US tech giant Qualcomm opens AI R&D centre in Vietnam, its third largest after India, Ireland
[HO CHI MINH CITY] Qualcomm on Tuesday (Jun 10) launched its artificial intelligence (AI) research and development (R&D) centre in Vietnam's capital, Hanoi.
This is the US tech giant's third-largest R&D centre in the world, after those in India and Ireland, noted Hou Jilei, vice-president of engineering at Qualcomm Technologies, as he spoke with Vietnam's Deputy Prime Minister Nguyen Chi Dung earlier in April.
The company has already been operating an R&D centre in Hanoi since 2020, among a network of its multiple research and development (R&D) operations outside its headquarters in San Diego, California.
The new centre aims to capitalise on the South-east Asian country's extensive talent pool to develop generative AI (GenAI) and agentic AI solutions applied to various sectors, including smartphones, personal computers, extended reality technologies, automobiles and Internet of Things.
Thieu Phuong Nam, country director for Qualcomm Vietnam, Cambodia and Laos, said that the combination of Vietnamese talents with Qualcomm's global scale and expertise could 'strengthen Vietnam's role in the global innovation value chain'.
'This also serves as a vivid testament to the deepening comprehensive strategic partnership between Vietnam and the US,' said Le Xuan Dinh, Vietnam's deputy minister of science and technology, during his appearance at the event on Tuesday morning.
A NEWSLETTER FOR YOU
Friday, 8.30 am Asean Business
Business insights centering on South-east Asia's fast-growing economies.
Sign Up
Sign Up
In April, Qualcomm finalised its acquisition of MovianAI, a GenAI subsidiary of Vietnam's private conglomerate Vingroup, for an undisclosed amount. Established in 2024, MovianAI is a former division of VinAI – another firm in the Vingroup ecosystem.
Following the transaction, Dr Bui Hai Hung, former chief executive at VinAI, has joined Qualcomm to lead the AI research strategy of the local centre and contribute to shaping Qualcomm AI research at the global level.
Last December, US chipmaker Nvidia also announced its acquisition of Vingroup's affiliate firm VinBrain as well as its plan to open an R&D centre in Vietnam to bolster AI development, without providing details.
These moves align with Vietnam's strategy to attract global giants to establish high-tech facilities and projects in the country. Its Investment Support Fund offers government subsidies covering up to 50 per cent of initial investment costs for the establishment of R&D centres focused on semiconductors and AI in Vietnam.
Domestic conglomerates are also fuelling the AI race through the establishment of various new tech hubs.
In March, Vietnam's home-grown tech champion, FPT Group, launched its R&D centre at the newly opened Software Park No 2 in the central city of Da Nang, with a focus on AI and semiconductors. The hub gathers 500 technology experts and aims to develop at least 10 new products each year for the software and telecommunications giant.
On Jun 1, FPT's archrival, CMC Corporation, also broke ground on the CMC Creative Space in Hanoi – the second location in the chain after the first one in Ho Chi Minh City. The new US$300 million office complex is designed to become an open AI centre, encompassing a data centre, R&D space, training area and startup incubation zone for more than 5,000 technology engineers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
2 hours ago
- Business Times
Longer leases for renewable energy will boost Singapore's energy transition: EDP Renewables
[SINGAPORE] Having longer land leases for renewable energy in Singapore is one policy shift that could accelerate the city-state's transition into a low-carbon economy, said an executive at renewable energy player EDP Renewables. While Singapore's agency for industrial development JTC currently has a scheme – called SolarLand – which converts industrial land that is temporarily vacant into solar farms, Filipa Ricciardi, executive director of EDP Renewables in Asia-Pacific, said she hopes to see more land reserved for renewable energy development over a longer term. 'I would love to see a right of use of land for renewable development... Industrial and commercial land... the purpose of it is not necessarily to develop renewable projects, and JTC was smart enough to think about an interim use. Obviously, we would like to see more stable, long-term land that could be available to serve clients here in Singapore,' said Ricciardi, who was speaking last Friday (Jun 27) at an event organised by Amazon Web Services. And that also includes the use of space over water bodies. JTC land parcels are typically allocated via a tender process, and companies that win the tender are given a temporary occupation licence, which have tenures of up to three years, indicated JTC's website. Solar farms, however, have a lifespan of between 25 and 30 years. A NEWSLETTER FOR YOU Friday, 12.30 pm ESG Insights An exclusive weekly report on the latest environmental, social and governance issues. Sign Up Sign Up While Ricciardi understands that land scarcity is a major challenge in Singapore, she said she hopes to see longer leases that could last as long as 35 years. 'What I would love to see change is the concept of temporary. And so, make it more definitive for a certain time period. As renewable developers, we push for more clarity on the uses of land and the longer the time, the better for the renewable projects,' she said. Beyond Singapore, she added, the liberalisation of electricity markets in other parts of Asia-Pacific are key for corporates to adopt more renewable energy. Regulatory frameworks that allow companies to sign corporate power purchase agreements are needed. In the context of South-east Asia, Valerie Choy, renewable energy lead for Asia-Pacific at Amazon Web Services, said that there has been tremendous progress in the region. As Indonesia's electricity market is still regulated, the company signed an agreement with state-owned utility company PLN for it to provide the cloud computing arm of Amazon with solar energy. She noted that Malaysia has also launched a programme for corporates to sign power purchase agreements, while Thailand has started a green energy procurement scheme for companies to buy renewable energy certificates. 'These are avenues that didn't exist... just four or five years ago... I think there's already tremendous progress being made, and we'll continue to work with governments and utilities in the South-east Asian countries to progress new ways to procure renewable energy,' said Choy.
