WB-funded projects spur development in Can Tho

Speaking at a meeting with the WB last Friday, Can Tho vice chairwoman Vo Thi Hong Anh said the WB has played an important role in the city’s development over the years.

In the first two urban upgrade projects, Can Tho has been assisted in mapping out a development strategy. It has achieved good growth and higher quality of life, and seen budget revenue rising from VND4-5 trillion per year before the projects were implemented to VND14 trillion per year, according to Anh.

Anh said investments in the city, especially in healthcare and education, have increased thanks to better infrastructure. 

Data of the Can Tho Trade, Investment Promotion and Exhibition Center showed the city attracted 77 foreign direct investment (FDI) projects worth US$656.8 million as of late last year. Of such an amount, realized capital accounted for US$422 million.

According to the Can Tho Department of Industry and Trade, total retail sales amounted to over VND106 trillion last year, up VND10.4 trillion against the previous year. The city ranked third in goods retail sales nationwide, behind HCMC and Hanoi.

Can Tho expected the third project implemented in 2015-2021 will give a fresh boost to the development of the city and the delta as a whole. The project has an investment of over US$322 million, with some US$250 million lent by the WB, a US$10 million grant of the Swiss State Secretariat for Economic Affairs (SECO) and the city’s reciprocal capital accounting for the remainder.

This project is expected to promote the efficiency of the previous two infrastructure projects, targeting the development of the entire Mekong Delta, Anh said.

According to country director for the WB in Vietnam Ousmane Dione, the third project in Can Tho can help the city improve its competitiveness and attract more investments.

The WB also wants Can Tho to have better resilience to climate change, but the crucial thing is to ensure what was agreed will be implemented successfully, he said.