Government leaders have requested the World Bank (WB) to prioritize funding support for Vietnam's development of strategic transport infrastructure, including the North-South high-speed railway.
During a meeting with Carolyn Turk, World Bank Country Director for Vietnam, on the afternoon of October 27, Prime Minister Pham Minh Chinh requested that the World Bank develop more flexible methods and models for providing and managing financing to Vietnam.
In addition to the North-South high-speed railway, the Prime Minister requested the World Bank to prioritize funding for the construction of the Ho Chi Minh City - Can Tho railway; the Hanoi - Hoa Lac railway; renewable energy projects; smart, low-carbon agriculture ; digital transformation; and climate change adaptation in the Mekong Delta.
Vietnam still has ample room for new ODA loans as public debt, government debt, and budget deficits are well controlled and within acceptable limits.
The Head of Government highly appreciated the World Bank's contributions to Vietnam's socio-economic development from 1993 to the present through policy advice and financial support for ODA projects and concessional loans.
Prime Minister Pham Minh Chinh receives Ms. Carolyn Turk, Country Director of the World Bank in Vietnam, on the afternoon of October 27. Photo: Nhat Bac
In response, Ms. Carolyn Turk endorsed the direction of implementing focused and targeted projects. The World Bank highly appreciated Vietnam's vision and commitment, including in responding to climate change and reducing emissions. If the program of one million hectares of high-quality, low-carbon rice is successful, Vietnam will be a leader in this field.
Ms. Carolyn Turk also outlined solutions to overcome obstacles in the implementation of large-scale projects. The World Bank will cooperate with Vietnam, especially in the areas mentioned by the Prime Minister.
At the meeting, both sides agreed to establish a working group to review and simplify processes and procedures to shorten project implementation time. The Prime Minister assigned Deputy Prime Minister Tran Luu Quang to resolve obstacles, promote projects, and disburse World Bank funds.
The Politburo's conclusion in March set a target of completing the approval of the investment plan for the North-South high-speed railway project by 2025 and commencing construction before 2030. The Hanoi-Vinh and Ho Chi Minh City-Nha Trang sections of the high-speed railway are prioritized for commencement in the 2026-2030 period; striving to complete the entire North-South high-speed railway line before 2045.
Currently, there are two high-speed rail options. In February 2019, the Ministry of Transport submitted to the Government a pre-feasibility report for the North-South high-speed rail project, passing through 20 provinces and cities. This is a double-track line, 1,435 mm gauge, electrified, with a design speed of 350 km/h and an operating speed of 320 km/h.
At the end of 2022, the project appraisal consultant pointed out several drawbacks of investing in a 350 km/h high-speed railway and recommended a hybrid option for both passenger and freight trains, with an operating speed of 225 km/h for passenger trains and 160 km/h for freight trains, at an investment of over 61 billion USD. The Government Party Committee and the State Appraisal Council requested the Ministry of Transport to further study this option.
The high-speed rail option, designed to carry both passengers and freight, was proposed by the project's consulting firm. (Graphic: Ta Lu)
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