Irish firm to build US$1 billion biotech park in Hanoi

An Irish property company has been given approval in principle by the Vietnamese Government to build a US$1 billion biotechnology park in Hanoi, according to Irish Independent newspaper on May 15.

The project, one of the largest of its kind in Asia, has been in the pipeline since last year, the newspaper added.

The first phase of the project, which is estimated to cost US$250 million has now been licensed by the Vietnamese authorities.

The Vietnamese economy is enjoying a boom with a number of giant foreign-invested projects taking part. Most notable is the construction of Intel Group’s US$1 billion factory.