Vietnam pushes $200B building drive under To Lam
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Vietnam is accelerating a sweeping $200 billion infrastructure push under Communist Party chief and newly named president To Lam, betting on mega-projects to drive rapid economic growth.
More than 550 projects broke ground last year, with hundreds more planned, including nuclear power plants and a 1,500-kilometer high-speed railway. The campaign aims to propel Vietnam to upper middle-income status by 2030.
Lam has tied his leadership to the effort, cutting bureaucracy and promoting a “new growth model” centered on large-scale investment. “We cannot accept low economic growth,” he told party officials.
Analysts say the construction boom could boost GDP but warn of mounting risks. “This is a deliberate compression of what would normally take a decade into a three-year window,” said Hanoi-based analyst Dan Martin.
Heavy borrowing and limited transparency raise concerns about debt and corruption. “One cannot rule out the possibility that they are simply ways for government officials to steal from the state,” said Tuong Vu of the University of Oregon.
Others warn poorly managed projects could fuel inflation and instability or become “white elephants.”
Residents displaced by developments also question the benefits. “We can never benefit from that huge stadium. There will be no jobs there for us,” said Chung, a farmer forced off his land near Hanoi.
