At a recent meeting, the National Assembly officially passed a resolution on building a HSR line along the length of the country, marking an important milestone in Vietnam’s transport infrastructure development strategy.
With the approved policy, relevant ministries and agencies have affirmed their determination, responsibility, and readiness to implement this important project, thereby creating development momentum for Vietnam’s economy.
Historic decision
According to newly elected Minister of Transport Tran Hong Minh, the National Assembly’s approval of the North-South HSR project is a “historic decision”.
The minister emphasised that this is not just a transport project but an iconic project that will create momentum for the economy, helping to bring the country into a new era — the era of the nation’s rise as stated by General Secretary To Lam.
The National Assembly’s approval of the project once again demonstrates the unified will and determination to create a breakthrough in infrastructure development, especially transport infrastructure, as set forth by the 13th Party Congress.
Minh stated that with the economic size reaching 430 billion USD in 2023, nearly triple that of 2010, along with low public debt of about 37% of GDP, Vietnam currently has sufficient conditions to implement this project. Construction is expected to begin in 2027, when the economy is estimated to reach 564 billion USD.
With his assigned responsibilities, Minister Minh affirmed that the Ministry of Transport will quickly advise the government to issue a resolution directing ministries, agencies and localities to urgently implement the tasks and specific policies outlined in the National Assembly’s resolution, especially those related to mobilising investment resources and shortening the project timeline.
Among the important immediate tasks is the selection of consultants to prepare the feasibility study, along with working with localities to specify details about routing, stations, and the scope of land clearance. The ministry will also continue to review and strengthen the investment management model and develop human resources in the railway sector.
Minister Minh emphasised that the transport sector is ready with the highest determination to proceed with the project and there is no room for retreating.
Strong determination
As an official directly in charge of formulating the project report, Minister of Finance Nguyen Van Thang, formerly Minister of Transport, affirmed that after more than 18 years of research and preparation, the National Assembly’s approval of the project is meaningful in multiple ways.
The Minister of Finance stated that this HSR project will create strong momentum for the economy while promoting the country’s industrialisation and modernisation process, thus leading Vietnam into an era of prosperous development as directed by General Secretary To Lam.
To ensure the project is implemented effectively and as soon as possible, the Ministry of Finance will coordinate with relevant ministries and agencies to review investment capital sources, assess financial and social impacts, and thereby advise the government on appropriate financial solutions.
With its role and state management responsibilities in finance and budget, the Ministry of Finance will also advise the government on guidelines for specific policy mechanisms regarding project capital sources, loan guidelines, and medium-term public investment plans.
Minister Thang emphasised that investing in the North-South HSR project is a political mission and resources should be prioritised for early implementation, as directed by the general secretary.
He stated that the Ministry of Finance will work closely with the Ministry of Transport and related agencies to advise the government and prime minister on implementing the project in the shortest time possible while ensuring the highest quality.
