VSIP Can Tho in southern Vietnam attracts $400mn in investment despite ongoing construction

The current Can Tho City is a merger of the former Can Tho City and neighboring Hau Giang and Soc Trang Provinces, effective from July 1, as part of a recent major administrative restructuring in which Vietnam’s total number of provinces and cities was reduced to 34 from 63.

On Tuesday afternoon, leaders of the Can Tho People’s Committee held a working session with VSIP Can Tho Joint Stock Company to address challenges related to the development of VSIP Can Tho.

According to a representative from VSIP Can Tho, the infrastructure of the industrial park is approximately 60 percent complete, with site handover to secondary investors expected in the third quarter of 2025.

Among the four companies that have been committed to investing in the park, Bestway Company has officially signed an agreement for a $300 million investment.

The company kicked off its project in April 2025 on a 28.6-hectare site, with construction scheduled to begin in August this year and operations expected to start in July 2026.

The remaining three investors have pledged a combined investment of $100 million and are ready to sign agreements once VSIP Can Tho is granted the land use right certificate.

To alleviate the financial pressure of a one-time land lease payment amounting to approximately VND1.163 trillion ($44.5 million), VSIP Can Tho has proposed the Can Tho People’s Committee approve a change in land lease terms from a lump-sum payment for the entire lease period to annual payments.

VSIP Can Tho also requested that the land use right certificate be issued by August 2025.

The company sought the city's support in helping Bestway complete its investment registration documentation and assist other secondary investors.

Tran Van Lau, chairman of the Can Tho People’s Committee, affirmed the city's commitment to resolving obstacles to expedite the industrial park project.

He directed the Department of Agriculture and Environment to promptly propose changes to the land lease payment method and to issue the land use right certificate in August.

For the 132 households who have received compensation but have not yet handed over land for the industrial park project due to the lack of resettlement plots, Lau demanded the development of temporary housing plans and the approval and announcement of resettlement land prices, followed by the allocation of plots for home construction.

VSIP Can Tho spans 293.7 hectares and carries a price tag of over VND3.717 trillion ($142.2 million).

Once completed, it is expected to create jobs for 20,000-30,000 local workers and those from neighboring provinces.