$500 million hospital for Saigon Hi-Tech Park.

Ms. Nguyen Thi Minh Thu, Head of the Investment Promotion Department at SHTP, confirmed that the US company signed a memorandum of understanding (MoU) with SHTP’s Management Board on the investment a few days ago.

“The project’s total capital is expected to be around $500 million and construction will be carried out in two phases,” said Mr. Alex C. Park, Vice Chairman and General Counsel of Quantus, Inc.

“The investor will complete investment procedures by the end of this month,” Ms. Thu said. “They hope to receive the investment certificate before the end of the year.”

According to SHTP, the project will have a 25-storey and 12-storey building on an area of 7 ha, with a hi-tech hospital, a life science research and development institute, a residential area for patient relatives, a VIP area, and a trade center.

Half of the investment will be spent on building the hospital and life science research and development institute, which are planned for completion by July 2018. In the second phase, scheduled to be finished a year later, the company will build other facilities and procure modern medical equipment.

According to Mr. Park the hospital will have numerous departments and boast advanced technology and equipment, such as proton therapy and gamma-ray treatment for cancer, new neurosurgical approaches, an advanced stem cell cardiology unit, a cutting-edge orthopedic surgical unit, and a helicopter pad.

Vietnamese people spend between $1.5 and $2 billion each year on healthcare services in foreign countries. The hi-tech hospital aims to provide medical services on par with those in Singapore, Seoul and Tokyo and is also expected to attract patients from other countries, bringing in from $500 million to $1 billion into Vietnam, Mr. Park added.

In addition to the hospital construction project, Quantus will work with the Japan-based Allied Telesis KK, a network infrastructure and telecommunications company, in the application of information technology in healthcare services, with Stanford Hospital in doctor training and exchange programs, and with the University of California in research fellowship programs through the life science institute.

Chairman of the Ho Chi Minh City People’s Committee Nguyen Thanh Phong said it has policies to socialize its healthcare sector, which are overloaded, and will offer incentives to attract investment.

Quantus was founded in 2012 to focus on providing customers in the life sciences industry with onsite compliance in staffing and technical services.

SHTP is a State-owned industrial park providing tax incentives and reasonable land rentals with a strategic location to attract technology companies to Ho Chi Minh City.