Vietnam seeks World Bank's support for high-speed railway project
Construction on the project is expected to begin in 2026, with an estimated total investment of US$67 billion.
THE HANOI TIMES — “Vietnam is seeking financing support from the World Bank for the North–South high-speed railway project,” Prime Minister Pham Minh Chinh said today [May 15] during a meeting with Mariam Sherman, the World Bank Division Director for Vietnam, Cambodia, and Laos.
Prime Minister Pham Minh Chinh and Mariam Sherman, the World Bank's Division Director for Vietnam, Cambodia, and Laos. Photo: VGP
In addition to the high-speed railway, the prime minister urged the World Bank to allocate funding toward transformative projects. Priority areas include infrastructure, particularly large-scale transport projects, renewable energy, and environmentally friendly agricultural initiatives, such as low-emission rice cultivation. Projects in the Mekong Delta are also a priority, including inland waterway transport.
The prime minister called on the World Bank to provide financing and support for the public and private sectors at competitive interest rates and with flexible, efficient capital management models. He also emphasized the need for faster implementation through streamlined procedures and reduced bureaucracy.
He requested that the World Bank’s regional office work closely with the Ministry of Finance and the State Bank of Vietnam to propose solutions that would simplify procedures and regulations. He affirmed that Vietnam regards the World Bank as a close, trusted, and important partner.
Given the significant and effective role the World Bank has played in supporting Vietnam’s socioeconomic development, particularly in reducing poverty, he called on the bank to continue supporting the country on its path toward prosperity by sharing international experience, offering policy advice, and achieving strategic goals.
In response, Sherman praised Vietnam’s new development strategy and confirmed that the World Bank is ready to support the country by providing policy advice, enhancing cooperation, and implementing projects with the help of more experienced experts.
She said the areas that PM Chinh identified are also the bank's key focus. Sherman said she would report these points, particularly those regarding strategic infrastructure development and private sector support, to the World Bank President.
Last year, the World Bank proposed a five-year, US$11 billion financing plan for Vietnam, with a focus on transportation infrastructure, renewable energy, and sustainable agricultural development.
