The Korea-Vietnam Incubator Park (KVIP) is currently 32% complete and is slated for operations in early June 2015, announced Director of Can Tho Department of Industry and Trade, Nguyen Minh Toai at a meeting on August 8.

From now till the first quarter of 2015, Toai said a number of events are scheduled to take place including staff training classes, establishment of a 12 member-council to oversee operations of the park and the installation of state-of-the-art machinery and equipment.

At the meeting, KVIP General Director Kim Hee Sup said the park will help build industrial clusters specializing in rice, seafood, and agricultural mechanics, aiming to improve the competitiveness of Mekong Delta rice globally and attract more businesses to rice processing, and develop markets for highly competitive seafood.

In addition, the KVIP targets developing the agro-machinery sector by producing Made-in-Vietnam products with a localization rate of 95% within the next ten years, and building a support mechanism for businesses to produce machinery in the Mekong Delta.

According to the Can Tho Department of Industry and Trade, the KVIP has total investment capital of over US$21 million with US$17.7 million sourced from the RoK and the remainder from the Vietnamese Government.