Can Tho attracts US$175 million in FDI

Can Tho City has attracted US$175.7 million of foreign direct investment (FDI) capital this year, including a Republic of Korea’s shoe-production plant that will be the largest FDI project in the Mekong Delta region.

The plant, valued at US$171 million, will be located in the 2B Hung Phu Industrial Park.

The city also issued licences to two FDI projects worth a total of US$4.26 million last month.

In 2015, Can Tho attracted only seven FDI projects with total registered capital of US$19 million.

However, this year FDI has been far higher and is expected to continue to increase.

Foreign investors, especially from Japan and the Republic of Korea, have visited the area recently and expressed interest in doing business, according to Vo Thanh Thong, Chairman of Can Tho City’s People’s Committee.

“Can Tho is expected to issue licences for new FDI projects in the coming time,” Thong said.

To ensure sustainable development, the city has shifted priorities by focusing on the quality of projects, not just investment value.

Business areas that have been given priority include electronics, agricultural machinery, support industries, hi-tech agricultural and fisheries products, and transport and tourism infrastructure.

Logistics, garment and textiles, industrial parks, IT zones, hospitals and international schools are also among the city’s top priorities.

To date, the city has attracted a total of 71 FDI projects with a total registered capital of US$1.13 billion. Of the figure, total implemented capital has reached US$358.8 million.

Most of the investors have been from Asia, including the Republic of Korea, Singapore, Hong Kong, Thailand and Taiwan, in addition to Western countries like the US, Germany and France.

However, many of the projects over the years have been of small scale and have used outdated technologies. Cooperation between large foreign companies and their local counterparts has been inadequate, and little technology transfer has occurred.

The city aims to improve investment promotions to attract more quality foreign projects in the coming time.

Located on the south bank of the Hau River, a branch of the Mekong River, Can Tho is the largest city in the Mekong Delta, with a population of 1.2 million.

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