The US$1.2-billion Thu Thiem Software Park in HCMC's District 2 will be developed within seven years and a half at a 16-hectare site to house IT, microchip design and software production firms.

The project is a joint venture between Saigon Telecommunication and Technologies Corp (SaigonTel), a subsidiary of Saigon Invest Group and Singapore's TA Associates International, a member of Teco Group of Taiwan. SaigonTel contributes 20% of the joint venture's capital.

The park will have a training center, commercial retail spaces and business facilities. The investors will develop seven 20-story buildings with total floor space of 650,000 square meters.

The project will be partially commissioned by end-2012, and will create 40,000 new jobs in the construction process and 70,000 other jobs for software specialists and information technology engineers thereafter.

Speaking at the ceremony last week, President of Teco Huang Mao Xiong said the park in the planned modern urban town of Thu Thiem would be similar to the Nankang park in Taiwan, where has created 15,000 jobs and generates over US$8 billion in annual output.

Deputy Minister of Planning and Investment Nguyen Bich Dat said at the ceremony that with the project, HCMC was continuing to maintain its position as a software and hi-tech center of the country.

The city has the Quang Trung Software City and the Saigon Hi-Tech Park which is home to the Intel chip assembly and test facility. "This is the largest specialized software development project tin Vietnam and Southeast Asia. More importantly, after the physical infrastructure of this park is put into use, it will attract many hi-tech investors from the world to set up shop here with an expected annual output value of US$3 billion," he said. Some 1,200 tenants are expected to come to the park.

As the biggest single software park project in Vietnam, it is expected to make the city the largest software development center in the region.

Meanwhile, the US$50-million Teco hi-tech plant in neighboring Binh Duong Province also started construction. The facility covering 50 ha will produce electrical and electronic products. When put into operation in early 2009, the facility's products will be for local sale and export.

President of Teco group Huang MaoXiong said Teco Vietnam Technology Co Ltd. showed the group's commitment to long-term business in Vietnam.

Established in 1956, Teco is involved in industrial and household electricity, electronics, information data, construction and financial investment. It has partners in the US, Japan, Sweden, and Germany in production of hi-tech products.

Source: Saigon Times