VietNamNet Bridge - A 12-member council that will oversee the start-up of the Republic of Korea (RoK)-Vietnam Incubator Park in Can Tho City was established on Tuesday.

The project is 40 percent complete and is expected to begin operations next June. From now until the first quarter of 2015, the Korean investor will focus on training Vietnamese workers.

Mr. Kim Hee Sup, General Director of the Korea - Vietnam Incubator Park, said the project aims to build a modernized industrial complex in the rice, seafood and agricultural mechanics sectors capable of competing on an equal basis with other countries.

The immediate goals are to improve price competitiveness by gaining efficiency with the installation of modern technologies and equipment, along with enticing increased investment in the rice-processing sector and expanding exports of seafood products, he added.

In addition, the project will help the agricultural mechanics sector in the long term to increase the localization rate of Made in Vietnam products to over 95% over the next 10 years, he said.

The project 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.

PV