Ho Chi Minh City plans to revoke the investment license for the Saigon Silicon City project this year due to long delays, according to municipal authorities.

Construction of the project, which was set to follow the model of Silicon Valley in the US, began in August 2016.

It was designed to cover 52 ha of land at the Saigon Hi-Tech Park and required investment of $40 million.

Once completed, Saigon Silicon City was expected to become a smart urban area with infrastructure and amenities to attract both local and international hi-tech enterprises.

However, work on the project was slow for many years and stopped completely in 2019.

In 2021, the Saigon Hi-tech Park’s management board proposed that city authorities terminate the project.