Vietnam kicks off ambitious new projects to spur economic growth

The state is funding 129 projects ranging from urban development to transportation with a total investment of about 478 trillion dong ($18 billion). Bloomberg

Vietnam launched a major infrastructure push with the groundbreaking or inauguration of some 250 projects nationwide on Tuesday, as the government seeks to boost economic growth.

The state is funding 129 projects ranging from urban development to transportation with a total investment of about 478 trillion dong ($18 billion), according to a statement on the government’s website. Another roughly $30.5 billion in investments for 121 projects financed by other sources, including from a handful of foreign companies, are simultaneously getting underway, it said.

The new ventures include the Rach Mieu 2 Bridge in the Mekong Delta, the Saigon Marina International Financial Center, state-owned Viettel Group’s Research and Development Center and the Vingroup JSC-developed National Exhibition and Convention Center in Hanoi.

The Southeast Asian nation has been stepping up a drive to achieve its GDP growth target of at least 8% this year despite global uncertainties and the government’s ongoing efforts to work out the details of a US trade deal that will see a 20% tariff imposed on Vietnamese goods.

Prime Minister Pham Minh Chinh last month urged officials to come up with immediate and long-term measures to restructure the economy and support growth. Chinh aims for GDP expansion of 8.3%-8.5% this year.