Thu Duc City promoting innovation for economic growth

SGGP

Thu Duc City has a great advantage of owning several developing startup ecosystems and value added chains related to advanced technologies, which promises its prosperous future. Therefore, it is enthusiastically promoting innovative activities in the community, hoping to contribute more to the general socio-economic growth of its mother city – Ho Chi Minh City (HCMC).

The comprehensive view of the Eastern highly interactive innovative urban area of Thu Duc City. (Photo: SGGP)

The comprehensive view of the Eastern highly interactive innovative urban area of Thu Duc City. (Photo: SGGP)

The Management Board of Saigon Hi-tech Park (SHTP) – the most prominent unit located in Thu Duc City – shared that despite the avoidably negative impacts of Covid-19 pandemic to businesses located in the park, all of these enterprises have actively tried different methods to simultaneously fight against the disease and fulfill their business targets.

With 85 operating projects, the manufacturing value of hi-tech products here reached US$20.7 billion in 2020 (an increase of 23.3 percent compared to this time in 2019).

More importantly, observing the direction of the local authorities to focus on advanced technologies and innovation, SHTP was able to attract prestigious Foreign Direct Investment (FDI) projects like ABB, Arevo, Sepotech in the fields of robotics and automation, new materials, and integrated circuit to serve the domestic demands in Industry 4.0.

SHTP has also prioritized potential projects for the sustainable and stable manufacturing of hi-tech products which are globally competitive. Most of the staple goods from SHTP possess high values, created from thorough scientific research done on-site and then a closed production line.

This allows SHTP to contribute an estimated value of 10 percent to HCMC’s GRDP.

SHTP’s Management Board has already set a goal of becoming the main contributor of export turnover to HCMC in the upcoming time. Particularly, it aims at reaching $30 billion of export value in 2025, with a domestic value added of over 35 percent; at doubling the gross production value of hi-tech goods from 2021-2025.

In 2025, necessary facilities in the scientific space, the commercial-service section, and the residential area for experts of SHTP will be completed, having a convenient link to modern traffic infrastructure of Thu Duc City like the metro Route No.1 from Ben Thanh to Suoi Tien. It should help SHTP become the core site for research and manufacturing activities of hi-tech products in Thu Duc City.

To further encourage creativity among businesses and the community, Thu Duc City has kicked off the construction of a scientific park with the surface area of nearly 200ha in the to-be Eastern highly interactive and innovative urban area.

The to-be scientific park will be the place to supply capable human resources for hi-tech production activities. This is also the location to incubate promising technological startups, turning them into strong and fiercely competitive enterprises to penetrate global markets.

This park will be the favorite choice of workplace of the talented and international as well as domestic scientists.

Hence, it is important that the local authorities introduce suitable policies and specific incentive mechanisms for a healthy development of all businesses when they invest in the scientific park.

By Ba Tan – Translated by Vien Hong

Other news