Lotte Innovate and CMC explore Vietnam data center and charging projects
In short
Lotte Innovate said on October 14 that it signed a cooperation memorandum with Vietnam's CMC Group in Hanoi. The companies will explore opportunities in hyperscale data centers, electric vehicle charging, cybersecurity, offshore IT services and cloud services.
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Lotte Innovate has signed a memorandum of understanding with Vietnam's CMC Group to explore joint business opportunities in data centers and other services, the company said on October 14. The agreement was signed in Hanoi, according to Dong-A Ilbo and AI Times. The companies identified five areas for cooperation: hyperscale data centers, electric vehicle charging services, cybersecurity, offshore IT services and cloud services. They plan to combine Lotte Innovate's engineering and operating capabilities with CMC's local network to seek new customers, Dong-A Ilbo reported. [ 2 , 4 ]
In data centers, Lotte Innovate intends to assess entry into Vietnam's hyperscale market using capabilities developed in planning, construction and operation in South Korea. For electric vehicle charging, it plans to apply installation and operation solutions from its specialist affiliate EVSIS. The companies will also develop cooperation models drawing on their technologies in cybersecurity, offshore IT and cloud services. Dong-A Ilbo described the plan as a move to diversify Lotte Innovate's activities beyond its existing systems maintenance work and develop Vietnam as a Southeast Asian base. [ 2 ]
Lotte Innovate's existing Vietnam work includes construction and operation of core systems for Agribank and IT infrastructure work for IBK's Vietnam operation, Dong-A Ilbo reported. It described CMC as a Vietnamese IT group with more than 30 years of business experience and activities including software development, artificial intelligence, cloud and digital infrastructure. Maeil Business also reported the agreement and said the companies were considering joint entry into the local data center market. The available reports give no investment amounts or dates for launching the proposed projects. [ 2 , 3 , 4 ]
Why it matters
The agreement would extend cooperation beyond Lotte Innovate's existing financial IT work in Vietnam. The reports describe plans to explore new projects rather than completed investments.
Key facts
- Lotte Innovate signed a memorandum on strategic business cooperation with CMC Group in Hanoi. [ 2 , 4 ]
- The companies will explore cooperation in five areas: data centers, EV charging, cybersecurity, offshore IT and cloud. [ 2 , 4 ]
- They will consider entering Vietnam's hyperscale data center market using Lotte Innovate's design, construction and operation capabilities. [ 2 , 3 , 4 ]
- Lotte Innovate plans to use affiliate EVSIS's installation and operation solutions in exploring Vietnam's EV charging market. [ 2 ]
Confirmed by several sources
Still unclear
- The documents do not provide project investment values or launch dates. They describe a memorandum and consideration of market opportunities.