Vietnam's Infrastructure Leap Towards Economic Growth

In a bold move to boost its GDP growth to a minimum of 8% this year and aim for double digits in the coming years, Vietnam is focusing on infrastructure development. Prime Minister Pham Minh Chinh highlighted this strategy at the National Strategy Dialogue during the World Economic Forum in Davos, Switzerland.

The ambitious plan includes completing a north-south high-speed railway within 10 years and initiating a key route connecting Vietnam with China, Central Asia, and Europe this year.

Details of the High-Speed Rail Project

Approved by the National Assembly in November, the 1,541-km high-speed rail link, estimated at VND1.7 quadrillion (US$67 billion), will run between Hanoi and HCMC, passing through 20 localities. Designed for speeds of 350 kilometers per hour, it will feature 23 passenger stations and five freight stations, catering to both civilian and military needs, with construction expected to start in 2027.

Comprehensive Infrastructure Development

Alongside the railway, Vietnam is working on completing major airports, seaports, and expressways, with at least 3,000 kilometers of expressways expected to be completed this year alone. These developments align with Vietnam's strategic focuses on infrastructure, institutional reform, and human resources.

Vietnam's Commitment to Sustainable Development

PM Chinh emphasized Vietnam's commitment to fast yet sustainable development, focusing on people rather than mere economic growth. The country has been a pioneer in achieving the United Nations Millennium Development Goals ahead of schedule.

International Collaboration and Future Plans

At the dialogue, international business leaders praised Vietnam's commitment to improving its investment environment. Vietnam plans to restart the Ninh Thuan nuclear power project and aims to complete it within five years, ensuring no power shortage. The country is also revitalizing traditional growth drivers and prioritizing new engines like the digital, green, and sharing economies, science and technology, innovation, and digital transformation.

Strengthening Relations with China

PM Chinh also discussed strengthening relations with China, proposing cooperation in finance, technology, and human resource training for building a standard-gauge rail link between Lao Cai Province, Hanoi, and Hai Phong. Another rail link is planned to improve connectivity between Quang Ninh Province and Hai Phong.

Furthermore, in talks with Gulf Cooperation Council Secretary-General Jasem Mohamed Albudaiwi, PM Chinh urged Gulf businesses and funds to strengthen partnerships and share expertise to help Vietnam develop international financial centers in HCMC and Da Nang by 2025.