The construction of a hi-tech park following the model of the US's Silicon Valley began in Ho Chi Minh City on Tuesday.
The US$40-million Saigon Silicon City project is expected to attract investors from next year. Total investment may exceeded $1.5 billion over the following five years.
Nguyen Minh Hieu, chairman of Saigon Silicon City Joint Stock Company, the project investor, said that the park targets hi-tech businesses, both local and foreign, especially those from the US's famous tech base.
Nguyen Minh Hieu, chairman of Saigon Silicon City Joint Stock Company, speaks at the ground breaking ceremony November 10, 2015. Photo: Nguyen Hanh.
Unlike many other hi-tech parks in Vietnam, the Saigon Silicon City will not only focus on outsourcing, but also providing infrastructure enabling research and development activities to produce tech products, Hieu said.
The park covers an area of 52 hectares at District 9-based Saigon Hi-Tech Park, which is now home to 46 tech businesses including giants such as Intel and Samsung.