The Foreign Investment Flood: $200 Million to Transform Can Tho’s Largest Industrial Park

On August 13, Secretary of the Can Tho City Party Committee, Nguyen Van Hieu, had a working session with leaders of Vinh Thanh District, Can Tho VSIP Joint Stock Company, and relevant units on the progress of the VSIP Can Tho Industrial Park Project.

Mr. Doan Quoc Su, Chairman of the People’s Committee of Vinh Thanh District, said that the VSIP Can Tho Industrial Park has two connecting roads, one of which is currently 57% complete, while the other, connecting to Vam Cong Bridge, has only reached 6% due to land clearance issues. The local authorities are mobilizing residents and completing legal procedures to enforce land retrieval in August.

Representatives from Can Tho VSIP Joint Stock Company stated that so far, 19 enterprises from the US, Japan, Singapore, South Korea, Malaysia, and China have signed memorandums of investment in the industrial park, leasing about 100 hectares of land with a total investment of approximately $200 million. VSIP is expected to sign lease contracts with customers in Q1 2025 and complete investment procedures and land handover for factory construction in Q3 2025.

The industrial park investor is implementing a land treatment package, which is about 30% complete and expected to finish by the end of 2024. Infrastructure construction will begin in early 2025 and be completed by June 2025 to welcome investors. Simultaneously, the investor is developing a wastewater treatment plant, a fire protection system, and a clean water pump station.

VSIP Company requested the city’s support and guidance for the investor to participate in bidding for sand mine exploitation to alleviate the pressure on filling material sources, which are currently facing challenges in supply and pricing.

Secretary Hieu requested that the Department of Construction and Transportation assign leaders and officials to coordinate with Vinh Thanh District in adjusting the project and designing the roads connecting the VSIP Industrial Park with Vam Cong Bridge. He emphasized completing the land clearance for the connecting routes by August and resolving any issues related to resettlement areas by the end of 2024.

Mr. Hieu also urged the departments and local authorities to ensure the progress of the resettlement areas for the project, striving to have 300 lots available by the end of 2024 for households that have been approved for resettlement due to land acquisition for the industrial park. He emphasized that the resettlement process should not affect the project or the people.

The VSIP Can Tho Industrial Park Project is located in Vinh Thanh District, covering an area of 900 hectares, with the first phase spanning over 293 hectares. The project commenced in September 2023, with a total investment of VND 3,717 billion. Once completed, it will be the largest industrial park in Can Tho, expected to create jobs for 100,000 laborers and attract $3.5 billion in investment.

Previously, representatives of VSIP Can Tho Company mentioned that for over a year, the supply and pricing of filling sand in the Mekong Delta region have been highly volatile. From the time the project was approved for investment until now, the price of filling sand has doubled. According to the investor’s calculations, with the current sand price, the investment for filling the entire area of over 293 hectares in phase 1 will increase by about VND 800 billion, leading to higher land lease prices and affecting the competitiveness of the industrial park.