Hanoi to build a $486m software park

Graphic design of the planned Hanoi-based software park, visual from the Vietnamese government portal.

Hanoi, the capital city of Vietnam, is planning a $486 billion IT hub in the Long Bien district and has already submitted the initial plan to the Prime Minister.

The Hanoi People’s Committee has picked electronics and informatic firm Hanel as the lead investor of the 43 hectare project, the local government said in a report.

Some VND942 billion ($43.6 million) will be allocated for the construction of the infrastructure, while more than VND9.5 trillion will be use to develop functional areas, the report added.

The project is slated to be completed by 2019.

Prior to this, Hanoi has invested VND30 billion in upgrading the Cau Giay integrated IT park – the first of its kind. Also located in Hanoi, is the Hoa Lac Hi-Tech Park, the country’s largest hi-tech space, which has attracted a number of domestic leading telcos and tech firms such as FPT Corporation, Viettel Group and Hanoi Telecom, as well as foreign-partnered projects.

“The formation of hi-tech and software parks is a major solution to bolster foreign investment in the Vietnamese IT sector,” the report stated.

While Hanoi aims to develop IT as the economic driver, Ho Chi Minh City has led with the launch of the Quang Trung Software City (QTSC), which “can be seen as the most successful national IT project”.

With the total investment of VND250 billion from the government, QTSC, which began operation in 2001, has 33 Vietnamese and overseas investors on board. These investors registered a total investment of VND6 trillion.

According to Lam Nguyen Hai Long, QTSC’s deputy director, the centre hosts almost 120 IT firms, four of which are the world’s leading companies: Hewlett-Packard (aka HP), the International Business Machines Corporation (IBM), Japan’s KDDI and Hitachi.

In the first quarter of this year, the combined software sales of these units reached VND800 billion ($37 million), in which exports hit $20 million.

Related stories:

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Japanese cos seek Vietnamese digital content partners

Invest ASEAN 2015: Vietnam poised to be the next powerhouse

Vietnam’s FPT Corporation kicks off accelerator & VC arm with $3m seed fund

Vietnam lures $1.56b in investments from Korean firms

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.