Unlocking All Resources for Development

9:10:00 AM | 8/9/2022

Can Tho City has been fostering flexible, creative and suitable solutions in the new context. In particular, the industry and trade sector is further improving efficiency and supporting businesses to make a post-pandemic recovery.

Tapping potential

Importantly and strategically lying in the heart of the Mekong Delta economic region, the gateway to the Mekong downstream, and having an average GRDP growth of 7.53%, Can Tho City is both an economic locomotive and a trade and service center of the region.

In addition, Can Tho City is blessed with natural conditions and rich natural resources, rich alluvial and fertile soil. With an extensive river system, it has created favorable conditions for agricultural and aquatic production development. These conditions have created local outstanding advantages for the city to draw more investment capital.

By unlocking these potential strengths, the industry and trade sector of Can Tho City has maintained continuous development and made important contributions to socioeconomic development.

In 2016-2020, Can Tho City’s industrial production value accounted for 15.2% of the Mekong Delta, ranking second among 13 provinces and cities in the region, just after Long An province.

Besides industry, Can Tho has great potential for agricultural, service and commercial development. Especially, when the Mekong Delta cooperation center for agricultural production, processing and consumption is established, it will help stabilize agricultural output and increase agricultural value by downstream processing.

In 2022, the industry and trade sector of Can Tho targeted industrial growth of 3.5%, consumer retail revenue of VND177,330.94 billion (growing 10% year on year), merchandise export value and service revenue of US$2.02 billion (up 11.7%); and merchandise import value of US$500 million (up 3.09%).

The city is prioritizing investment in the processing industry, high-tech agriculture and livestock husbandry, post-harvest preservation, infrastructure investment, ecotourism services, information technology and electronics.

Intensifying business support

To support businesses, the industry and trade sector has focused on carrying out key tasks such as restructuring the sector, encouraging the development of potential and advantageous industries, fostering trade promotion, connecting trade, exporting goods and developing e-commerce.

In particular, with the theme of 2022 “Focus on effective control of the COVID-19 pandemic; safe and flexible adaptation to socioeconomic recovery and development”, the sector has actively built a business support roadmap for production and trading expansion and restoration.

Accordingly, in the first phase (till the end of 2021), priority was given to essential sectors, supply chains, and materials for production and export. In the period from January 1, 2022 onwards, the sector has focused on stabilizing and supporting enterprises to restore production and enhance the adaptability of enterprises.

In order to support the business community to access e-commerce platforms, the city has further coordinated in introducing local products on applications Voso.vn, Shopee.vn and Sendo.vn.

In addition, in the face of deep international integration, Vietnam has entered into many free trade agreements (FTAs). To capture these opportunities, Can Tho City has intensified communications and information updates on opportunities, challenges and tax incentives. The city regularly updates and posts information on local potential, investment opportunities, investment and trade promotion, business support and exhibitions on the website, www.canthopromotion.vn.

While strengthening trade promotion through conferences and workshops, including online, to advertise and introduce agricultural and aquatic products to China, the United States, Europe, India, Bangladesh and other markets, to assist local enterprises to find and expand markets.

Mr. Ha Vu Son, Director of Can Tho Department of Industry and Trade, said that by implementing new development goals, Can Tho is trying to create an enabling investment environment to attract investment funds, direct enterprises to boost production and invest in industrial zones, including the Mekong subregional logistics center in Can Tho City, industrial property and energy. The city is also working with relevant bodies to speed up O Mon thermal power projects.

To improve the investment environment and enhance the Provincial Competitiveness Index (PCI), Can Tho City will focus on administrative reform, review, assess and propose plans for procedural simplification and shorter time required for handling administrative procedures related to investment, business and electricity access.

Source: Vietnam Business Forum