Vietnam hopeful for World Bank loans to fund road infrastructure
29 November 2023
Prime Minister Pham Minh Chinh has requested World Bank funding for major infrastructure projects at the lowest possible interest rates.
During a meeting with the World Bank in September, Prime Minister Chinh expected the bank to expand its financial support for Vietnam to develop traffic infrastructure by raising its lending to US$3-5 billion in the coming years.
The World Bank is considering financing the Cam Lo - Lao Bao expressway project in Quang Tri Province, north-central Vietnam.
According to Tuoi Tre Newspaper, Shige Sakaki — senior expert on transport at the World Bank — said that the World Bank expects to continue the cooperation in several new projects in Vietnam and that he was looking forward to deeper discussions about the funding for the expressway project.
The 56-kilometre-long Cam Lo - Lao Bao expressway project starts at the intersection with the Cam Lo - La Son expressway and ends at the Lao Bao international border gate. The road is said to have been designed to have four lanes and allow a maximum speed of 100 kilometres per hour.
Prime Minister Chinh, who also heads the state steering committee for national and key transport projects, stated during a recent meeting that the government aims to build a minimum of 3,000 kilometres of expressways by 2025. This number is expected to increase to 5,000 kilometres by 2030, according to Vietnam Plus.
Currently, 34 major transport projects and 86 sub-projects have been launched in 48 cities and provinces.