Vietnam’s metropolitan city is setting aside land to develop a new “Silicon Valley”, a reference to the area of California where a lot of new technology is developed.
Following a meeting May 8 between city officials and PM Nguyen Xuan Phuc, the Home Affairs Department of Ho Chi Minh City filed a plan to the city’s Communist Party committee for merging three districts into a single zone for development as a tech center.
City leaders had started in 2017 planning a 22,000-hectare zone to focus on technical research and development. The zone will appeal foremost to internet and software developers, including an estimated 40 financial technology firms, as well as their employees who hope to live near work, analysts on the ground say. Added to that, Ho Chi Minh’s tech zone includes a slice of its financial center, modern apartment tracts and a nearby polytechnic university. The soon-to-be tech zone area has the level of living, convenient transportation systems - this will become very attractive for future engineers.
The State has made plans to offer wider internet bandwidth. Growth of the zone will require local officials to build out infrastructure, the IDC managing director said.The zone will need tax incentives, better business licensing processes and ideal locations to draw newcomers. Ultimately, tech investors will favor Vietnam’s relatively lower costs, he added.
Source: VOA News
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