Can Tho Targets 99 Stalled Projects, Including FPT and Nova Developments

Overview

Can Tho city authorities have identified 99 non-budget investment projects facing difficulties and obstacles, assigning six working groups to resolve them. The list includes FPT Corp’s (HOSE: FPT) VND 1,170B university and software park project and Nova Group’s (HOSE: NVL) VND 708B Con Au eco-urban project, both of which require legal and procedural clearance to proceed.

Key Facts

• 99 non-budget investment projects in Can Tho were flagged as facing difficulties and obstacles by the city’s Party Standing Committee.
• Six working groups under Steering Committee 1099 will oversee the projects, handling 25, 21, 6, 20, 11 and 16 projects respectively.
• FPT’s combined university and software park project has total investment capital of VND 1,170B and is deemed capable of continuing but needs several obstacles removed.
• Nova Group’s Con Au eco-urban project, developed with Tan Phuong Dong Real Estate Investment and Development Co. Ltd., has investment capital of over VND 708B and requires further legal review before a handling proposal.
• Other listed projects include Hung Phu 1 Industrial Park (121ha, over VND 908B), Aeon Mall Can Tho, O Mon 2 Thermal Power Plant, and DIC’s Vi Thanh commercial area.
• The decision follows a proposal from the city People’s Committee Party Committee and was reported by Tuoi Tre on November 6.

What Happened

Can Tho’s Party Standing Committee reviewed a proposal from the municipal People’s Committee Party Committee to address difficulties facing 99 non-budget investment projects. The committee agreed to assign six working groups under the city’s Steering Committee 1099 to monitor and expedite the projects, according to a document from the Can Tho Party Committee Office cited by Tuoi Tre.

The projects are spread across different localities and are at varying stages of legal and procedural completion. FPT’s project, which combines a university and a software park, is classified as having the potential to continue but requires several bottlenecks to be resolved. Nova Group’s Con Au project needs further review of its legal basis before a resolution can be proposed. The article does not specify the exact nature of the obstacles for each project or a timeline for resolution.

Market Context

FPT shares closed at VND 50,800 on November 6, while NVL closed at VND 10,300 and DIG at VND 10,400. The news comes amid broader efforts by Vietnamese authorities to unblock stalled real estate and industrial projects, a theme that has weighed on property developers such as NVL and DIG. For FPT, the Can Tho project is part of its education and software services expansion, though it represents a small fraction of the group’s overall operations.

Strategic Significance

For FPT, the resolution of the Can Tho project would support its long-term strategy of expanding its education and software services footprint in the Mekong Delta, but the financial impact is limited relative to its core IT services business. For Nova Group, the Con Au project is one of several real estate developments that have faced legal bottlenecks; progress on this front could signal a broader easing of regulatory hurdles for the company’s project pipeline. However, the article does not indicate that a resolution is imminent, and the legal review suggests that significant work remains.

What to Watch

• Official announcements from Can Tho’s Steering Committee 1099 on the specific obstacles and resolution timelines for FPT and Nova projects.
• FPT’s next quarterly earnings release for updates on the Can Tho project’s progress and capital deployment.
• Nova Group’s disclosures on legal proceedings related to the Con Au project and other stalled developments.
• Any changes to foreign ownership limits or investment approvals for the affected projects.
• Broader government directives on resolving stalled real estate projects nationwide.