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Da Nang to revoke "Silicon Valley" project

Released at: 17:04, 03/07/2015

Da Nang to revoke "Silicon Valley" project

With construction well behind schedule city plans to officially put an end to IT project.

by Thu Hoang

The Da Nang City People’s Committee plans to officially revoke the investment license for the Da Nang Information Technology Park (DITP) project, dubbed “Da Nang’s Silicon Valley”, due to its delayed construction.

“The project developer, Rocky Lai & Associates Inc., from the US, has not followed the construction schedule because of many difficulties, including financial difficulties,” Mr. Tran Van Son, Director of the Da Nang Department of Planning and Investment, told VET.

The city government had spent VND100 billion ($4.5 million) on conducting site clearance to allocate “clean land” to the investor.

With total investment of $278 million, the project covers on an area of 341 ha in Hoa Lien commune, Hoa Vang district. According to the developer’s initial plan it was to be built from 2013 to 2023.

The project was expected to produce annual revenue of $3 billion and create 25,000 jobs and a satellite city with 100,000 residents. Banks, offices, IT research and training centers, production facilities, and IT showrooms were also to be built.

  • TAGS
  • Da Nang
  • revoke
  • investment license
  • Silicon Valley
  • IT Park
  • $278 million
  • Rocky Lai & Associates
  • Inc

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