At the recent 8th Session, the National Assembly approved the investment policy for the North-South high-speed railway project, with a preliminary total capital of 1.7 million billion VND, equivalent to 67 billion USD, to be completed in 2035.
The National Assembly requested a feasibility study report to be prepared from 2025, striving to basically complete the project by 2035. The total land use demand of the project is approximately 10,800 hectares; an estimated 120,836 people need to be resettled.
The Resolution has stipulated mechanisms and policies to ensure prevention and combat of corruption, waste and negativity.
When selecting contractors for EPC packages (contracts for design, supply of technological equipment and construction of works), consulting packages using foreign contractors, the composition of the Appraisal Team must comply with the provisions of the law on bidding and include representatives of the Ministry of National Defense, Ministry of Public Security, Ministry of Planning and Investment, Ministry of Finance, Government Inspectorate, and State Audit.
The investor is responsible for sending the completed total investment dossier according to the appraisal report of the investment decision-making authority to the State Audit to conduct an audit as a basis for project approval.
The State Audit Office is responsible for sending the audit results to the investment decision-making authority within a maximum period of 30 days from the date of receipt of the complete audit request dossier.
During the time the National Assembly is not in session, the National Assembly authorizes the National Assembly Standing Committee to consider and decide on supplementing and adjusting specific and special mechanisms and policies for the project.
The Government issues a Decree to detail the content, order, procedures, and authority to implement specific and special mechanisms and policies of the project.
The Government is responsible to the National Assembly for managing and using capital and resources economically and effectively, preventing corruption, waste and negativity; providing full information so that people understand and agree on project investment policies.
The Resolution allows organizations and individuals exploiting minerals for projects to not have to go through the procedures for granting mining licenses for mines included in the construction materials survey dossier for the project; not having to prepare mineral exploitation investment projects and environmental impact assessment reports but making commitments to protect the environment.
For mines that have exhausted their reserves, the investor proposes that the provincial People's Committee add new mines to the construction material survey dossier for the project.
Delegate Nguyen Minh Hoang (Ho Chi Minh City Delegation) stated that in the long term, investment in the North-South high-speed railway will become the backbone of transport infrastructure, helping to shorten travel time from Hanoi to Ho Chi Minh City and vice versa, while promoting economic development, regional and urban connectivity along the route.
The length of the route is 1,541km and the design speed is 350km/h, which is completely reasonable.
According to the delegate, for projects with high investment levels and large scale, public investment is the most sustainable form of assurance, therefore, the delegate suggested that the Government and agencies need to have detailed plans on the use of financial resources.
The delegate also suggested that, with a large-scale national project, it is necessary to promote people's ownership, at least in consulting and listening to taxpayers.
Delegates also agreed with the proposal to mobilize capital contributions from people to participate in the project through the purchase of bonds with reasonable interest rates.
At the same time, it is necessary to invest in research, evaluate the project scientifically and objectively from many aspects, and seriously refer to the experience of implementing similar projects in other countries to clearly understand the implementation methods and economic efficiency.
