Teco Park could lose license: Report

The government may revoke the license for a US$1.2 billion software park venture between Teco Electric & Machinery Co. and Saigon Telecommunication & Technology Corp., a local newspaper said, citing local officials.

The investment and construction management board for the area being developed has asked the Ho Chi Minh City People’s Committee to take back the lease on the land and cancel the license for the 16-hectare (40-acre) project, Tuoi Tre newspaper said.

Teco has a 45 percent stake in TA Associates Vietnam, which is developing the park in the outskirts of Ho Chi Minh City, said Andy Chien, deputy spokesman for the company in Taipei. Chien declined to comment on the possible revocation of the license.

Saigon Telecommunication & Technology, known as SaigonTel, has invested 20 percent in TA Associates, according to Tuoi Tre.

The venture was scheduled to start producing software, circuits and computer chips for export in 2012, the People’s Committee said in June 2008.

thanhnien, Bloomberg

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