SAIGONTEL (SGT) Advances USD 3.5B, 200 MW AI Data Center in Tây Ninh

Overview

SAIGONTEL (ticker SGT, HOSE) and international partner World Vision United Group are advancing a proposed 200 MW AI data center in Nam Tân Tập Industrial Park, Tây Ninh Province, with total asset value estimated at approximately USD 3.5 billion. A Tây Ninh provincial delegation and the partners surveyed a 32 MW hyperscale facility in Taipei on 16 September as part of due diligence. If built at the proposed scale, the project would rank among Vietnam’s largest AI data centers by capacity.

Key Facts

• Proposed project: 200 MW total capacity on roughly 20 ha in Nam Tân Tập Industrial Park, Tây Ninh, targeting Tier IV standards.
• Phase 1 capacity: 100 MW, with total asset value estimated at about USD 3.5 billion.
• Registered tenant capacity has already surpassed 100 MW, equivalent to the full Phase 1 design capacity, according to SAIGONTEL.
• Construction is planned to start in December 2026, with first-phase commercial operation targeted for Q4 2027.
• The surveyed reference facility in Taipei’s Neihu district is a 32 MW hyperscale data center developed by World Vision United Group.
• SAIGONTEL is chaired by Đặng Thành Tâm and operates in industrial park infrastructure, technology and telecommunications.
• Tây Ninh authorities will review legal basis, infrastructure, energy requirements and feasibility before approving next steps.

What Happened

On 16 September, a working delegation from Tây Ninh Province joined representatives of CTCP Công nghệ Viễn thông Sài Gòn (SAIGONTEL) and World Vision United Group on a site visit to an AI data center in Taipei. The delegation examined the hyperscale model, generator systems, fuel storage, cooling systems and supporting infrastructure for large-scale data center operations. The surveyed facility, roughly 32 MW, is developed by World Vision United Group in the Neihu area of Taipei.

The visit took place as the SAIGONTEL-led consortium and international partners push forward an Artificial Intelligence Data Center (AIDC) project in Nam Tân Tập Industrial Park. According to information from Tây Ninh Province, the project is proposed on about 20 ha, targets Tier IV standards and would have total capacity of 200 MW, with Phase 1 at 100 MW. SAIGONTEL says it is preparing land, power supply, water and telecommunications connectivity for the data center. Nam Tân Tập Industrial Park is an infrastructure project developed by a SAIGONTEL-affiliated company. Following the survey, Tây Ninh’s specialist agencies will continue reviewing the legal basis, infrastructure and energy requirements, and overall feasibility before considering further implementation steps.

Market Context

SGT closed at VND 8,980 on 17 September 2026 on the HOSE exchange. The stock sits in the technology and industrial park infrastructure segment, where valuations have historically tracked land bank and leasing news rather than data center pipelines. Vietnam’s listed technology and infrastructure names have drawn increasing attention as global hyperscalers and AI operators scout Southeast Asian sites, though few domestic projects have reached the 200 MW scale proposed here. The announcement adds a large-capacity AI infrastructure angle to a ticker better known for industrial park development.

Strategic Significance

The core thesis is that SAIGONTEL is attempting to convert its industrial park land bank and utility connections into a power-and-connectivity platform for AI computing, a higher-margin business than traditional industrial leasing. The claimed pre-registration of more than 100 MW of tenant demand, if verified, would de-risk Phase 1 before groundbreaking and signal genuine customer pull rather than speculative capacity. The choice of Tier IV standards and a 200 MW master plan positions the project to compete for hyperscale and AI training workloads that require high uptime and dense power. Execution risk remains substantial: the project depends on securing reliable electricity supply, regulatory approvals and international co-investment, none of which are yet confirmed in binding form.

What to Watch

• Formal project approval or investment certificate from Tây Ninh provincial authorities following the legal and feasibility review.
• Disclosure of the consortium’s final ownership structure, capital contribution and any signed offtake or lease agreements with anchor tenants.
• Confirmation of power supply arrangements, including capacity allocation from EVN or direct power purchase mechanisms.
• Groundbreaking progress against the stated December 2026 target and any revision to the Q4 2027 commercial operation date.
• SGT filings on HOSE regarding project milestones, related-party transactions or capital raising tied to the data center.