PM pushes for 8% growth with investment acceleration

Prime Minister Pham Minh Chinh has underscored the importance of promoting investment to realising the economic growth target of at least 8% this year, with public investment serving as a crucial driver.

Chairing the 16th meeting of the State Steering Committee for key national transport projects on March 9, PM Chinh, also head of the committee, stressed the need to mobilise all public investment resources to activate all economic forces and guide private investment, focusing on infrastructure development – one of the three strategic breakthroughs as identified by the Party and State. He highlighted that the country aims to disburse at least 95% of the public capital this year.

In 2025, great efforts are needed to complete 3,000 kilometres of expressways nationwide, he said, highlighting other targets like putting into operation such aviation projects as Long Thanh International Airport and Terminal 3 at Tan Son Nhat International Airport, as well as various seaports.

Additionally, efforts will continue to push ahead with the construction of East-West connecting highways and other road systems, urban railways, and ring roads in Hanoi and Ho Chi Minh City, and the Lao Cai – Hanoi – Hai Phong standard-gauge railway line.

To achieve these goals, PM Chinh ordered ministries, sectors, and localities to review the implementation of tasks and solutions already assigned. This includes assessment of investment preparation, feasibility study reports, contractor selection, and project implementation, particularly site clearance, technical infrastructure relocation, construction organisation, and the supply of building materials and project funding.

With particular attention to challenges in the supply of construction materials for projects, the Government leader called for an end to the practice of allocating construction material quarries - state and public assets - to private entities, only for the State to repurchase them at inflated prices for infrastructure development.

According to the Ministry of Construction, the country is currently implementing 28 highway projects/component projects with a total length of about 1,188 kilometres, expected to be completed this year. Of these, 16 projects spanning 786 kilometres are progressing on schedule, while the remaining 12, covering 402 kilometres, still face roadblocks regarding site clearance and construction materials.

Besides, pre-feasibility study reports are underway for several projects like HCM City’s Ring Road 4, Tan Phu – Bao Loc, Bao Loc – Lien Khuong, Gia Nghia – Chon Thanh, and HCM City – Moc Bai expressways. Others under technical design and contractor selection process include Ninh Binh – Hai Phong and Hoa Binh – Moc Chau expressways. In the meantime, construction is being advanced on Long Thanh International Airport, Terminal 3 at Tan Son Nhat International Airport, and Nhon – Hanoi Station metro line.

The meeting was conducted in a hybrid format connecting the Government headquarters with 44 provinces and cities currently implementing key transportation projects.