T&T Group held a groundbreaking ceremony for the Vam Cong Industrial Park project in An Giang province at the end of March, covering an area of nearly 200 hectares with a total investment of nearly 4,800 billion VND - Photo: BUU DAU
However, according to experts, given the "painful" experience of stalled mega-projects in the past, localities need to be more cautious in assessing the financial capacity and practical implementation capabilities of investors to ensure that the "Delta Dragon" thrives and that these "mega-projects" do not become a burden of risk.
Many domestic "eagles" are returning to build their nests.
Never before has the Mekong Delta witnessed such a surge of major investors exploring and expressing their intention to invest in "mega-projects" as it is now. A prime example is Vingroup , which has proposed investing $6.2 billion in the Mekong urban tourism and resort complex. Mr. Truong Canh Tuyen, Chairman of the People's Committee of Can Tho City, stated that the detailed planning for the project has been approved by the People's Committee of Can Tho City.
Similarly, Sun Group also proposed investing approximately 6,000 billion VND in an eco-tourism project in the Lung Ngoc Hoang Nature Reserve, along with an urban service area project. T&T Group also expressed its ambition to make a breakthrough by focusing resources on a series of large-scale urban and energy projects in Can Tho City.
Xuan Thien Group has proposed a series of "mega-projects" with a total investment of nearly 30 billion USD, stretching from Can Tho and Vinh Long to Ca Mau, creating expectations for the development of heavy industry, seaports, logistics, steel production, and shipbuilding for the entire region, especially the intention to implement a large-scale land reclamation "mega-project" in the coastal area of Dinh An - Tra Vinh, Vinh Long province.
Mr. Tran Van Lau, Secretary of the Vinh Long Provincial Party Committee, stated that Vinh Long has great potential for developing its marine economy with advantages in resources, natural conditions, and development space. Research and rational exploitation, especially land reclamation projects, can create large land reserves for long-term development.
"The province requests that Xuan Thien Group strictly comply with legal regulations, ensuring openness, transparency, and consistency in the research and implementation process, while carefully considering feasibility and effectiveness, aiming for sustainable development and the common good of the province," Mr. Lau said.
The emergence of domestic investors, if they possess genuine capabilities, is expected to create a "boost" in the industrial, energy, logistics, and port sectors. The appearance of a domestic investor proposing a multi-billion dollar project should be seen first and foremost as a golden opportunity to restructure the regional economy and break free from its pure dependence on traditional agriculture.
We must select a capable investor.
In reality, the Mekong Delta is not lacking in projects that were once expected to create a turning point in development, but in practice have left many costly lessons. These include the Vinashin shipbuilding project, the Long Phu 1 thermal power plant project (Soc Trang), and most recently, the Bac Lieu LNG power plant project – the largest LNG "mega-project" in Vietnam, which has begun initial implementation but has remained dormant for many years.
Therefore, according to experts, the challenge is not just attracting investment, but making the right choices – so as not to sacrifice the long-term future for short-term growth. A typical example is Vinashin's shipbuilding project in Hau Giang. Launched during the peak of the industrialization wave, the project was once expected to bring the shipbuilding industry to the Mekong Delta .
However, due to scattered implementation, insufficient financial and managerial capacity to keep up with ambitions, and instability stemming from the "iron fist" model – the state-owned economic group Vinashin – the project quickly stalled, leaving a large area of land abandoned for many years. This is clear evidence of the risks when the scale of investment exceeds the capacity for execution.
Vinashin's shipyard project in Hau Giang, launched in 2007 with an investment of approximately 1,700 billion VND, was once expected to bring the shipbuilding industry to the Mekong Delta . However, the simultaneous implementation of numerous projects nationwide, while financial and management capabilities lagged behind, resulted in many projects being left unfinished.
It is noteworthy that the "horizontal expansion" development model – rapid but shallow growth – has led to a dispersion of resources. As a result, no project has the capacity to be completed, while the financial consequences spread throughout the system. This lesson is particularly relevant when evaluating current investment proposals, where project scale and geographical scope are both very large.
Similarly, a $4 billion LNG power plant "mega-project" in Bac Lieu, despite being promised to be a regional energy hub, remains stalled for years due to obstacles related to mechanisms and financial structure. "The aforementioned projects demonstrate a huge gap between 'investment ideas' and 'realization possibilities,' especially when the scale of investment exceeds the investor's capacity to execute," said an expert.
Mr. Ho Van Mung (Chairman of the People's Committee of An Giang province):
Clearly define the development space to attract investment.
To attract strategic investors, especially in disadvantaged areas, An Giang province has implemented a comprehensive set of solutions in recent times. Accordingly, the province continues to improve its planning, ensuring consistency and clearly defining development directions to create a foundation for attracting investment.
Alongside this, the province is promoting administrative reforms, simplifying procedures, and creating favorable conditions for businesses to access, understand, and implement projects. The locality is increasing investment in transportation infrastructure, contributing to improved connectivity, reduced logistics costs, and facilitating business operations. An Giang has also planned five economic zones with different pillars, including tourism, marine economy, agriculture, industry, and human resource training, each with its own orientation.
Areas designated for the marine economy will focus on developing the marine economy, areas designated for agriculture will focus on agricultural development, and industrial and human resource training areas will be appropriately allocated to each region.
Assoc. Prof. Dr. Nguyen Van Sanh (former Director of the Mekong Delta Development Research Institute):
We will not attract investment at all costs.
In recent years, Ca Mau has focused on developing renewable energy, attracting many wind power projects - Photo: THANH HUYEN
Recently, a positive sign for the Mekong Delta is that many large corporations have come to explore investment opportunities in multi-billion dollar "mega-projects," indicating that the region has potential and opportunities that are attracting attention. In my opinion, after the merger, almost every province now has a coastline, while infrastructure, ports, etc., are being invested in and improved.
For example, Ca Mau has 310km of coastline, and its economy is open to the sea. Similarly, Tran De in Can Tho City is an important transshipment port for the region, attracting the attention of large corporations who recognize the potential and advantages of this new area. However, we should not chase investment at all costs under the pressure of growth, but rather carefully consider the balance between economic, social, and environmental management to ensure sustainable development.
Therefore, it is necessary to select capable investors who can implement projects based on criteria, standards, and transparency. In addition, alongside the "eagles landing," there also needs to be sparrows flying alongside, sharing opportunities with small and medium-sized enterprises, especially in the service and employment sectors.
Mr. Ngo Van Huynh (Deputy Director of the Department of Finance of Ca Mau province):
Efficiency must be the top priority.
In recent years, Ca Mau has attracted many investors and large corporations to survey and seek investment opportunities. To date, the province has more than 700 active investment projects, with a total registered capital of nearly 350,000 billion VND. Among these, projects in fields such as renewable energy, aquaculture, and high-tech agriculture stand out. Ca Mau is one of the leading localities nationwide in wind power, with dozens of projects already approved for investment.
Ca Mau not only attracts capital but also aims to attract investors with a long-term vision, financial capacity, experience, and technology, aligning with the province's long-term development orientation to help it develop in a green and sustainable direction. The locality also consistently links investment attraction with regional and sectoral development planning to avoid overlap, waste of resources, and ensure that projects complement each other.
Local authorities have also proactively reformed procedures and supported businesses, but without "rolling out the red carpet at all costs," prioritizing efficiency and sustainability.
Source: https://tuoitre.vn/rong-chau-tho-don-cac-sieu-du-an-20260506081036486.htm
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