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:
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Information Technology Service (ITS) project with the Department of Transportation in Hanoi: IvedaAI’s Machine Vision technology––and its ability to classify and quantify vehicles and people, while identifying high-traffic time, space, and frequency, all in real time––will aid VinaFore in improving traffic congestion pains throughout the capital and surrounding areas.
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Active project with the Vietnam Road Administration: VinaFore will be integrating IvedaAI to help manage the types of vehicles traveling throughout parts of the region at certain times of day to improve safety and traffic congestion. This project will stretch from Saigon to the Long An Province (approximately 75 kilometers) and is scheduled to kick off in Q2 of 2024.
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Operational improvements to Vietnamese industrial parks: In collaboration with its partner network throughout the country, VinaFore will incorporate Iveda technology to increase operational efficiencies and safety improvements to over 600 industrial parks across Vietnam. With more than 100 AI features and applications already identified as immediately valuable to these industrial customers––including people and vehicle counting, face recognition, license plate recognition, fire and smoke detection, and intrusion detection––this project is slated to begin this year with integration and API work between providers and stakeholders already well underway.
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Proof of concept project (POC) with a major printed circuit board (PCB) manufacturer: This POC will use Iveda’s newly released AI vision software vumastAR to conduct quality control inspections of products prior to final packaging. Iveda and VinaFore are currently working with the customer to actively train vumastAR’s customizable AI technology for a variety of automated inspection tasks.
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.
- Partnership with the city of Da Nang: Known for being one of Vietnam’s most innovative and technologically advanced cities, Da Nang is well-equipped with telecommunication infrastructure and mature ITS projects. Over the course of 2024, Iveda will work to layer its AI capabilities into the city’s existing infrastructure, adding functional intelligence to the video cameras already in place throughout the city.
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”.
