Financial resource mobilization for high-speed railway projects in the world, lessons for Vietnam

Abstract

In the railway network plan for the period of 2021 – 2030, with a vision to 2050, the Vietnamese Government aims to complete the North – South high-speed railway route – the first phase (from 2025 – 2030) and invest in Hanoi – Vinh and Nha Trang – Ho Chi Minh City routes. In order to realize the above goal, the Ministry of Transport has agreed with the Ministry of Planning and Investment to submit the “Project of investment policy on construction of North – South high-speed railway” to the Politburo in 2023. However, in reality, it is extremely difficult to mobilize enough resources to complete the “super project”. Choosing the right financing mechanism is critical to the success of the project. The article studies the experience of capital mobilization in a number of countries with developed high-speed railway systems or whose economies and societies have many similarities with Vietnam; analyzes achievements and difficulties. Based on the actual conditions of Vietnam, we can draw important lessons and recommend forms of implementation consistent with actual policies and resources, in order to invest on schedule and achieve the results in accordance with the tasks set forth by the Government.