Ca Mau ramps up preparations to achieve ambitions

To bolster the implementation efficiency of the planning, first approved late last year, the southernmost province is currently seeking comments from diverse state management agencies and management units at grassroots level to be able to present a well-conceived action plan before submission to central government for approval.

The planning scheme aims to fully utilise the province’s potential, advantages, and resources to promote rapid, comprehensive, and sustainable development, closely linked to green and circular economy, and digital economy principles.

In light of the approved planning, three development scenarios have been identified, along with corresponding solutions for each scenario.

Scenario 1 sets a high target, aiming for significant breakthroughs in development, based on a regional GDP growth rate from 7.5 per cent to more than 8 per cent. Scenario 2 also sets high ambitions, expecting major breakthroughs in development and benefiting from favourable external conditions, with a regional GDP growth rate exceeding 9.1 per cent.

Meanwhile, scenario 3 is designed for less favourable external conditions, focusing on a regional GDP growth rate reaching 7 per cent.

There are a number of favourable factors when putting Ca Mau’s development in the Mekong Delta region’s overall background. The government is prioritising the implementation of public projects to be able to best avail of the region’s potential and advantages. Top priority is being given to completing and accelerating key infrastructure projects with a large ripple effect and foster inter-regional and interprovincial connectivity.

On the national scale, Ca Mau’s development is buoyed by the government’s efforts to reform the growth model towards green growth and a circular economy, rooted on investment attraction to bolster the scale, productivity, and efficiency of production and business firms in key development areas, with Ca Mau playing a critical role as the southernmost point of mainland Vietnam.

Additionally, the government is pivoting the management model towards a facilitating government approach, with ongoing improvements being made to the operational mechanisms of the Mekong Delta Regional Coordination Council.

Of the scenarios, scenario 1 is identified as the province’s development plan which will serve as the foundation for setting radical development goals. Based on that, the average annual economic growth is expected to exceed 7.5 per cent towards 2030, with a rapid increase in regional GDP per capita, reaching 90 per cent and equivalent compared to the national average by 2025 and 2030.

The province’s development orientation is set to entice investment in renewable energy, developing infrastructure in industrial zones and clusters as well as Nam Can Economic Zone, to draw in investment in high-tech industries, particularly in agriculture, forestry, and fisheries processing. Industrial development will serve as a driving force to stimulate the growth of urban systems and service sectors, especially high-quality services such as vocational training, healthcare, tourism, industrial production and eco-friendly agricultural processing, aligned with green urban development.

Ca Mau will create a significant number of new jobs, engage migrant workers to the area, and strive to reverse the current trend of labour migration out of the province. Simultaneously, the average labour productivity growth will surpass 7.5 per cent annually, exceeding the national average.

According to scenario 1, towards 2030, the agro-forestry-fishery sector will account for about 23 per cent; industry and construction contribute around 36.5 per cent; and services make up roughly 37 per cent of the province’s economic structure. The regional GDP per capita will approximate $6,100 per year.

Total development investment for the decade will average 30-35 per cent of regional GDP. Budget revenue for the same period is projected to increase by 12-15 per cent annually. The urbanisation rate will reach 36 per cent, and the digital economy will contribute 20 per cent of regional GDP.

To effectively achieve these goals, Ca Mau has identified four strategic breakthroughs. First is sustainable development of the maritime economy, focusing on the efficient exploitation of the Hon Khoai seaport and the Nam Can Economic Zone.

Second is investment in modern infrastructure, with a focus on transport infrastructure, urban infrastructure, economic zones, industrial clusters, tourism infrastructure, and irrigation systems for disaster and climate change mitigation.

The third aspect is the development of two economic corridors, one from north to south linking Ca Mau city, Cai Nuoc, Nam Can, and Dat Mui; and one from east to west connecting Tan Thuan and Song Doc, based on the connection of highways, coastal roads, airports, seaports, and five key centres of Ca Mau city, Nam Can, Song Doc, Tan Thuan, and Dat Mui.

The final factor is the promotion of comprehensive digital transformation, improving the quality of administrative reform, enhancing the investment and business environment, developing sci-tech and innovation, and improving the workforce.

The goal for 2030 is for Ca Mau to become a fairly developed locality with robust industrial production, driving rapid development in the service and urban sectors while enhancing agricultural economic efficiency. By 2050, it aims to become a centre for high-tech industrial production, energy, and services in the Mekong Delta region.

Petro Vietnam Ca Mau Fertilizer JSC (PVCFC, ticker: DCM) completed the acquisition of a 100 per cent stake in Korea - Vietnam Fertiliser (KVF) on May 17. Ho Chi Minh City Department of Planning and Investment has issued a new business registration certificate for the single-member limited liability company KVF.

Maybank has extended financing to Sinohydro, a subsidiary of Power Construction Corporation of China (POWERCHINA), for an EPC project to construct offshore wind power farms of the Ca Mau 1 wind power project in the southern province of Ca Mau.

Positioned in Vietnam’s southernmost point, Ca Mau province is committed to harnessing distinct resources and new development opportunities to grow into a fairly developed locality for the region.