Can Tho City: Promising Land for South Korean Investors

3:38:05 PM | 5/12/2006

After several months of setbacks, the foreign investment attraction of Can Tho City has suddenly become busy in the latest two months as many companies and officials from South Korea and Hungary arrived in the city seeking business opportunities. Notably, four delegations with more than 40 companies of various fields from finance to construction, mechanics, agricultural product processing and shipbuilding. South Korean investors are especially keen on housing, office for lease, hotel projects as well as export farm produce processing projects in the city. This is a sweet fruit for the city’s efforts to advertise its potential in regional countries.

After Can Tho City’s mission arrived in Seoul in August 2006 to call investment, Mr. Frederic Roch led a group of South Korean financial and investment fund companies to Can Tho in early September 2006. Mr. Frederic said the Mekong Delta Development Fund (MDDF) that he manages will mobilise from US$100-300 million to invest in Mekong Delta region. If the investment goes smooth, the investment capital might jump to some US$500 million. Mr. Bruce Lee, a member of the delegation and an investment consultant to SK Asset Management Fund emotionally appreciated the potential, the friendliness of the local people, the environment and the warm climate in the city.

He hopes Can Tho will take full advantage of all opportunities to achieve quick and sustainable development in the future. In early October 2006, Mr. Ming Young-Woo, South Korean consul general in Ho Chi Minh City, led a group of nearly officials and businesses, which are operating in Ho Chi Minh City, into the city on the invitation of the municipal government. Mr. Ming Young-Woo said he will act as a bridge to link business exchanges for the companies of the two countries. Mr. Chae Yong-Tae, chief representative of Korea SME Development and Assistance Centre in Ho Chi Minh City, added Can Tho, a centre of the Mekong Delta region, has good conditions for investor to approach the market and bring their products to other localities. However, to make full use of foreign investment capital, Can Tho has to add more efforts, and most importantly, creating the trust of investors.

In late October 2006, two groups of South Korean investors came to Can Tho City. Remarkably, the visiting groups had the presence of Vice Mayor of Eunpyeong-Gu City and Mr. Joshua J Kim, Chairman of Asia Realty Group, which is developing a high-rise building project in Ha Long Bay. Joshua J Kim said although this is not a good time to carry out a project in Can Tho City, he promised to return Can Tho City to discuss with local partners about projects to build houses for sales and for lease in the city. He also pledged support for Can Tho City if it wants to be a sister city of a South Korea locality.

After exploring the city, all of the South Korean businesses appreciated rich potentiality for investment in Can Tho but investors advised the city to improve the infrastructure systems like Can tho Bridge, Tra Noc Airport and Can Tho Port Complex. Last but not least, the simple administrative procedure is also an important factor. Hopefully, Can Tho will be a promising land in the future.

Hong Le