Accelerating Vietnam’s Infrastructure Development for Sustainable Growth
As one of the fastest growing economies in ASEAN, Vietnam has a seemingly endless wish list for infrastructure. Currently, just 20 per cent of the country’s national roads are paved, and a recently approved plan to build a 1,372km north-south highway by 2030 is estimated to cost $14bn. The rising population in major cities in recent years has strained and exceeded capacity of the existing connectivity networks and utilities systems. With 50% of Vietnam’s population expected to be living in cities, Hanoi and Ho Chi Minh are building rapid transit systems exceeding US$ 22 billion in the hope of reducing private vehicle ownership and improving air quality.
Various expressway projects are planned and underway to improve connectivity within major cities. Similarly, development and upgrading of urban utilities infrastructure are announced and there are 44 planed PPP projects with total investment value worth up to US$ 120 billion in the road and power sectors.
A further detail to the Vietnam’s infrastructure project given by the most recent Global Infrastructure Outlook showed that if Vietnam continues on this positive stride of investing, the country will meet 83% of its goals by 2040. Nevertheless, in order to get there, Vietnam will need an investment of $605 billion.
The Vietnam government is set to meet its ambitious goal through liberalising various industries and embracing PPP. The government has been making efforts to introduce private-sector participation in the roads and rail sectors, and actively attracting foreign direct investment to develop its infrastructure needs.
The hosting of the Infrastructure Vietnam 2019 (IVN2019) is to provide an interactive platform for potential investors and key players of the industry to gather in Vietnam and get updated on the new directions, investment policies and market potential of the construction and infrastructure sectors in Vietnam.
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