Iveda, a leading USA developer of cloud-based video surveillance and data management systems, has received a follow-on order from the Vietnam Posts and Telecommunications Group (VNPT) to supply intelligent traffic systems (ITS) and video surveillance hardware and software systems that will be installed in Phu Quoc City.
In April, Iveda announced its selection by VNPT for the implementation of a nationwide ‘Safe City’ initiative, with the first two major cities having already been contracted with VNPT for the deployment of ITS and video surveillance systems. Iveda and its reseller in Vietnam have established a financing program with VNPT, to scale up the execution of the deployment in a quick and efficient manner, circumventing the long process of government funding. The program provides a vehicle for financial institutions to fund the purchase of ITS and surveillance systems, where Iveda will get paid upfront and the cities will pay a monthly lease for the life of each contract.
In the immediate future, Iveda has identified ITS deployment to a total of 713 districts. With an initial, single 4-way intersection pilot deployment alone for each district across the country generating an average of US$70,000 per intersection, it would equate to US$50m in revenue over the next year. After the success of the initial pilots, VNPT has received dozens of requests of similar scale from Vietnamese provinces to deploy ITS at many intersections throughout their districts, including: Bac Giang with 14 districts, Can Tho with nine districts, Da Nang with eight districts, Hai Noi with 30 districts, Hai Phoung with 15 districts, and Ho Chi Minh City with 24 districts.
This initiative gives VNPT the opportunity to supply telecommunications infrastructure, including cable and fiber networks for provisioning bandwidth and cloud services for data distribution and storage. Iveda and its exclusive reseller in Vietnam are responsible for the delivery of hardware, as well as custom system design of the ITS and video surveillance systems, which are based on the company’s licensed cloud-based Sentir video surveillance and data management platform that uses a proprietary video streaming and big data storage technology.
“With increasing demand for intelligent traffic solutions in many provinces and financing established, we can deploy in multiple provinces through the end of the year and throughout 2018,” said David Ly, CEO of Iveda.
“Vietnamese opportunities have reached critical mass for us and we are excited to partner with our exclusive reseller there and VNPT to improve safety and security to meet the needs of its growing economy.”