When I first visited Vietnam 6 years ago, the technological potential had just been unearthed and was pivoted solely to the pioneering Quang Trung Software City. However, the country has gathered momentum pretty fast, attracted foreign investors with world class high-tech parks, and is now dubbed as “the new Silicon Valley in Southeast Asia”.
Quang Trung Software City is still the biggest software park in Vietnam, located 15 km away from the city centre. It is home to many IT companies, ranging from the top Global 500 like HP and IBM; Vietnamese leaders like FPT, Saigontel, Viettel to universities and international institutions for the developing workforce. Another spotlight falls on the Saigon Hi-Tech Park, where you will find 46 IT subsidiaries, including international market leaders such as: Intel, Air Liquide and Nidec. Just last month, one more large-scale project called Saigon Silicon City Centre was started to turn Ho Chi Minh City into a specialised IT centre that matches international standards.
As the commercial hub rockets forward, Hanoi seems unlikely to lag behind. Within the first half of 2016, the capital has approved two software parks, representing a significant investment of over USD 1.55 million. These ambitious projects are expected to help Hanoi expand its IT sector and create more than 40,000 jobs once fully functional. As the silicon valleys in India suffer from social unrest and many security issues, I believe these developments could signal a new promised land for foreign investors and multinational IT corporations seeking competitive edges.