The Korea Viet Nam Incubator Park expected to attract more companies of processing farming and seafood products as well as manufacturing companies. — Photo KVIP

CAN THO (Biz Hub) — The Korea Viet Nam Incubator Park should promote advertisements to attract more companies, Truong Quoc Hoai Nam, vice chairman of People's Committee of Can Tho City, said at meeting on releasing the development plan of the park.

Pham Minh Quoc, director of the park, said at the meeting in Can Tho City on September 28 that the park, located in Can Tho City, has operated for one year and, at present, has had two companies relocate to the park to begin manufacturing. The Nhat Viet Company has manufactured fish powder using microorganism technology and Hoang Thang Company has improved its sowing machine.

So far, the park has received registration from five companies interested in investing in the park, said Quoc, adding that the park would choose among these applicants, and is expected to have more companies moving to the park by the end of 2016.

He noted that the park has advertised itself and cooperated with local and foreign partners to exchange information and seek to promote itself in the market, as the park was set up for farming and fishery processing, as well as mechanical industry. Companies that locate to the park must have new ideas in production and business. Those conditions, however, will limit the number of companies joining the park.

In addition, Viet Nam's enterprises, especially farming and fishery processing companies, have been cautious about registering investments in the park because they have put in place processing contracts for export products, he said.

The park has not contracted for professional advertising, which would affect potential companies' abilities in approaching the park.

At present, the park has put into operation equipment and machines for mechanical manufacturing, as well as processing of farming and seafood products, worth US$2 million.

However, Nam said the park has not had specific development plans, so related parties, such as the park's management board and Can Tho's departments of science and technology and of industry and trade, as well as the Can Tho Enterprise Association, should develop specific plans to attract more investors to the park.

In addition, the park has had difficulties in raising capital for equipment and machines, as well as land for enterprises developing projects.

Nam further said that the management board must require enterprises to pledge that after developing their technology for production, they must install the technology in Can Tho City.

The park, managed by the Korea-Viet Nam Incubator Development Centre, has a total capital of $21 million, including $17.7 million from South Korea and the remaining from Viet Nam.

The park has received a total area for building of 4.5ha, including three main office regions, a laboratory area with modern equipment for research and testing product quality and facilities for production of products researched at the park.

There also is an incubator of research and development techniques, consulting for the training of workforces for small and medium sized enterprises in Can Tho City and provinces in Cuu Long River Delta region, including firms in producing and processing agricultural and seafood products and manufacturing of mechanisms for farming and fishery industries.

It also expected to have support for enterprises in researching and reforming technology in those industries to improve quality and create added value for their products. — VNS