Construction started on Tuesday on Saigon Silicon City Center, the heart of a Ho Chi Minh City-based hi-tech complex modeled after Silicon Valley in the U.S.

Former Vietnamese State President Nguyen Minh Triet (C) and Ho Chi Minh City Party Chief Dinh La Thang (R, 4th) at the groundbreaking ceremony of Saigon Silicon City Center in District 9, Ho Chi Minh City on August 30, 2016

The VND480 billion (US$21.43 million) building is a research and development center which is part of the Saigon Silicon City project located inside the Saigon Hi-Tech Park in District 9.

Spanning 11,368m2, the center will house technological research and development components while connecting hi-tech communities of overseas Vietnamese with international corporations in cooperation, research, creativity, and technology transfer applications.

The center is also expected to facilitate a healthy and friendly investment environment modeled after Silicon Valley in the U.S.

Present at the center’s groundbreaking ceremony were former Vietnamese State President Nguyen Minh Triet, City Party Chief Dinh La Thang, consulate generals in Ho Chi Minh City, and many domestic and foreign investors.

The groundbreaking ceremony for the Saigon Silicon City project had been held last November.

The US$40 million ‘Vietnamese Silicon Valley’ occupies a total of 52 hectares, according to the developer, Saigon Silicon City JSC.

The project will be rolled out in two phases and is expected to near completion in 2020.

Once completed, Saigon Silicon City will become a smart urban area with the infrastructure and amenities to attract both local and international hi-tech enterprises, Saigon Silicon City JSC Chairman Nguyen Minh Hieu said.

(Source: Tuoitrenews)