Today, June 16, 2008 HCM City authorities granted an investment licence to joint venture firm Teco-Saigon Tel’s $1.2 billion Thu Thiem Software Park project.

The park will be built on 15.9ha of land in the centre of the new residential area of Thu Thiem, at a total cost of $1.2 billion.

Teco-SaigonTel will establish the TA Associate Vietnam Co, Ltd. to implement this project, in which Saigon Tell will contribute 20% of chartered capital.

This huge project will be carried out in three phases, including building infrastructure facilities, processing and exporting software products, designing chips, training and providing human resources, and promoting investment in the Thu Thiem Software Park.

This is one of the largest IT projects in Vietnam. Taiwan’s Teco group, one side of the joint venture, is managing Nangkang Software Park, one of the three most successful software parks in the world.