The committee has picked electronics and informatics firm Hanel Ltd Company as the investor of the project, which will cover more than 43ha.

About VND942 billion ($43.6 million) will be allocated for infrastructure construction, while more than VND9.5 trillion ($437 million) will be used to develop functional areas.

The construction of the project is scheduled to start this year and be completed by 2019.

The committee said in the report sent to the Prime Minister that the project would contribute to developing Viet Nam as one of the countries with strong information technology and telecommunications development.

The project was aimed at developing a knowledge-based economy and the IT industry, particularly in the field of software, and at drawing more investment from both local and foreign investors, it said.

Graphic design of the IT park, which is scheduled to be built in Long Bien District of Ha Noi(Image source:baomoi.com)

Director General of Hanel Nguyen Quoc Binh said it would be an open software park designed following new trends in several countries.

Apart from facilities for the development of the software industry, the project will also have vocation training schools for programmers and engineers, services centres and IT trade and electronics business areas and other facilities.

At present, Ha Noi has only one concentrated IT park in Cau Giay District. The 8.5ha park has more than 300 enterprises of different sectors, with IT firms comprising 28.8 per cent of the enterprises, such as Financing and Promoting Technology Corporation (FPT) and Military Telecom Corporation (Viettel).

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