Vietnam Technology Channel

$189 million-worth Science & Technology park to be built in Saigon

Over 400 delegates from nations and territories such as Japan, South Korea, Iran, Turkey, the US, Russia, Singapore, Malaysia and Taiwan gathered together at the 21st annual conference of Asian Science Park Association (ASPA) which opened in HCMC last month.

Nguyen Thanh Phong, chairman of the city People’s Committee, said that HCMC is making efforts to establish a 200 hectare science and technology park with the total capital of VND4.3 trillion (US$189 million).

According to Mr. Phong, the park establishment aims to attract investment in grey matter secto that focuses on studying and applying advanced technologies to create eco-friendly technology, information technology, renewable energy and space technology products.

The park will be a foundation for the city’s economic development based on science and technology and innovation. He called on businesses to continue expanding investment in the city and committed to always siding with them and consistently implementing assistance polices.

The city will also continue on improving investment environment, building e-government and smart city; solve administrative reform congestion; make auction and bidding the main method to distribute resources in the city.

HCMC has determined to create breakthroughs in economic development, science and technology. The science and technology field grew 16.9 percent from 2011 to 2015 which is the highest in nine major service sectors. Contribution of total factor productivity (TFP) to economic growth reached 33.1 percent, higher than the country’s average of 29 percent, with science and technology accounting for over 70 percent.

To date, HCMC has attracted 130 hi-tech projects with the total capital of $6.8 billion. Tech products’ added value averages $6.8 billion. By 2020, it is expected that the hi-tech field will contribute 10 percent of the city’s gross regional domestic product.