Business Times
4 hours ago
- Business Times
As Singapore snares its largest Reit IPO in a decade, the Hong Kong exchange is busier than ever
[SINGAPORE] The last week has seen good news for the Singapore Exchange (SGX). Not only is NTT's upcoming real estate investment trust (Reit) listing likely to be the largest S-Reit listing in a decade, software company Info-Tech Systems is debuting later this week – marking SGX's first mainboard listing in two years. Meanwhile, the Hong Kong stock exchange – with a new chief executive at the helm – is likely to have another bumper year of initial public offerings (IPOs) again. Hong Kong IPO boom Some 40 IPOs are expected to be listed on the Hong Kong Exchanges and Clearing Limited (HKEX) in the first half of this year, based on publicly available information as at Jun 11. These offerings are projected to raise HK$108.7 billion (S$17.7 billion), marking a 33 per cent increase in deal volume and a remarkable 711 per cent surge in total proceeds compared to the previous year. There were 71 IPOs last year, a 3 per cent decrease from 2023, but total funds raised reached HK$87.5 billion. PwC forecasts that the upward trend will continue in 2025, with about 70 to 80 companies expected to list in Hong Kong, raising an estimated HK$130 billion to HK$160 billion. Of the 36 IPOs that have already launched in Hong Kong this year, 21 have traded above their offer prices, indicated Bloomberg data. This strong performance of new IPOs has prompted South-east Asian companies to relook at Hong Kong listings, noted Jason Saw, group head of investment banking at brokerage CGS International. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up According to professional services firm EY's Chinese mainland and Hong Kong IPO report for the first half of 2025, Hong Kong accounted for 24 per cent of global proceeds. Mega IPOs helped HKEX to secure the top global position by funds raised, reaching US$14 billion. A key contributor to this surge was the listing activity of A-share companies – companies already listed on mainland Chinese exchanges – and their spin-offs. These deals significantly lifted the average deal size, with proceeds rising more than fivefold year on year. Another driver are Chinese companies that are turning to Hong Kong to raise funds outside the mainland amid tightening capital controls, Leon Lim, partner at law firm TSMP Law Corporation told The Business Times. He added that Beijing has facilitated this shift by easing filing requirements for overseas listings. Hong Kong's pro-market stance also helps attract companies which get 'access both to deep global capital pools and China, as well as rising demand for shares in Hong Kong listings', said CGS International's Saw. Strained US-China relations are further accelerating this shift, observed TSMP's Lim. 'The current US administration has been slightly unpredictable, and observers are cautioning a repeat of 2023, which saw Chinese state-owned enterprises delisting their US American Depositary Receipts en masse to avoid having to disclose information under rules imposed by the previous Trump administration,' he said. HKEX allows secondary listings from companies on 'recognised' exchanges such as those in Thailand, Indonesia, Singapore, Saudi Arabia and the United Arab Emirates. However, mainland Chinese companies typically list in Hong Kong via separate 'A+H' or dual-primary listings. Examples include major Chinese drug maker Jiangsu Hengrui Pharmaceuticals, condiment maker Foshan Haitian Flavouring and Food as well as battery giant CATL. While the exact number of Hong Kong's current secondary, A+H dual, or dual-primary listings is not publicly disclosed, SGX currently hosts 28 secondary listings, including names such as Mandarin Oriental, DFI Retail and electric vehicle maker Nio. Different niches Singapore and Hong Kong have different strengths, said Carmen Lee, head of OCBC Investment Research, who sees Hong Kong attracting more Chinese and China-related companies Lee, who spoke to BT at OCBC's mid-year 2025 outlook briefing last week, expects Hong Kong to remain strong in sectors such as technology, pharmaceuticals and insurance. Companies in these industries – especially those looking for relevant comparables like BYD in the electric vehicle sector or China Life in insurance – are more likely to choose Hong Kong as their listing venue. However, she believes that companies in other sectors such as banking, real estate or aviation may consider Singapore, where they can find more appropriate benchmarks. Chan Yew Kiang, Asean IPO leader at EY, similarly