$1.2 bln software park project revoked in Vietnam metro

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Authorities in Ho Chi Minh City have withdrawn the license to a US$1.2-billion software park project because its investors failed to complete their commitments, Tuoi Tre reported Thursday.

According to the newspaper, the Singaporean-owned TA Associates International, Pte Ltd. and Saigon Telecommunications Joint-stock Co. were licensed to build Thu Thiem Software Park in District 2 in mid-2008.

However, during the past three years, the companies have delayed their project and made proposals that weren't compatible with commitments under the license, Tuoi Tre said.

When announced, the project was anticipated to create jobs for some 40,000 laborers during construction, and some 70,000 jobs when the project became operational, with sales of about $6.5 billion per year, the newspaper said.

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