Vietnam aims to mobilize foreign capital for 30% of $67 bln high-speed railway

Vietnam plans to mobilize foreign capital to pay for 30% of the planned North-South high-speed railway project, Minister of Finance Ho Duc Phoc said Monday.

Minister Phoc made the statement at a meeting with Mizuho, a leading bank in Japan, as part of his visit to the East Asia nation. Vietnam is also looking to mobilize domestic sources for 70% of the $67-billion project, the minister added.

The Vietnamese Ministry of Finance plans to cooperate with its Japanese counterparts, diplomats and the Japan International Cooperation Agency (JICA) on the task, Phoc noted.

Vietnam’s target is to kick off construction in 2027, finish the first phase of 800 kilometers by 2030, and complete the whole project by 2040, Phoc said.

The country is in need of massive capital from both inside and outside Vietnam for socioeconomic development and its commitment of net-zero emissions by 2050, the minister emphasized. "The demand includes a huge amount for energy transition, including wind power, solar power, hydrogen energy, and sustainable development."

Vietnam is looking to utilize public-private partnerships and is eyeing a partnership with Mizuho for the move, Phoc highlighted, while inviting Mizuho's leadership to visit Vietnam and work with the finance ministry.