Ninh Kieu Quay in the Mekong Delta's Can Tho City (Photo: VNA)
With its favourable transport network and infrastructure system, the Mekong Delta city of Can Tho has attracted more investment in the fields of trade and services, which is hoped to energise the local economy.
To become an economic and trade-service hub in the region, Can Tho is working to shift its economic focus towards services, trade, industry and hi-tech agriculture.
Diversifying potential services in such areas as finance, trade, tourism and those with high added value and maximising advantages of transport, science technology and communication information are one of the solutions to that end.
Regarding domestic trade, the city encourages investment in developing trade centres and large-scale supermarkets in populous areas and new urban areas.
Local authorities pledge to facilitate the development of various forms of financial services in addition to improving the quality of banking, insurance, stock market, and auditing services.
According to the municipal Department of Industry and Trade, the total retail sale and service revenue between 2011 and 2015 was estimated at over 316.3 trillion VND (14.2 billion USD), including 80.9 trillion VND (3.64 billion USD) in 2015, ranking third nationwide after Ho Chi Minh City and Hanoi.
Trade and services made up 57.8 percent of the local economic structure and recorded an average growth of 15.4 percent over the past five years.
In the next five years, Can Tho will continually work towards developing the sectors with an average growth of 8.2 percent per annum. The industries are expected to make up 60.33 percent of the local gross domestic product (GDP) by 2020.
From 2011 to 2015, despite difficulties, the city grossed over 7 billion USD from exports and foreign currency earnings, encompassing 1.35 billion USD in export turnover.
The outcomes were attributable to the municipal efforts in promoting trade programmes, forging supply-demand links, and implementing price stabilisation programmes.
Special attention is paid to reforming administrative procedures, creating favourable business environment and increasing manufacturing capacity and operational efficiency for enterprises.
To date, the city has built and upgraded 109 markets and it is home to 12 supermarkets and trade centers.
The city also stipulates the expansion of different distribution networks such as convenient stores, mini supermarkets, night markets, floating markets, and shopping centres.
In respect of exports, the city holds regular meetings and dialogues with business players to weather their difficulties and support them to seek foreign partners and penetrate into new markets.
The city has set up export relations with over 100 nations and territories in Asia, America, Europe, Africa, and Australia.-VNA
