Vietnam-Japan software project scaled down

ME - Japan’s VIJA PowerSource Corp. will narrow its Vija Brain Park in Thu Thiem New Urban Area in HCMC as the investor is facing financial constraints, an official said.

Accordingly, the project to develop Vija Brain Park by VIJA PowerSource Corp will be revised down to 3.3 hectares from the initial 10.3 hectares, said Trang Bao Son, deputy head of the Investment and Construction Authority of Thu Thiem New Urban Area (Thu Thiem ICA). Son explained the investor has petitioned for the adjustment due to the current global economic downturn.

It is necessary to review the scheme, including many items and investment capital, said Thu Thiem ICA, adding it will call for investors to develop the remaining seven hectares into a hospital in line with international standards.

Vija Brain Park is one of the first projects in Thu Thiem New Urban Area to be granted an investment license by the city’s authority with a total pledged investment cost of US$610 million. Besides specializing in designing chips and processing export software, it also aims to build infrastructure, office buildings and houses for lease.

In the meantime, the local authority has been undergoing a procedure to withdraw the license of Thu Thiem Software Park due to long delays and inappropriate requests of the joint venture between TA Associates Vietnam and local partner SaigonTel.