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The Ho Chi Minh City high-tech park management has submitted a proposal for the development of a massive science and technology project worth US$1 billion to the local government for approval.

The Science and Technology Park will be built on a 197 hectare plot surrounded by rivers and canals in District 9, according to the proposal.

Costs are estimated at more than VND21 trillion (about $1 billion), over VND17 trillion of which will come from sources outside the state budget.

The project is intended to create favorable conditions for science and technology research and economic growth in the city and the entire country, as the southern metropolis is contributing the largest share to the national GDP.

It will be developed into a comprehensive research center that will spearhead local science and technology capabilities, link research activities with universities, and become part of a broader high-tech neighborhood lying to the northeast of the city.

Ho Chi Minh City currently has one high-tech park, located 15km to the east from the downtown area, where some world leading high-tech companies base their plants.

This park is one of two such facilities in Vietnam, the other being Hoa Lac Hi-Tech Park situated in the western outskirts of Hanoi.