Deputy Minister of Planning and Investment Tran Quoc Phuong emphasized that, through preliminary assessment, if this amount of money is implemented from now until 2035, it will increase GDP by about 0.97 percentage points. This is a very significant number, contributing to the overall growth of the economy.
In a deeper analysis, this project has a direct impact on about 7-8 areas. Firstly, it impacts our construction industry in the GDP structure because this is a construction project.
The second is the impact on supporting industries serving this project, such as the industry providing construction materials, including common materials such as sand, stone, gravel or special materials such as iron and steel for making railways or other projects.
Third, the impact on service industries providing for this project such as finance, banking or capital mobilization services...
Fourth, the spillover effect on urban development. This route opens more than 20 stations from North to South.
In the development orientation of this railway line, each station has attached urban areas. This is also a driving force for development. In the future, we determine urban development as a driving force, this is a good driving force for socio-economic development.
Fifth, the impact on later mining industries when the project comes into operation, especially tourism services.
Sixth, creating jobs. This is a very large-scale project, so mobilizing forces to participate in the construction of this project will create relatively large jobs.
The project will also impact the growth of the transport sector that we are analyzing to modernize the transport system, increase sales, productivity, and capacity for transport with a new railway.
Phase 2 impacts socio-economic growth after the project is put into operation. When the project is put into operation, it will clearly increase the competitiveness of the economy, especially reducing logistics costs, contributing significantly to the development of industries and production and business sectors that use this railway line.
Sharing about the ability to meet capital sources, Deputy Minister of Finance Bui Van Khang said: We have identified this as a national key project and have many years of preparation for investment.
Regarding financial preparation, ministries and branches have recently coordinated very closely and agreed to propose three groups of overall management solutions and four methods of resource mobilization.
Three groups of comprehensive management solutions include: First, renewing the growth model, managing the socio-economy flexibly and effectively to contribute to increasing annual budget revenue with the spirit that each year must be higher than the previous year.
Second, operate a flexible and effective fiscal policy towards thorough thrift and anti-wastefulness to focus resources on development investment.
Third, amending institutions, removing bottlenecks and bottlenecks in attracting resources in the fields of finance and investment. The Government has submitted this solution to the National Assembly for discussion and approval in this session.
Regarding the four resource mobilization options, the first is to develop a five-year national financial plan for three periods up to 2035 in a proactive spirit, balancing resources to ensure full expenditure tasks of the state budget according to the provisions of the Budget Law. In particular, focusing on prioritizing expenditure for development investment, especially national and key projects in the transport sector, including the high-speed railway project, with the spirit of combining both the central and local budgets, with the central budget playing the leading role.
Second, attract resources, mobilize government bonds with appropriate interest rates, market conditions and project implementation progress.
Third, attract domestic investment resources including public-private partnership.
Fourth, mobilizing foreign resources has high incentives, reasonable negotiation conditions and few constraints.
With three solutions and four resource mobilization options, financial preparation for the high-speed railway project is ready to ensure the highest level of financial resources according to the approved roadmap and project implementation progress, ensuring compliance with the policy of Resolution 49-NQ/TW of the Politburo and Resolution of the 10th Central Conference.
