VietNamNet Bridge - Da Nang Party Secretary has stated that by the end of next March, if the $280 million IT Park dubbed as Da Nang’s Silicon Valley, does not kick off, the investment licence will be revoked.

Many deputies questioned Director of the Da Nang Department of Communications and Information – Mr. Pham Kim Son – about this project at the latest session of the municipal People's Council last week.

This project is funded by the Rocky Lai & Associates - Da Nang Corporation and American investors, with an area of 341ha in Hoa Lien commune, Hoa Vang district, and a total investment of $278 million. According to the initial plan, the project will be implemented from 2013 to 2023. However, to date only 10 hectares of land have been leveled.

"This project has been halted because of many difficulties, including financial difficulties. The investors have not realized financial obligations as cleared funds, investment fees... I have personally received the information that other investors is preparing to take over this project," Son said.

Son said that the investor had deposited approximately $200,000. The local government wanted to meet the investor but the project management board said that the representatives of the investor were not in Vietnam.

Mr. Tran Tho, Da Nang Party Secretary, said that the city would revoke the project by late first quarter 2015 if the investor does not carry out the project at the committed pace.

Thu Ha