"New investors in the project should be capable enough to avoid similar delays in the future," said Hoan.

The Saigon Silicon City project started in August 2016, but several construction stages have not yet been implemented and much of the land given over to the project remains covered in grass.

Investments were made by Saigon Silicon City JSC, with a total value of about VND860 billion ($37 million). The project is to be built on an area of 52 hectares in the SHTP, with designs following the American Silicon Valley model.

According to the plan, the site will be divided into 33 separate construction projects with an area of 0.5-1.5ha per building, including four administration buildings and 24 areas for leasing high-tech manufacturing plants. The other areas will be given over to utilities and services, such as a sports centre and exhibition hall. The site will also include eight solar-powered parking garages.

When completed, the Saigon Silicon City project will be a smart city with infrastructure and utilities to attract domestic and foreign businesses operating in the high-tech field.

However, since the groundbreaking ceremony, progress has stalled. In October 2021, the SHTP Management Board made a proposal to Ho Chi Minh City People's Committee to revoke the investment certificate of the project.

Figures from the SHTP Management Board released state that up to now, 162 projects have been granted investment certificates, of which 111 projects are operating with 49 projects not yet up and running.

Source: VOR