Two important facts in 2016 have become prerequisites for the preserving and developing the potential Cai Rang Floating Market as a cultural feature of the river region: Firstly, it was recognized as a national intangible cultural heritage by the Ministry of Culture, Sports and Tourism; secondly, Can Tho People's Committee approved the project for its conservation and development. Currently, the average exchange of goods at this market is 1,500 tons / day, and it attracts 2,500-3,000 visitors / day or 1 million visitors/year. The number of visitors increases at least 20% each year.

For the past two years, there have been changes in the market due to the project. In fact, Phase 1 (2016-2018) was completed. Phase 2 (2019-2020) has been implemented. So far, 9/13 project items have been conducted. For example, Cai Rang People's Committee has invested in a system of buoys for river traffic; maintained trading activities on the river via loan support schemes (the total loan support is 6,685 million VND for 122 households and businesses to do tourism and trade at the floating market); set up models of cooperative groups or producers of organic produces for the floating market; collected garbage; built food stalls, public toilets; continued regular Tai Tu Music performances at weekends ... Currently, four project items in progress includes stops, docks, yachts, and floating riverside restaurants.

However, various problems happening have slowed down the project. No breakthroughs have been done. According to Mr. Vuong Cong Khanh, Vice Chairman of Cai Rang People’s Committee District, “some constructions are hard to progress due to a lot of obstacles. Specifically, in the Hau River embankment project, one section is going through the floating market, and we have looked for its appropriate solution. This has slowed down the other constructions such as the dock or the stop."  In addition, there are difficulties in providing the financial support to 38 floating houses for relocation and to small businesses for trading in terms of legal and administrative procedures. It is also very challenging to solve issues in protecting the environment and managing the market. Mr. Vuong Cong Khanh informs, “When developing the project, we have mentioned the social security for local people living at the floating market, but neglected solutions to the problem of how to “nurture” river traders. Floating markets exist only when there are river traders, but tourism businesses have exploited the floating market while ignoring these traders, who should be aided financially and socially. Therefore, a conservation fund has been proposed and contributed from travel agencies and tourism businesses. Also, Cai Rang Floating Market Management Board has been proposed for effective operations of the market.

Mr. Huynh Thanh Xuan, a small business owner here, says, “Recently, we have enjoyed good policies and support. However, there is a limit in the organization and management of tourism and trading. Our special concerns are the price of services and the quality of products. Environmental pollution is also worrying. As dwellers at the floating market, we small businesses hope that the market can be well managed and continuously developed in the long term.” Mr. Truong Van Thong, the owner of the tourist boat, also states, “I hope the market keeps its natural features to attract tourists. The less human interference, the better.”

Much need to be done to solve the problems related to environment, tourism products, services, human resources and ways to keep river traders stay at the market, attract tourists…

Regarding these problems, Mr. Truong Quang Hoai Nam, Vice Chairman of Can Tho People's Committee, says that it is necessary to be careful when evaluating and implementing the project, to have appropriate timely solutions; we need to consider the feasibility of the project. It is essential now to review to the results before and after the implementation of the project, especially the number of boats, river traders, cargo flow, and environmental impact assessments. His direction to Cai Rang People’s Committee is to review and evaluate the implementation process of the project in July 2019. There should be a careful assessment of the number of river traders, tourist services, travel agencies. As a result, relevant organizations and offices can propose feasible solutions in details to the Can Tho People's Committee as well as the City Council for designing new post project plans and breakthrough policies to preserve and promote the potentials of this floating market.