The Hoa Lac Hi-Tech Park in Hanoi will offer the best possible incentives to investors in order to attract and encourage investment and help the park reach its targets, according to Deputy Prime Minister Vu Duc Dam.

He assigned the Ministry of Science and Technology to research and determine special mechanisms and policies for application at the hi-tech park.

Hoa Lac Hi-Tech Park was the first of its kind in Vietnam, approved by the Prime Minister in 1998 to boost the country’s industrialization and modernization process.

It remains a key project in developing Vietnam’s hi-tech industry and research capacity.

Located in Hanoi’s west, the park sits in area of 1,586 ha and has eight main functional areas: a training and education zone; a research and implementation zone; a software zone; a hi-tech industrial zone; a central zone; a services zone; a housing zone; and an entertainment and sports area.

Nearly 20 years after approval site clearance is still to be fully completed. Construction of infrastructure finished last June.

The park has almost 70 licensed projects with total investment of VND60 trillion ($2.96 billion) and 10,000 people work and study there.

Hoa Lac is to become a new urban area equipped with modern social and technological infrastructure, playing a role in reducing population pressure in the center of the capital, according to the general planning tasks for the Hoa Lac Urban Area approved by the Prime Minister.