PM requests World Bank support for major infrastructure ventures

The $67 billion infrastructure megaproject, slated to break ground in 2026, would connect the nation’s economic hubs with what could become Southeast Asia’s most advanced rail system.

"The World Bank should continue its role as a top development partner, share valuable international experience, provide policy advice, and increase support for Vietnam to achieve strategic goals. The support includes bringing green, digital, and circular economy initiatives to life as well as boosting the nation's competitiveness and resilience to external shocks," said Prime Minister Chinh.

Chinh lauded the World Bank's proposal to lend Vietnam more than $11 billion over the next five years, proposing it be allocated to key projects with the greatest potential impact.

"Capital should be channelled into priority sectors, especially large-scale transport infrastructure projects. Other priority sectors include energy transition, renewable energy development, and environmentally friendly and climate-resilient agricultural projects like the low-emissions rice cultivation model," said Chinh.

The PM also proposed that the World Bank's regional office work closely with the Ministry of Finance and the State Bank of Vietnam to streamline procedures and regulations, thereby shortening the time for preparation and submission to the competent authority for approval.

Vietnam has been making concerted efforts to remove institutional barriers to address differences between existing regulations and donor requirements, including amending Decree No.114/2021/ND-CP, which reforms how foreign development aid and low-interest loans are managed by giving local governments more decision-making power. The amendments are expected to be completed by June at the latest.

Sherman endorsed Prime Minister Chinh’s proposals, noting their alignment with World Bank priorities. She committed to briefing the World Bank President specifically on infrastructure development and private-sector support.

The State Bank of Vietnam (SBV) has initiated a project to build a shared database for the banking industry, which will be supported by the World Bank and implemented by KPMG Vietnam.

VinSpeed High-Speed Rail Investment and Development JSC has registered interest in investing in the North–South high-speed railway, which is expected to be completed by 2030.

Minister of Finance Nguyen Van Thang met with Mariam Sherman, World Bank division director for Vietnam, Cambodia and Laos in Hanoi on March 21 to discuss upcoming projects using official development assistance (ODA).