Malaysian conglomerate YTL unveils investment plans in Vietnam
Malaysian conglomerate YTL unveils investment plans in Vietnam
YTL Group, a Malaysian multinational with a market capitalization of US$7.5 billion, has announced plans to expand its investments in Vietnam after five years of operating in the country.
Joshua Yeoh Keong Junn, general director of Fico Tay Ninh Cement JSC (Fico-YTL), a member of Malaysian conglomerate YTL, speaks about the company’s business expansion plan in Vietnam. Photo: S.A. |
Beyond the cement sector, the group aims to enter other strategic industries, including energy, electricity, and water supply.
On Wednesday, during a celebration marking YTL's 70th anniversary of operating in Ho Chi Minh City, Joshua Yeoh Keong Junn, CEO of Fico Tay Ninh Cement JSC (Fico-YTL) – a subsidiary of YTL Group – discussed Vietnam's role as a strategic market in the region.
In an interview with Tuoi Tre (Youth) newspaper, Junn revealed that YTL has signed a strategic partnership with NVIDIA, a U.S.-based multinational technology company, to develop a data center serving Malaysia and Singapore.
This initiative was part of broader plans to address data processing needs across the Asia-Pacific region.
NVIDIA recently announced it will open an artificial intelligence (AI) center in Vietnam.
According to Junn, the operation of these facilities will require significant energy and water resources.
As a result, YTL is considering investments in Vietnam's energy and water sectors to support NVIDIA’s projects.
YTL currently operates in 12 countries, primarily in the construction, real estate development, infrastructure investment, telecommunications, and building material production sectors.
The group is committed to sustainable development, circular economy practices, carbon emissions reduction, and renewable energy applications.
Currently, Fico-YTL, based in Tay Ninh Province, is one of Vietnam’s leading cement companies and is known for producing ‘green cement,’ which emits at least 30 percent less carbon than traditional cement.
Nguyen Cong Bao, executive director of Fico-YTL, noted that YTL plans to increase its capital investment in the cement industry while exploring opportunities in data centers through various approaches, including mergers and acquisitions.
Each year, Fico-YTL processes and reuses approximately 70,000 metric tons of waste, cutting CO₂ emissions equivalent to planting 1.84 million trees.
“The company has also been committed to achieving carbon neutrality by 2050, focusing on producing low-carbon cement products that meet environmental standards and are certified as eco-friendly,” Bao said.
With these strategic initiatives, YTL Group is poised to strengthen its presence in Vietnam, contributing to the country's sustainable development while tapping into its growth potential across various sectors.
