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Iveda and VinaFore, Authorized AI Solutions Provider to the Vietnamese Government, Partner for Multi-Million Dollar AI Security and Safety Solutions Mandated Across Vietnam

In collaboration with the Vietnamese government, the organizations will join forces on design and technology specifications for smart city projects throughout the country

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:

• 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.
  
  
• 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.
  
  
• 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.
  
  
• 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".

View source version on businesswire.com: https://www.businesswire.com/news/home/20240222573711/en/