Vietnam Unveils Massive Infrastructure Plan to Bolster Economy
“Vietnam has launched an ambitious infrastructure and housing development plan, backed by investments representing 10% of its GDP, in a bid to stimulate the economy and propel the nation toward its goal of becoming a high-income country by 2045.”
“The government’s plan includes 250 projects valued at a combined 1.28 trillion dong ($ 49 billion). The majority of the funding for the projects—63%—will come from sources other than the government, which will contribute the remaining 37%.”
“Among the notable projects are a Viettel R&D Centre, focusing on semiconductors and AI, a new exhibition centre by the Vingroup conglomerate, and several major infrastructure developments being fast-tracked.”
“These include the Rach Mieu 2 Bridge, a new 3,000-kilometre highway, and the new Long Thanh Airport, which is set to open a year ahead of schedule in December 2025.”
“Domestic and international companies are expected to play a major role. Japanese giant Sumitomo Corp., for instance, has a $4.2 billion contract for a smart city project in Hanoi.”