The Authority of Vietnam’s HCMC is preparing paperwork to withdraw an investment certificate from the Saigon Silicon City project within this year due to the project’s long delays, said a city official
It is inappropriate to have a project like this lagging behind schedule while many other projects are lacking land, Vo Van Hoan, vice chairman of the HCMC People’s Committee, told a conference held today, February 14, at the Saigon Hi-Tech Park (SHTP) in HCMC, local media reported.
Hoan asked the relevant agencies to work with SHTP to facilitate procedures to terminate the project, revoke its investment certificate and land allocated to the project this year.
You Might Be Interested In
- Strategic cooperation agreement on constructing digital infrastructure between Vietnam Airlines and MobiFone
- What are the reasons for the continued struggle of Vietnam’s real estate sector?
- Things to know about suspending or dissolving a foreign invested company in Vietnam
The vice chairman demanded the municipal Department of Planning and Investment complete a set of criteria for selecting investors to invest in SHTP and take preventive measures against businesses seeking to operate at SHTP but not using the registered land for the intended purpose.
Nguyen Anh Thi, head of SHTP, said SHTP and the departments of Planning-Investment and Justice would take action to revoke the project’s investment certificate.
The Saigon Silicon City project, which was set to follow the model of the Silicon Valley in the U.S., broke ground in August 2016, with the investor being Saigon Silicon City JSC. The project required an estimated VND860 billion, covering 52 hectares of land at SHTP.
Work on the project has been slow for years. In October 2021, the SHTP management board proposed the HCMC government allow SHTP to terminate the project, according to local media.
