According to Prime Minister Pham Minh Chinh, Vietnam is expected to complete the North-South high-speed railway in 10 years, when focusing on breakthrough development in infrastructure.
This information was shared by the Prime Minister at the National Strategic Dialogue session within the framework of the 55th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland, on January 21. This is the 4th time the WEF has held a strategic dialogue with Vietnam.
Updating with businesses about this year’s plan, the Prime Minister said that Vietnam aims to increase GDP by at least 8% and economic growth by double digits in the following years. He reiterated the view of prioritizing promoting growth associated with macroeconomic stability, controlling inflation, and ensuring major balances of the economy.
To achieve this goal, one of Vietnam’s strategic pillars is infrastructure development, according to the Prime Minister. In particular, Vietnam is expected to complete the North-South high-speed railway in about 10 years. At the same time, this year, the railway project connecting Vietnam with China, Central Asia and Europe can also be started.
Prime Minister Pham Minh Chinh speaks at the Vietnam-WEF National Strategic Dialogue session in Davos, Switzerland, January 21. Photo: Nhat Bac
The North-South high-speed railway project was finalized by the National Assembly in November 2024 with a total preliminary capital of about 1.7 million billion VND, equivalent to 67 billion USD. The route is 1,541 km long, starting at Ngoc Hoi station (Hanoi), ending at Thu Thiem station (Ho Chi Minh City), passing through 20 provinces and cities.
The whole line is newly invested in a double gauge of 1,435 mm, a design speed of 350 km/h, a load of 22.5 tons/axle; there are 23 passenger stations, 5 cargo stations; transporting passengers, meeting dual-use requirements for national defense and security, being able to transport goods when necessary. This project is expected to start construction in 2027.
In addition to railway infrastructure, the Prime Minister said that Vietnam also has many large projects in airports, seaports, and highways that are being strongly promoted to reach the finish line on time. This year, at least 3,000 kilometers of highways can be completed.
Government leaders provided information on the progress of the above projects in the context that the country is focusing on drastically implementing three strategic breakthroughs including infrastructure, institutions and human resources. According to the Prime Minister, Vietnam will continue to strongly develop internal resources (people, nature), especially exploiting new development spaces (marine space, underground space, outer space).
“Vietnam is determined to develop quickly but sustainably, people-centered, not chasing economic growth alone and has pioneered the early completion of the United Nations Millennium Development Goals,” said the Prime Minister.
At the dialogue session, representatives of corporations expressed their impression of the determination and commitment of the Vietnamese Government to improve the investment environment. They are also interested in the mechanism to encourage investors to participate in the field of infrastructure, liquefied petroleum gas, ensuring power and human resources, and removing export restrictions in some important markets of Vietnam.
In response to the interest of investors, Prime Minister Pham Minh Chinh said that the plan to restart the Ninh Thuan nuclear power project and its completion in 5 years. Nuclear power along with existing power sources, renewable energy (wind power, solar power), electricity imports and many other synchronous solutions, “Vietnam is committed to no shortage of electricity”.
In addition, in order to unleash growth potential to achieve strategic goals to 2030 and 2045, Vietnam focuses on renewing traditional growth drivers including investment, exports and consumption. Along with that, new growth drivers such as the digital economy, green economy, sharing economy, science and technology, innovation and digital transformation are also promoted.
He suggested that partners and investors continue to accompany and cooperate with Vietnam in priority areas, as well as give suggestions on improving institutions, building infrastructure, financial incentives, research and technology transfer, etc.
Meeting with Chinese Vice Premier Ding Jieqiang on the same day, Prime Minister Pham Minh Chinh affirmed Vietnam’s consistent policy in attaching importance to and giving top priority to relations with China.
Prime Minister Pham Minh Chinh met with Chinese Vice Premier Dinh Tiet Tuong, January 21, in Davos, Switzerland. Photo: Nhat Bac
He mentioned that the two countries will cooperate in capital, technology and human resource training to deploy standard-gauge railways connecting Lao Cai – Hanoi – Hai Phong in 2025 and Lang Son – Hanoi, Mong Cai – Ha Long – Hai Phong in the coming time. This is one of the directions to promote relations between the two countries.
In addition, the Prime Minister suggested that the two sides promote cooperation in science and technology, innovation, focusing on areas where China has strengths such as big data, cloud computing, quantum, microbiology, etc.
Prime Minister Pham Minh Chinh receives Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi, in Davos, Switzerland, on January 21. Photo: Nhat Bac
Meeting with the Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi, the Prime Minister proposed that the GCC Secretariat encourage Gulf businesses and investment funds to strengthen cooperation, share experiences and support Vietnam to develop an international financial center.
According to the plan of the Vietnamese Government, financial centers in Ho Chi Minh City and Da Nang will be established and operated in 2025. The construction of these centers aims to develop Vietnam into an important financial destination in the region and the world.