The project, which was modelled after Silicon Valley in the US, began construction in 2016 over 52 hectares of land at the Saigon Hi-Tech Park (SHTP) with an estimated investment of USD 40 million.
Invested by the Saigon Silicon City JSC, it was expected to become a smart urban area with infrastructure and amenities to attract both local and international hi-tech enterprises.
However, the project proceeded at a snail’s pace, especially after 2019. The SHTP management board finally proposed to halt the project in October 2021 to HCM City People’s Committee.
A four-storey building was half completed. There were intended to be four such buildings on a total area of 4,000 square metres in the construction plan.
Much of the rest of the site was left uncompleted.
HCM City vice-chairman Vo Van Hoan has just asked relevant departments and agencies to work with the hi-tech park to accelerate the process to terminate the project and revoke the investment certificate and allocated land this year.