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Can Tho economy

Sat, 26 Jul 2014. Last updated Thu, 25 Jun 2015 08:46

Can Tho is one of four cities located in the key economic zone of the Mekong river delta. Thanks to untapped potential of climate and geographical features, Can Tho economy has developed and become a large “rice bowl” of the country.

Can Tho economy belongs to the Mekong River Delta economy, the fourth key economic zone of Vietnam. In 2011, the Can Tho economic growth rate reached 14.64%; the per capita income achieved US$ 2346 million. In the first six months of 2012, the growth rate of the city estimated at 8.36%, while in the same period of 2011 increased by 12.21%. The Can Tho per capita income in the first 6 months of 2012 reached US$ 1819 million. The proportion of agriculture and fishery made up 10.83%, the industry-construction accounted for 44, 45% and commercial services accounted for 44.72%. The production value of agriculture and fishery was VND 1.617 billion, reaching 39.5% of the yearly plan, the industry – construction was VND 12.433 billion, achieving 38.6% of the yearly plan, the commercial services reached VND 7.309 billion, accounting for 37% of the yearly plan. The total state budget revenue of the city was VND 3.443 billion, reaching 40.99% of the estimate. The total invested capital to develop the whole society was VND 16.770 billion.

During the period of first 9 months of 2012, the growth rate of economy in Can Tho reached 10.3%, comprising highest level in 5 cities under the central government. This is the quite high and reasonable growth level in the difficult production condition focusing to curb inflation and stabilizing the macro-economy. The industrial production value increased by 7.5% of the total sales of goods and the revenue from services raised 18.5%; the social development investment increased 4.97% over the same period. The revenue reached VND 5.092 billion, achieving 59.5% of the estimate of the city People’s Committee.

The main industrial crops of the city are rice with the yield of 1194.7 tons. In addition, there are some other crops, but their production is not significant. The livestock sector in Can Tho breeds mainly pigs and poultry. The number of pigs is 2589.3 thousand swine, the number of poultry is 13,000. The other animals such as buffaloes, cows account for small numbers. The fishery sector is mainly aquaculture.

 

Industry

 

A bridge under construction in Can Tho

 

Although the industrial production has many difficulties, the growth rate still maintains at the relatively level. The production value (fixed price in 1994) increases by 18.6% / year on average over the target of 21%/year. The state sector reduces 9% / year, the non-state sector raises 29.3% / year and the foreign investment sectors increases by 17.6% average / year.

 Some industrial manufacturing sectors are invested and strongly develop such as seafood processing, rice milling and processing, fertilizers, and pesticides, veterinary medicine used in the agriculture, beer, new drugs, building materials, electricity production and distribution... The study and application of modern technology in the production are focused and more and more developing.

Can Tho industry has basically built more infrastructure to cater for the economic development, typically two industrial zones in Tra Noc, Binh Thuy district: Thot Not industrial zones, Hung Phu industrial zon 1 and 2; and the industrial in O Mon district. The Can Tho Software Technology Center, Can Tho Software Park is also one of projects invested and developed by the city. With the advantages of developing the industry, Can Tho is also oriented to develop into an industrial city by 2020 under the Resolution 45 - NQ / TW of the Political Bureau in order to construct and develop Can Tho in the period of industrialization and modernization of the country.

 

Construction

The construction sector develops rapidly along with the process of urbanization; the production value increases by 18.3% on average, the value added ​​raises 14.7% on average, accounting for 5.05% of GDP. Many large-scale and high-quality constructions are put into operation as Can Tho Bridge, Can Tho airport, Cai Cui port, residential areas, resettlement areas, new urban centers, workplaces and political institutions, administrative offices… and urban infrastructure projects are formed, contributing to the new face of the city.

 

Trade and services

 

Tay Do MetroBooks Superstore, Can Tho City

 

Despite having many difficulties and challenges, the trade- service sector of the city maintains development towards diversification, the service sector having the great value, high quality to meet the needs of business and people's lives. The production value and the value added exceeded the 5-year target from 2006 to 2010, the production value increased by 17.8% on average, the value added increased by 17.3% (reaching 14.97%/year of the plan).

 The domestic market is concerned and expanded; the commercial infrastructure is invested and constructed, contributing to increase the wholesale capacity and retail goods in the area. The business network is expanded; there are many supermarkets, shopping malls and big commercial center such as Big C, Metro, Co-op Mart, Maximart, VINATEX, Best Caring, Saigon Cho Lon supermarkets, Cai Khe commercial center... The service sectors in Can Tho have steadily grown stronger as Banking, Health, Education, Culture and society...

Many types of new business and services such as real estate, logistics services, information and communication develop pretty well. The volume of goods circulating on the market continued to increase with high speed, the total output of goods increased 26.5% / year on average, exceeding 4.1% compared to the 5- year plan from 2006-2010 and being higher than the previous period (2001 - 2005 increased by 13.2% / year). The total retail sales increased on average by 25.3% / year, less than 0.7% / year over the 5- year plan 2006-2010 and higher than the previous period (2001-2005 increased by 16% / year).

 

Agriculture in Can Tho

 

The trade promotion is enhanced; the city's enterprises have the import and export relationship with more than 97 countries and territories. Total export turnover of goods and foreign exchange earnings estimated at US$ 3701 million in 5 years, exceeding 2.5% over the 5-year plan from 2006 to 2010, an average increase of 19.8%, of which the export turnover of goods reached US$ 3569.6 million, up 20.6% on average. The foreign exchange earnings reached US$ 131.5 million in 5 years, reaching 48.1% of the plan, an average increase of 4.2% / year.

The import turnover estimated at US$ 2436.8 million in 5 years, reaching 94.5% of the 5-year plan from 2006 to 2010, an average increase of 13.8%. Goods imports are mainly raw materials, fuel, accounting for 97.7% and machinery, tools, spare parts accounting for 1.7%; consumer goods accounted for 0.6% of total import turnover.

Located in the convenient position, the center of Mekong River Delta, the service sector of Can Tho fast develops and creates the impressive accents that make the Can Tho economy more vibrant. In the first 7 months of 2009, the total export turnover and the revenue from foreign exchange earnings in the city was estimated at US$ 447.4 million, reaching 48.2% over the yearly plan and increasing 4.3 % over the same period. In particular, exports of goods increased over US$ 431.9 million, achieving 48% of the plan and increasing 1.5% over the same period, the foreign currency earnings reached US$ 15.5 million, accounting for 53.45% of the plan and reducing 4% over the same period. In the first 9 months of 2009, enterprises exported nearly 437,000 tons, reaching 82.4% of the yearly plan and raising 20.2% over the same period, but the value only reached nearly US$ 187 million.

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