Prime Minister Pham Minh Chinh outlined Vietnam’s ambitious strategies and infrastructure projects, including high-speed rails, nuclear power, and expressways, at the World Economic Forum (WEF)’s Country Strategic Dialogue on Vietnam in Davos, Switzerland on Tuesday.

Attending the dialogue were WEF's head of regional agenda for Asia-Pacific Joo-Ok Lee, along with more than 60 global business leaders who are members of the WEF.

At the dialogue, PM Chinh announced Vietnam’s target of achieving a growth rate of at least eight percent in 2025 and double-digit growth in the following years.

The country is focusing on resolutely implementing three strategic breakthroughs in institutions, infrastructure, and human resources, the government leader added.

He affirmed that Vietnam has the foundation to achieve the set goals, increasingly gaining more experience, greater confidence, resilience, and more resources to boost its development.

He also revealed some key infrastructure projects, saying that Vietnam plans to complete its North-South high-speed railway within about 10 years, commence the construction of a railway connecting China, Central Asia, and Europe in 2025, and complete a nuclear power plant within five years.

The law-making National Assembly (NA) approved the trans-country high-speed railway project in November last year with a preliminary capital of US$67 billion.

The entire line will be 1,541 kilometers long, passing through 20 provinces and cities with a design speed of 350 kilometers per hour.  

The NA approved the nuclear power project in 2009, with EVN as the investor. However, the project was suspended in 2016 due to safety concerns, high costs, technological challenges, and changes in global energy trends.

On November 30, 2024, the legislature passed a resolution to restart the project.

Many large airport, seaport, and expressway projects are being strongly promoted. Vietnam expects to boast at least 3,000 kilometers of expressways by 2025.

PM Chinh stated that Vietnam had launched a program to train 50,000 semiconductor engineers, and been committed to ensuring a stable supply of electricity through comprehensive solutions, including developing wind, solar, and nuclear power as well as importing electricity.

He urged partners and investors to continue accompanying and cooperating with Vietnam in priority sectors, provide feedback on its institutional development, and transfer modern technologies to the country.

At the dialogue, international corporations expressed their impression of Vietnam’s economic growth rate of over seven percent in 2024.

They highly spoke of the determination and commitment of the Vietnamese government to improve the investment environment as well as its support for the business community.

Boosting large cooperation projects with China, FTA with GCC

On the same day, PM Chinh also met with Permanent Vice Premier of the State Council of China Ding Xuexiang.

The Vietnamese government leader suggested the two sides promote visits at all levels, effectively realize cooperation agreements, and deepen connectivity between the two economies.

He also urged the implementation of major and symbolic projects, especially those on capital, technology, and human resource training cooperation to develop standard-gauge railway lines connecting Lao Cai - Hanoi - Hai Phong in 2025 and Lang Son - Hanoi, Mong Cai - Ha Long - Hai Phong in the future.

Receiving secretary general of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi on the sidelines of the 55th Annual Meeting of the WEF, PM Chinh requested the GCC to encourage regional businesses and investment funds to enhance cooperation with Vietnam.

He also urged negotiations on the GCC-Vietnam free trade agreement and the GCC-Vietnam investment protection and promotion agreement, while calling on the GCC to share experience and assist Vietnam in building international financial centers.

GCC secretary general Albudaiwi affirmed that Vietnam is on the council's priority list for signing FTAs, saying that the GCC-Vietnam cooperative ties will soon bring breakthrough results.

The top Vietnamese official’s participation in the WEF meeting is part of his ongoing European tour from January 15 to 23 to tighten ties with Poland, Czechia, and Switzerland.

With the theme of ‘Collaboration for the Intelligent Age,' the 55th Annual Meeting of the WEF, held from January 20 to 24, gathers approximately 3,000 leaders from countries, international organizations, and leading corporations globally. 

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