Japan pledges support for multi-billion-dollar high-speed rail project

In a significant move signalling Japan's ongoing commitment to infrastructure development in Southeast Asia, Minister of Transport Nguyen Van Thang met with Japanese Ambassador to Vietnam Yamada Takio on October 30 to discuss enhancing cooperation on transport infrastructure projects.

Expressing his gratitude, Thang conveyed thanks to the Japanese Embassy and Ambassador Takio for facilitating a study visit to Japan, aiming to glean insights into the development of high-speed railways.

"This project is of immense importance, involving substantial total investment. We hope Japan continues to support Vietnam in researching and implementing the project," he said.

The ambassador highlighted Japan's readiness to assist Vietnam in achieving its 2045 goal of becoming a developed, high-income country, with a particular emphasis on infrastructure development, including high-speed railways.

"Japan stands ready to support Vietnam in the research and investment of transport infrastructure projects, especially in high-speed railways," he said.

Japan, a global leader in high-speed train technology, has been a focus in numerous discussions with Vietnamese leaders, especially concerning support for the North-South high-speed railway project.

Earlier, on October 10, Vietnamese Prime Minister Pham Minh Chinh met with Japan's Foreign Minister Kamikawa Yoko, requesting Japan's continued provision of new-generation official development assistance (ODA) for large-scale infrastructure projects like the North-South high-speed railway.

Additionally, in a meeting on September 6 with Japanese Prime Minister Kishida Fumio, PM Chinh also highlighted the North-South high-speed railway project, seeking Japan's support in its development.

In another demonstration of collaboration, PM Chinh, during a January meeting with Japan's Finance Minister Suzuki Shunichi, reiterated the request for Japanese support on the project.

In early October, a steering committee for the North-South high-speed railway investment project was established.

PM Chinh, at the opening session of the National Assembly on October 23, said the government planned to complete the project proposal by 2024, seeking approval in 2025. The government has also requested the National Assembly prioritise investment resources for this landmark project, encouraging local funding participation.

The Ministry of Transport is set to present the project proposal to authorities this month.

Currently, two investment options are being considered: a dual passenger and freight line with a maximum speed of 200 km/h, estimated at around $64.9 billion, and a passenger-only option exceeding 300km/h, estimated at about $58.71 billion.

The ministry is actively learning from developed rail networks in Europe, China, and Japan to refine its pre-feasibility report, embodying a proactive approach to this ambitious and strategic initiative.

Spain to pour funds into high-speed rail in Vietnam Following the World Bank, Spanish and Japanese investors are also setting their sights on high-speed railways in Vietnam, including the north-south high-speed project.

BIS pledges support for Vietnam in banking infrastructure development, digital transformation The Bank for International Settlements (BIS) will continue to accompany and support the State Bank of Vietnam (SBV) in investing in payment and financial infrastructure development and promoting digital transformation, contributing to improving risk management in the local banking sector, stated BIS General Manager Agustin Carstens.