FPT

The signing took place at the Vietnam-Singapore Tech Connect Forum during Vietnamese leader To Lam’s official visit.

Under the agreement, FPT will act as Audax’s primary partner in the region.

While other tech giants are pouring billions of dollars into Southeast Asia, Nvidia is taking a different tack.

The AI giant chose Vietnam for a key investment, perhaps signalling a sea change for big tech investment in SEA.

This development is part of FPT’s efforts to expand its reach into AI and cloud services.

FPT is listed on the Ho Chi Minh City stock exchange and is valued at US$5.5 billion.

Analysts believe that only a handful of companies can compete in the AI race in Vietnam as it needs large capital and data handling requirements.

Vietnam is following in South Korea’s footsteps by developing its automotive and semiconductor industries – and Korean execs have taken notice.

The Vietnamese tech conglomerate expects to invest US$100 million in the US market by the end of this year.

The deal includes plans to integrate Green and Smart Mobility (GSM)’s electric taxi rental platform with ride-hailing service Kakao T.