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In collaboration with the Vietnamese government, the organizations will join forces on design and technology specifications for smart city projects throughout the country
MESA, Ariz.–(BUSINESS WIRE)–Iveda® (NASDAQ:IVDA), the global solution for cloud-based AI, today announced a partnership with VinaFore Informatics and Telecommunication JSC to bolster transportation, telecom, and smart city solutions throughout Vietnam. After signing a memorandum of understanding (MOU) with the Vietnamese government in 2023, VinaFore selected Iveda to incorporate its leading AI capabilities into current infrastructure and will use IvedaAI to effectively improve upon existing solutions throughout the region. These projects are currently in the design phases and are anticipated to be multi-million-dollar undertakings for 2024 and over the course of the next several years.
“Last year was spent laying critical groundwork alongside VinaFore; now, 2024 is slated to be a year of massive growth and implementation for Iveda across Vietnam,” said David Ly, Iveda CEO and founder. “With use cases spanning traffic and transportation, manufacturing, and safety, Iveda’s powerful AI and virtual reality technology will help propel VinaFore and its partners into the fifth industrial revolution, bringing Vietnamese smart cities to life while dramatically increasing Iveda’s presence and market share throughout the region.”
According to MarketsandMarkets, the global intelligent transportation system market is projected to reach nearly $7B by 2028. Over the course of 2024, VinaFore will work with Iveda––in collaboration with additional in-country partners including CMC Corporation, Mobifone, and Hanoi Telecom––to establish a solid foundation for future AI technology deployments and smart city expansions in the transportation space and beyond. Projects include:
As a result of this POC, VinaFore will be showcasing IvedaAI and vumastAR at SaigonTex 2024, the largest textile and garment industry expo in the Association of Southeast Asian Nations. At the event, Iveda will demonstrate the technology’s capabilities to thousands of major manufacturers throughout the greater Southeast Asian region.
This news comes on the heels of major Iveda expansion and partnerships across the Philippines and Egypt. With VinaFore offices in San Francisco, Taipei, Hanoi, Saigon, Shanghai, Singapore, Jakarta, Myanmar, and Cambodia, this ongoing partnership is slated to propel Iveda’s growth and increase market expansion opportunities throughout 2024 and beyond.
About Iveda Solutions®
Iveda (NASDAQ:IVDA) is the provider of global solutions for cloud-based, video AI search and surveillance technologies that protect the people, places, and things that matter the most. Iveda’s technology has the power to provide instant intelligence to existing infrastructure, enabling cities and organizations around the world to seamlessly enter the fifth industrial revolution. Iveda operates at the forefront of digital transformation of cities across the world, using IoT platforms with smart sensors and devices developed to aid with use cases surrounding public safety, security, elderly care, energy efficiency, and environment preservation. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA”.
Contacts
Olivia Civiletto Erwin
olivia@dottedlinecomm.com
716.785.1108
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