On March 7, the Can Tho Export Processing and Industrial Zones Management Authority licensed South Korea’s Taekwang Industrial to implement a $171 million shoe-manufacturing factory in 2B Hung Phu industrial park in Cai Rang district in the Mekong Delta city of Can Tho.
The factory covers an area of 62 hectares, 52 hectares of which is to hold the production area, while the remaining 10 hectares is set aside as a service and commercial area and warehouse for lease.
The investor is completing the necessary procedures to implement the project and expects to carry out the land clearance in the next three months.
The factory’s construction is divided into three phases. The first phase’s construction is expected to kick off in 2016 and last until 2019, with the second and third phases to be finished by 2022 and 2025, respectively. The factory constructed during the first phase will start operation in the first quarter of 2017, while the second phase will be inaugurated in 2020 and the third phase in 2023.
Once the factory comes into operation, it will have a total capacity of 100 million of products per year and create 30,000 jobs.
“Taekwang Industrial’s shoe-manufacturing factory has been the largest foreign investment project in Can Tho since 2008. It plays an import role in dealing with Can Tho’s employment issues,” said Le Manh Tung, deputy director of the Can Tho Department of Planning and Investment.
“The city will grant investment certificates for numerous foreign invested projects in the upcoming time, one of which will be Korean LS Mtron Company’s $20 million agricultural machine production facility. Besides, the city is considering documents from Singapore International Pegasus University, with the total investment of approximately $15 million, and a Singaporean life skills training school,” Tung added.
Furthermore, numerous foreign investors are surveying the city’s investment environment to explore investment opportunities in the hotels and resorts, energy, cosmetics production, garment and textile, garbage treatment, and hospitality industries.
According to the Can Tho Department of Planning and Investment’s statistics, as of February 20, 2016, Can Tho attracted 68 foreign invested projects with the total registered capital of $756.6 million. In 2015 alone, the city granted investment certificates for seven projects worth a total sum of $19.1 million.