Speaking at a city seminar here on last Wednesday, Duong Minh Tam, secretary of the working team for the project implementation, said the plan would be submitted to the city authorities early next month to make a report to the Government.

Covering 200 hectares in District 9, the park will be connected to the Vietnam National University HCMC, the Saigon High-Tech Park, a number of industrial parks, export processing zones and research institutes in districts 9 and Thu Duc to create a northeastern technology and science urban area. This will be the venue for high-tech research and development.

The project is expected to have R&D (research and development) centers to tackle problems on living environment and improve potential technology of the city to help speed up global integration. The centers will cover a wide range of fields such as renewable energy, space technology, electro mechanics and automation.

Tam said the project aims to secure a better scientific research venue for the city in the future as it will be home to high-quality human resources, and solve problems for green and sustainable economic development.

After the project is approved, Science & Technology Park Development Company will be established to act as the investor for infrastructure construction.

Construction of the project is expected to last five years while the preparation phase will cost VND13.4 billion.

Delegates at the meeting suggested establishing a joint stock company to develop the project to reduce the burden on the State, which should account for a stake of some 35% in the company.