khazna Data Centers – the region’s largest operator with 30 data centers in operation – has proposed an initial investment of about 70 MW in Ho Chi Minh City through partnerships with local firms such as FPT and Viet Thai.

Binh said HCMC had already allocated land and infrastructure for the project, underscoring that data is a critical asset in the digital economy. He pledged government support and urged G42 to help train local data technology workforce.

The senior Vietnamese official also expected G42 to assist with digital platforms to support Vietnam’s international financial center in the future.

Vietnam is currently in the process of building an international financial center located in both Ho Chi Minh City and Danang.

The G42 executive, for his part, welcomed the opportunity to deepen discussions with Vietnamese ministries and agencies.

Following the meeting, the Deputy PM toured Khazna’s data center facilities in Abu Dhabi.

Vietnam is rapidly emerging as a strategic destination in the Asia-Pacific data center investment landscape, with a yield-on-cost second only to Singapore.

The Cushman & Wakefield Asia Pacific Data Centre Investment Landscape report found the yield-on-cost for data center investments in Vietnam to be in the range of 17.5% to 18.8%, behind Singapore’s 21% to 23%.

This positions the Southeast Asian country as one of the most attractive emerging markets, driven by surging demand, competitive development costs, and proactive government support, the company said.