|Dai Tu Industrial Park-illustration photo|
Dai Tu, located in Gia Lam district, is now a part of Ring Road No. 3 of the inner city and it would have to be relocated, said Nguyen Xuan Linh, vice director of the Hanoi Authority for Industrial and Export Processing Zones (HIEPZ).
“Dai Tu will be turned into an urban area over the next five years. However, we have not yet received a detailed plan regarding that transformation,” Linh said, adding VID Group would develop the industrial park into an urban area.
Urbanisation is rapidly changing the landscape around Dai Tu, with construction of a number of modern urban areas such as Vincom Village, Hanoi Garden City, Viet Hung and Sai Dong.
The Vincom Village is developed on 182 hectares of land where an industrial park was first planned but failed to get off the ground due to the developers’ financial shortfall. Vincom Village is being touted as Venice of Hanoi as all of its 1,000 villas are built along artificial cannals.
The capital’s authorities are also considering to develop two other large ecological urban and entertainment areas covering 400 hectares near Dai Tu. Dai Tu developer VID Group declined to comment on Dai Tu’s possible changes. According to HIEPZ, Dai Tu had attracted 22 domestic and foreign-invested projects worth $290 million, occupying 70 per cent of the site.
“It has been a long time since a new business requested a licence to invest in this park,” Linh said.
In 1995 the Dai Tu Industrial Park Development Company was licenced to develop Dai Tu during 50 years with the total investment capital of $12 million.
Later, the Taiwanese firm pulled out of the project and the Taiwanese now just holds a 30 per cent stake in Dai Tu, according to HIEPZ.
Kieu Linh (vir.com.vn)