Illustrative image (Source :VNA)

Can Tho (VNA) – The Mekong Delta city of Can Tho will push ahead with economic restructuring and shift of growth model in 2016 to increase local competitive edge and sustainable development, heard a meeting in the city on December 11. 

Director of the municipal Department of Planning and Investment Nguyen Van Hong said the city will try to make effective use of financial resources to develop socio-economic infrastructure systems and modernise industrial production, prioritising hi-tech, support, and processing industries. 

The industrial production value is expected to expand by 8 percent in the year to come and contribute 28.7 percent to the gross regional domestic product (GRDP). 

Local authorities will give priority to land clearance projects at industrial parks with the goal of drawing 50 million USD in investment capital in 2016. 

In addition to improving business environment and competitiveness, the city will promote the application of science and technology in developing hi-tech commodities and optimising its potential and advantages to increase the added value of products and the proportion of non-agricultural economic sectors. 

The city will make full use of the technology incubator facility built with assistance from the Republic of Korea, while encouraging investment in logistics and transport services. 

According to the municipal People’s Committee, Can Tho has so far fulfilled 15 out of the 16 socio-economic development targets in 2015. The gross domestic product (GDP) is estimated to reach over 78 trillion VND (3.4 billion USD), a year-on-year increase of 12.28 percent. Industry, construction, and services make up 93.42 percent of the local economic structure while agriculture, forestry, and seafood account for 6.58 percent. 

The city has attracted 12 investment projects worth 30.6 million USD into industrial parks this year, raising the total number of valid projects to 220. 

The only unfulfilled target was export revenue.-VNA