Ground breaking on $ 1.2 billion software park in Thu Thiem District of HCM City

HCM CITY, 19 Jul 2008 — Construction of the US$1.2 billion Thu Thiem Software Park begins in HCM City’s District 2 today with a ground-breaking ceremony by SaigonTel-Teco joint venture.

When the park becomes operational, it is expected to attract an additional $ 2.95 billion in foreign direct investment, contribute $ 4.3 billion in taxes, and create $ 6.5 billion in annual revenue.

The park is expected to create 40,000 new jobs during the construction period and 70,000 jobs for software specialists and IT engineers.

As the biggest single software park project in Viet Nam as well as in the ASEAN region, the park will contribute significantly to the city’s structural shift towards service sector development.

SaigonTel-Teco is a joint venture between Sai Gon Telecommunication&Technologies Co. (SaigonTel), a subsidiary of the Sai Gon Invest Group (SGI) and the Singaporean TA Associates International Pte. Ltd, a member of TECO Group from Taiwan. SaigonTel contributes 20 per cent of the joint venture’s capital.

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