Developing the North-South high-speed railway: Don't miss the development opportunity

No change in thinking, no breakthrough

After many years of waiting, Vietnam is now very close to the pivotal moment to start a high-speed rail industry for the first time - a field that has been a void for many years in Vietnam.

According to experts' calculations, each dong invested in the high-speed railway will generate an additional 1.7 to 2.3 dong for the economy . More than just a transportation project, this is the driving force for dozens of Vietnamese industries to upgrade their capacity and reach out to regional and global supply chains.

Also because of the important benefits in all aspects for the economy, the information that a private enterprise like VinSpeed proposed to directly invest in a railway line longer than 1,500km is of interest.

Associate Professor Dr. Bui Quang Tuan - Vice President of the Vietnam Economic Science Association - said that the proposal to invest in a high-speed railway line by a private enterprise like VinSpeed is a positive signal, consistent with the policy of Resolution 68 on private economic development. According to him, the spirit of Resolution 68 is to eliminate prejudices, create mechanisms for the private economy to participate in important national tasks and reach the regional level.

This expert believes that this is a clear basis for supporting private enterprises like VinSpeed to participate in the North-South high-speed railway project. "I think VinSpeed's vision and dedication are worth supporting," the expert affirmed.

Developing the North-South high-speed railway: Don't miss the development opportunity - 1

Associate Professor, Dr. Tran Dinh Thien, former Director of Vietnam Economic Institute (Photo: VS).

Associate Professor Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, stated that the idea that "only the State can do national projects" is an old way of thinking that is no longer suitable for the current context.

According to him, the benefit of assigning large projects to private enterprises with sufficient capacity, quality and experience is not only saving budget capital in particular and national resources in general, but more importantly, speed and efficiency.

"It is right to assign this project to a Vietnamese private enterprise with sufficient capacity. This will not only help the country solve strategic infrastructure bottlenecks, but also enhance the strength and power of Vietnamese enterprises. This is a strategic move, not a risk," said Associate Professor Dr. Tran Dinh Thien.

Don't miss the opportunity to break out

Supporting private enterprises to invest in the North-South high-speed railway project, according to experts, trust in enterprises like VinSpeed and the State's support will be the key to creating success for Vietnam's project of the century.

Citing international experience, Associate Professor Dr. Tran Dinh Thien told the story of South Korea. The South Korean government once guaranteed loans for Hyundai to build strategic transport infrastructure, but this was accompanied by extremely strict commitments on progress and quality of the project. Even if Hyundai did not comply, Hyundai's bosses would be fined.

The final result, according to him, was "truly miraculous" because not only did Hyundai grow by leaps and bounds, becoming a globally competitive force, leading the national economy, but equally important was the leap in Korea's industrial capacity, helping the lagging country make an economic breakthrough and move forward in a short period of time.

Developing the North-South high-speed railway: Don't miss the development opportunity - 2

Each dong invested in the high-speed railway will generate an additional 1.7 to 2.3 dong for the economy (Photo: VS).

From the lesson of Korea, Mr. Thien said that it is important to set up a reasonable binding mechanism so that both sides can share risks and ensure national interests.

He emphasized that to ensure harmony of interests, it is necessary to design a transparent management mechanism with supervision and technical standards, instead of not allowing the private sector to do it.

According to him, public transport, even when carried out by the private sector, is still within the legal framework of the State and is subject to the constraints of the commitments between the State and the enterprise. Therefore, the enterprise cannot arbitrarily "monopolize" by doing whatever it wants.

In terms of finance, another issue that has received much attention in VinSpeed's proposal is borrowing 80% of the capital from the State without interest for 35 years. Analyzing the above proposal, Prof. Dr. Hoang Van Cuong - National Assembly Delegate of the 15th term - said that, from a financial perspective, the above proposal is more effective for the budget.

"Private investors want to borrow for investment, temporarily the State does not have to spend but lends to businesses, then they pay it back," Professor Dr. Hoang Van Cuong pointed out.

From there, he affirmed that this is a way of doing things that should be encouraged because there are private enterprises willing to take on the responsibility.

With such great benefits, many experts agree that the question now is how to take advantage of the opportunity as quickly as possible. The North-South high-speed railway, if successfully implemented by a Vietnamese enterprise, will not only help complete the infrastructure, save the budget but also create a strong boost for the national industrial capacity. Trusting the private sector and giving the right people opportunities is not only a policy decision, but also a choice for future development.

Source: https://dantri.com.vn/kinh-doanh/phat-trien-duong-sat-cao-toc-bac-nam-khong-de-lo-co-hoi-phat-trien-20250526081818129.htm