Infrastructure is among Vietnam’s key pillars in achieving a minimum GDP growth of 8% this year and increasing it to double digits in the coming years, he said at the National Strategy Dialogue at the World Economic Forum held in Davos, Switzerland, on Jan. 21.
Vietnam Prime Minister Pham Minh Chinh speaks at the National Strategy Dialogue at the World Economic Forum held in Davos, Switzerland, on Jan. 21, 2025. Photo by Nhat Bac |
So the country plans to complete the railroad within 10 years and begin construction of a key route connecting it with China and other countries in Central Asia and Europe this year, he said at the fourth annual dialogue the WEF held with Vietnam.
The National Assembly approved in November the high-speed rail link at an estimated cost of VND1.7 quadrillion (US$67 billion).
The 1,541-km line will run between Hanoi and HCMC, passing through 20 localities.
It will feature 1,435-mm tracks designed for speeds of 350 kilometers per hour.
It will have 23 passenger stations and five freight stations, serve both civilian and military needs.
Construction is expected to start in 2027.
PM Chinh spoke about ongoing work to complete major airports, seaports and expressways.
This year alone at least 3,000 kilometers of expressways are expected to be completed.
These works align with Vietnam’s three strategic development focuses: infrastructure, institutional reform and human resources.
The PM said domestic strengths would be leveraged, including human capital and natural resources, while exploring new opportunities in maritime and space development.
“Vietnam is committed to fast yet sustainable development, focusing on people rather than pursuing mere economic growth.
“It has been a pioneer in achieving the United Nations Millennium Development Goals ahead of schedule.”
At the dialogue, international business leaders praised Vietnam’s commitment to improving its investment environment.
They expect incentives for infrastructure investment and liquefied natural gas projects and eased trade restrictions with key markets.
Vietnam is set to restart the Ninh Thuan nuclear power project and aims to complete it within five years, Chinh said.
He assured that with its diverse energy mix combining nuclear, renewable (wind and solar) and other sources and imports, Vietnam would be able to meet its electricity demand.
“There will be no power shortage in Vietnam.”
To unlock growth potential and achieve strategic goals for 2030 and 2045, his nation is revitalizing traditional growth drivers such as investment, exports and consumption, he said.
But new growth engines like the digital, green and sharing economies, science and technology, innovation, and digital transformation are also being prioritized, he said.
He invited partners and investors to collaborate with Vietnam for institutional improvement, infrastructure development and technology transfer.
Also on Wednesday Chinh told Chinese Vice Premier Ding Xuexiang that Vietnam prioritizes relations with China.
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Officials of Vietnam and China meet in Davos, Switzerland, on Jan. 21, 2025. Photo by Nhat Bac |
He proposed cooperation in finance, technology and human resource training for building a standard-gauge rail link between Lao Cai Province on the China border, Hanoi and the port city of Hai Phong starting this year.
Another rail link is planned be built to improve connectivity between the northern province of Quang Ninh and Hai Phong.
The PM also sought collaboration in science, technology and innovation, particularly in areas where China excels, such as big data, cloud computing, quantum technology, and microbiology.
Separately, in talks with Gulf Cooperation Council Secretary-General Jasem Mohamed Albudaiwi, he urged Gulf businesses and funds to strengthen partnerships and share expertise to help Vietnam develop international financial centers.
According to government plans, the centers, in HCMC and Da Nang, are set to be operational by 2025, positioning Vietnam as a major region and global financial hub, he added.
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