VietNamNet Bridge – Japan-invested VIJA Power-SourceCorp. on Tuesday broke ground for the Park Gate Building as the first construction in the Vietnam-Japan Brain Park project in Thu Thiem New Urban Area.

An artist’s impression of the Vietnam-Japan Brain Park that will be developed in Thu Thiem New Urban Area.

The estimated cost for the building is US$40 million, which still is just a small fraction of the committed fund of US$610 million for the entire intellectual park, the investor said at the ground-breaking ceremony attended by Deputy Prime Minister Hoang Trung Hai.

The park, covering an area of 44 hectares, will accommodate those enterprises in export software processing, electronic chip design, manpower training, trade and investment promotion in the hi-tech field, and office and apartment for lease.

This capital-intensive IT estate project in Thu Thiem New Urban Area is expected to play an important role in bolstering the human resource development strategy for Vietnam’s information technology, and lend a helping hand to HCMC in its economic restructuring toward raising the added value in development.

The project is expected to attract several foreign IT groups to invest in Vietnam employing about 35,000 IT workers plus 10,000 indirect laborers by 2017.

On this occasion, the Japanese developer also signed a cooperation agreement with HCMC’s Quang Trung Software City to support each other in the IT industry.

(Source: SGT)