Is Hoa Lac Hi-tech Park prepared to host billion-dollar FDI projects?

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Hoa Lac Hi-tech Park gets ready to host billion-dollar FDI projects

Nhat Minh 20:33, 2020/12/18

The hi-tech park is expected to become a model science township and a national hub for technology research and development.

The Hoa Lac Hi-tech Park on the outskirts of Hanoi is believed to have the most modern and complete infrastructure in the country to host only high-tech projects. It is thought to be capable of absorbing multi-billion dollar investments.

Established in 1998, the Hoa Lac Hi-tech Park, about 30 km to the west of Hanoi's downtown, is the first and the largest hi-tech zone in Vietnam, with total area of 1,586 ha. It is expected to become a model science township and a national hub for technology research and development.

As of end-2019, 91 investment projects with a total registered capital of VND86.37 trillion (US$3.76 billion) have landed here. Of the figures, 46 projects are in the fields of training, researching, manufacturing and processing of software, high-tech products of information technology, biotechnology, new material, automation and projects on the development of technical and social infrastructure.

Many large Vietnamese enterprises have invested in the park with heavy-weight projects. A South Korean conglomerate has also poured capital to build an aircraft engine factory.

The park is located along Hanoi’s Thang Long Avenue, with convenient road access to Noi Bai International Airport and Hai Phong deep-sea port.

The Hoa Lac Hi-tech Park is provided with an almost complete internal traffic system with a combined acreage of 220 ha for roads and technical infrastructure.

The integrated technical infrastructure works including the control center, water purifier, wastewater treatment plant, back-up solid waste landfill and power station.

The park is connected to Hanoi’s downtown by bus. An urban rail is expected to be built in the near future to connect the park with the downtown area.

A number of local universities and large corporations have settled down and built research institutes here. It is expected to be the venue of the National Innovation Center (NIC).

The park is meant to become a high-tech incubator, providing human resource training and supply high-tech solutions.

However, after many years of development, social infrastructure around the park is still poor with only a bunch of catering service facilities such as cafes, restaurants, bars and grocery stores and a few housing projects.

The development grade of the park has not been commensurate with its potential. In a visit to Hoa Lac in early 2018, Prime Minister Nguyen Xuan Phuc asked the Management Board to make efforts to fill the park with high-tech projects as soon as possible. Currently, the filling rate of the park is 30% of its 1,500 ha, while FDI accounts for 30% of total investment.

In anticipation of the relocation of investment influx from neighboring countries, Luu Hoang Long, head of the Hoa Lac Hi-tech Park Management Board, said that the hi-tech park has sufficient capacity and infrastructure to accommodate large-scale foreign-invested projects.

However, Long emphasized that in Hoa Lac only hi-tech FDI projects are welcomed. A project, no matter how sizable it is, would be refused to invest here if it is not high-tech.

Long emphasized that if the park is well interconnected with industrial parks nearby to provide investors with a complete ecosystem for research, development and mass production.

Photos: Zing

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