Vietnamese investment fund Sovico Group has signed a memorandum of understanding (MoU) with Supermicro which will see the two companies work together on data center development.

The MoU was signed along with a series of other agreements between US and Vietnamese firms which covered areas such as energy and AI. The deals were signed at a business forum in the US, Vietnam’s government said.

Further details of the partnership have not been made public, but according to a report from the Vietnam Law and Legal Forum, Supermicro, which specializes in data center hardware, plans to support the build-out of an AI data center ecosystem in Vietnam. Sovico Group is a privately-owned fund which invests across a wide range of business sectors.

Also in attendance at the forum were executives from Apple, Meta and investment fund Blackstone, which is pumping billions of dollars into data center developments.

To Lam, President of Vietnam, attended the summit, and said he hoped the US would become the biggest source of foreign direct investment for his country. He is scheduled to meet his US counterpart Joe Biden on Wednesday.

DCD reported in July that Vietnam is opening its data center market up to investors from around the world. Previously, companies based abroad could only own 49 percent of digital infrastructure facilities, but this restriction has now been lifted.

In August, Reuters reported that Google was considering becoming the first of the US hyperscalers to set up a data center in Vietnam, with discussions ongoing over building a campus close to Ho Chi Minh City. Alibaba, which currently runs services from colo data centers, said in March it plans to build its own facility in Vietnam, though has not shared technical specifications or timelines.

Other MoUs signed at the summit included an agreement on energy technology transfer between Vietnam's state-owned oil company PetroVietnam and Kellogg Brown & Root, as well as a liquid natural gas cooperation deal between PetroVietnam's PTSC business and natural gas distribution company Excelerate Energy.