The project was originally licensed in May 2008 and was to be developed by local Vien Dong Company in conjunction with Semtech Limited from the US. With a proposed investment capital of $538 million on a 250-hectare site and the maximum capacity of two million tonnes of crude oil per year, this would have been the largest project in the Mekong Delta city.

 

However, due to a lack of capital, Semtech Limited withdrew from the project. Afterwards, Vien Dong Company received approval to decrease the investment capital to $350 million and the area to 50 hectares.

 

In December 2014, the authority warned that the firm would have its investment certificate revoked if work did not start by January 15, 2015. However, no positive developments followed.

 

In August 2015, Can Tho allowed Malaysia’s Razeedland Plaza (M) SDN. BHD (RPSB) to replace Semtech Limited to develop the project.

 

The new investor proposed the province to increase the investment capital to $600 million, 80 per cent of which would be contributed by RPSB. Besides, it planned to double the plant’s capacity to four million tonnes per year in the second phase. 

 

However, the construction of the project has been immobile, backed up with empty promises from the investors.