Da Nang City opened the first phase of its information technology (IT) park modeled on the U.S.’s Silicon Valley on Friday.

The Danang IT Park, or DITP in short, covers 340 hectares in Hoa Lien Commune, Hoa Vang District. The total investment in this project is estimated at VND2.74 trillion ($118.3 million), with first phase, covering 130 hectares, costing over VND1 trillion ($43.1 million).

According to the project investor, Da Nang IT Park Development JSC, the park is oriented to become one of the most developed IT communities in Asia, helping the coastal city lure more foreign investors.

The project currently has basic infrastructure built, including office buildings, green spaces, roads, natural landscapes, and areas for outdoor activities.

Eventually, DITP targets revenues of $1.5 billion each year and jobs for more than 25,000 people.

So far, some big names in the global IT industry like IBM, Cisco, Intel, KDDI, Mitsui and several smaller IT companies from Japan, the U.S. and Singapore have expressed interest in the park.

Da Nang is the urban center of central Vietnam and is often considered the country’s third most important city, after Hanoi and Saigon. The city licensed 135 foreign direct investment projects worth almost $286 million last year.

Source : e.vnexpress.net