The first phase of Ho Chi Minh City's first hi-tech agricultural park, aimed to provide local farmers with an opportunity to apply the latest technological advances to increase their yield and profits, opened last week in the city's Cu Chi district.

Nguyen Trung Tin, deputy chairman of HCM City People's Committee, said the park is one of the city's key projects to promote economic development by contributing to the restructuring of the city's agricultural sector and promoting hi-tech agriculture.

The park will promote technology transfer, research and training and invite investment from companies with expertise in hi-tech agricultural applications.

Tran Phuoc Dung, head of the management board of the park, said the management board had received a total of 28 project applications from both local and foreign investors. However, the board had only approved nine projects that meet hi-tech requirements, with a total investment of VND292 billion (US$15.4 million) covering 44.65 hectares.

The park, which has a total area of 88.17 hectares, is being built at a cost of nearly VND153 billion (US$8.08 million) drawn from the city's budget.