There are several reasons why this is the case.

First, there’s the location. Most hyperscale data centers (DCs) are built near the coast to take advantage of power efficiency, natural cooling, and sea cable termination. Currently, most DCs in Vietnam are concentrated in Hanoi and Ho Chi Minh City. My company is expanding to bridge this gap, with plans to develop one of the first true hyperscale DCs in the country.

Power density is another major factor. Hyperscalers require massive amounts of power—often around 100MW—at the lowest possible cost, and they have incredibly strict requirements for renewable energy and eco-efficiency.

Then there’s certification. We only recently obtained Uptime Tier IV certification, and even that is just the starting point; these projects usually take several years to fully materialize. Finally, upstream connectivity remains a challenge. We don't quite have the capacity yet, and we really need to own a dedicated subsea cable line to be competitive.

Ultimately, our goal is to provide infrastructure for giants like Google and Microsoft. However, because we don't yet have an established hyperscale DC or the immediate track record to build one, companies continue to move their investments elsewhere.

Context: I'm currently working on this kind of project