Vietnam’s Rise to Prosperity: Bridging the Gap to Global Economic Supremacy

The 2,035 km/h high-speed rail line, expected to be completed in 350, will not only be a landmark development in transport infrastructure, but also a significant step forward, opening up new development space. Vietnam’s economy is on par with the developed countries above the world.

At the seminar ‘High-Speed Rail – Opportunities and Challenges’ web portal government The delegation, held this afternoon (29/10), focused on discussing and clarifying specific mechanisms for project implementation, especially issues related to resource mobilization.

Delegates attended the discussion on ‘High-Speed Rail – Opportunities and Challenges’. (Source: VGP)

Motivation to enter the era of self-development

Regarding the choice of timing for the proposed construction of the North-South high-speed rail, Deputy Minister of Transport Nguyen Danh Huy said that he had spent 18 years studying the construction of the high-speed rail.

The Ministry of Land, Infrastructure and Transport, which predicted transportation demand, judged this time to be appropriate and necessary to properly reorganize its transportation market share by constructing the North-South high-speed railway.

Currently, the size of Vietnam’s economy is $43 billion, and public debt is not that high, so basic resource conditions are not a major problem.

Technically, the Ministry above explains the choice of speed of 350 km/h, or why it is used for passenger transport and not cargo transport.

“However, the Ministry of Transport explained the development of high-speed rail through six years of research involving an interdisciplinary working group working in 10 countries and many experts from around the world.

Now is the time for the Central Executive Committee and ministries to step forward. Consider and decide to invest in a political meeting where you decide to submit. This is also the premise and motivation for us to enter the era of development,” Deputy Minister Nguyen Danh Huy asserted.

I am of the same opinion. Deputy Minister of Planning and Investment Tran Quoc Phuong asserted, “We have a complete political and practical foundation based on the resolutions and conclusions of the central government and the government.” Politics From now until 2035, we will pursue the completion of infrastructure such as the construction of high-speed railways and the North-South high-speed railway.

“This is necessary to bring transformational change to infrastructure, have a positive and far-reaching impact on economic growth and ensure social security.”

According to Deputy Minister Tran Quoc Phuong, investment spending is also a driving force affecting economic growth. This is the largest project in the history of public investment in our country, with a total estimated expenditure of approximately $7 billion.

“According to a preliminary evaluation, if this amount is invested from now to 2035, the effect of this high-speed rail investment is expected to increase by about 0.97 percentage points compared to the gross domestic product (GDP). This is a significant number that contributes to the overall growth of the economy,” Deputy Minister Tran Quoc Phuong emphasized.

The North-South high-speed rail route is drawn using artificial intelligence. (Source: VGP)

financing is ready

In a discussion on the issue of resources for project promotion, Deputy Finance Bui Van Khang said that the financial preparation for the high-speed rail project is in accordance with the project implementation schedule of Resolution 49-NQ/TW, ensuring the highest level of financial resources in accordance with the approval roadmap and project implementation schedule. I announced that I was ready to do it. Politburo and resolution of the 10th Central Conference.

Recently, ministries and branches agreed to work very closely to propose overall operational solutions for the three groups and resource mobilization methods for the four groups.

The three groups of overall operational solutions are: Innovation in growth models, flexible and effective socio-economic management contributes to increasing annual budget revenues in the spirit that next year should be higher than the previous year. In order to focus resources on development investment, we operate flexible and effective fiscal policies to thoroughly save and prevent waste. Revise the system and remove bottlenecks in attracting resources in the financial and investment sectors.

The four groups of resource mobilization methods are:

first, Develops a national fiscal plan for 2035 for three periods of up to five years in the spirit of being proactive and balancing resources, prioritizing development investments, especially spending on the key transport industry, including high-speed rail projects. This is the spirit of integrating the central budget and local budgets, with the central budget taking the lead.

monday Attract resources, mobilize government bonds according to appropriate interest terms, market conditions and progress of project implementation.

tovaattracting domestic investment resources, including public-private partnerships.

wednesdayMobilize foreign resources with high incentives, reasonable negotiation conditions, and few constraints.

Deputy Minister Tran Quoc Phuong assessed that the above specific mechanisms and policies are aimed at ensuring the quality, progress and safety objectives of the project and how to implement the project in the fastest and most effective way.

“In the future implementation process, specific mechanisms and policies will need to be added under the authority of the National Assembly and the government, and can continue to be proposed and submitted to each level of authority. From there, we need to give top priority to implementing this project,” the Deputy Minister of Planning and Investment emphasized.

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