Seven years after the ground-breaking of the Saigon Silicon City project, which was modeled after Silicon Valley in the U.S., in Ho Chi Minh City, the city will take back the investment certificate issued for the project this year as it has been put on hold for years.

At a conference held on Tuesday to discuss plans of the Saigon Hi-Tech Park (SHTP) for this year, Ho Chi Minh City vice-chairman Vo Van Hoan asked relevant departments and agencies to join hands with the hi-tech park to accelerate the process to terminate the project and revoke the investment certificate and land allocated for it this year.

The municipal Department of Planning and Investment was assigned to build criteria for selecting investors in the SHTP to prevent enterprises from using land in the hi-tech park for intended purposes.

An SHTP representative said the park will coordinate with the municipal Department of Planning and Investment and the Department of Justice to complete procedures to withdraw the project investment certificate. 

Construction of the Saigon Silicon City project, whose investor is Saigon Silicon City JSC, began in August 2016.

It was designed to cover 52 hectares of land at the SHTP and require an investment of US$40 million.

Once completed, Saigon Silicon City was expected to become a smart urban area with available infrastructure and amenities to attract both local and international hi-tech enterprises.

However, the project had been executed at a snail’s pace before the SHTP management board proposed the Ho Chi Minh City People’s Committee allow it to halt the project in October 2021.

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