Sumitomo and SBI will invest in FPT Smart Cloud Japan, which oversees FPT Corp’s Japan AI data centre, according to a statement from the Vietnamese technology firm.

“FPT Corp will remain the unit’s major stakeholder,” it said.

SBI Holdings late last year signed a MOU to acquire as much as a 35% stake in FPT Corp’s Japan cloud unit.

FPT Corp is setting up a Japan AI data centre, with an initial investment of US$200 million.

It is operating a similar data centre using Nvidia AI technology in Hanoi.

“The company targets US$40 million in revenue from its AI data centre business this year,” Vietcap Securities said in a February report.

“FPT Corp is weighing additional AI data centres to meet increasing global demand,” co-founder and chairman Truong Gia Binh said at the company’s annual shareholders’ meeting last week.

“Potential locations for data sites include Malaysia, Indonesia and Germany,” he said.

“FPT Corp plans to eventually invest as much as US$1 billion in AI data centres,” Binh said earlier.

The company is also considering a joint venture in the Middle East to lure investments in data centres, according to an April 17 note from ACB Securities, which cited information from the firm’s annual meeting.

“FPT Corp targets 20% growth in total revenue and a 21% increase in profit before tax this year,” it said.

It reported 2024 revenue of ₫62.85 trillion (US$2.4 billion), a 19% year-on-year jump.