finds that SGX has an edge in Reits, serving as an attractive platform for companies across South-east Asia. He said: 'Exchanges do compete for quality listings, but they are also complementary in that success will make for a robust IPO and capital market. Alliances between exchanges and secondary listings enable companies to leverage on a broader capital market ecosystem.' When it comes to secondary listings, TSMP's Lim highlighted Singapore's stable political environment and transparent legal system as key advantages. He also pointed out that the 2020 imposition of the National Security Law in Hong Kong has raised concerns about the city's autonomy. This means 'any issuer choosing to list its shares in Hong Kong would have to be comfortable with this risk', he noted. In contrast, Saw emphasised Singapore's appeal, describing it as a 'very transparent and neutral ground' with clear regulations that make it 'easier to access'. He also noted that SGX offers a faster time to market, backed by its international presence and the ability to attract capital in both US dollars and Singapore dollars, alongside a shorter IPO queue compared to Hong Kong. With Singapore's status as a hub for industries such as banking and capital markets, EY's Chan believes that these sectors will 'continue to be the cornerstone of being attractive to companies to consider a primary or secondary listing in Singapore'. Doorway to South-east Asia Even as SGX is seeking to attract high-growth companies from South-east Asia, HKEX's newly appointed CEO Bonnie Chan has similar plans to boost its global profile by attracting secondary listings from such companies. EY's Chan sees Singapore as having a clear advantage, describing it as the 'doorway to companies that seek to build brand equity and tap into capital across South-east Asia'. Growing interest among companies considering a Singapore IPO has been observed by TSMP's Lim. He added that this could possibly be in response to recent measures announced by the Monetary Authority of Singapore; and such businesses typically operate in sectors with strong investor appeal and are generally less exposed to global trade tensions and tariffs. CGS International's Saw echoed this, noting that Singapore-based advisers have actively approached companies not only in South-east Asia but also in North and Central Asia. However, he acknowledged that 'it has been harder to swing South-east Asian companies to the SGX, given the vibrant local market in their respective home base'. Still, other regional dynamics could nudge companies towards listing in Singapore. Lim, for instance, observed spillover from Malaysia's active IPO market, where issuers may face stiffer competition and need to work harder to stand out. 'Some of these issuers also view a Singapore listing as a strategic one – which speaks to Singapore's reputation as a well-regulated and reputable global market,' he said.
CNA
6 hours ago
- CNA
VinFast opens second domestic EV factory amid global expansion
HANOI :Vietnamese electric vehicle manufacturer VinFast began production on Sunday at its second domestic factory, aiming to ramp up output of affordable mini urban models as its global expansion plans face delays. The new facility, located in the central province of Ha Tinh, has an initial annual capacity of 200,000 units and spans 36 hectares (90 acres), the company said in a statement. By comparison, VinFast's flagship factory in northern Haiphong is designed to reach a capacity of 950,000 units by next year. VinFast, backed by Vietnam's largest conglomerate Vingroup, has set ambitious goals to establish production plants in international markets, including the United States, India, and Indonesia. However, it has faced hurdles in its global expansion, including weaker demand and stiff competition. The company announced last year that operations at its U.S. factory would be delayed until 2028. Its India assembly plant is expected to become operational next month. "Once operational, the VinFast Ha Tinh factory will contribute to VinFast's goal of producing 1 million vehicles per year to meet the increasing demand of domestic and foreign markets," said Nguyen Viet Quang, Vingroup's CEO. The EV maker has set a delivery target of 200,000 cars for 2025, having sold approximately 56,000 units in the first five months, primarily in its domestic market. It reported a net loss of $712.4 million for the first quarter, less than the $1.3 billion loss in the previous quarter but 20 per cent more than a year earlier. Revenue jumped 150 per cent to $656.5 million over the same period.
