Conglomerate Xuan Thien eyes $15 bln multi-industry mega complex in southern Vietnam

Xuan Thien Group has proposed investing about VND390 trillion ($14.97 billion) in a multi-industry mega complex in Can Tho city, marking one of the largest investment proposals ever put forward in Vietnam's Mekong Delta.

At a meeting with the municipal authorities on Thursday, Nguyen Van Thien, chairman of the firm, said the plan envisions transforming Can Tho into a hub for maritime economy, logistics, and processing industries.

The proposed complex will include a deep-sea port capable of handling vessels of up to 250,000 deadweight tons (DWT), positioning it as an international import-export gateway.

It will also feature a steel production complex with total annual capacity of 15-16 million tons, a shipyard for vessels under 70,000 DWT, and a wind power equipment manufacturing plant serving the renewable energy sector.

Additional components include high-tech agricultural zones, eco-tourism urban areas, and an offshore wind power system with projected capacity of around 10,000 megawatts.

The combination of heavy industry, high-tech agriculture, and renewable energy is designed to create an integrated value chain serving both domestic and export markets, the executive said.

Xuan Thien said the project would be executed over 120 months and pledged to reimburse all investment costs without complaint if the project is delayed six months after all required conditions for implementation are met – an unusual commitment for a project of this scale.

The proposal also calls for establishing a dedicated steering committee and incorporating the site into Can Tho’s socio-economic development planning and the Tran De Economic Zone framework to accelerate approval procedures.

If operational, the complex is expected to create approximately 100,000 jobs and contribute an estimated VND20 trillion ($767.9 million) annually to the state budget.

Prior to the Can Tho proposal, Xuan Thien drew attention with its "green steel" complex in the northern province of Ninh Binh, spanning about 425 hectares with total investment of nearly VND100 trillion ($383.95 million).

The project includes hot-rolled coil, steel plate, and precast concrete production plants and is expected to generate more than 16,000 direct jobs.

Xuan Thien's experience in large industrial projects and securing raw material supply through its steel operations is seen as a foundation for expanding into shipbuilding and renewable energy equipment manufacturing under the Can Tho city plan.

Headquartered in Ninh Binh province, Xuan Thien was established in the early 2000s and operates across agriculture, mining, energy, finance, insurance, banking, and construction materials. It has been developing projects both domestically and overseas.

Can Tho city, Soc Trang province, and Hau Giang province were merged last July to form the new Can Tho.