Long Thanh - Dau Giay Highway between Ho Chi Minh City and the southern province of Dong Nai. Photo credit: SGTO
The Ministry of Transport has said it will need around VND288 trillion (US$13.03 billion) for transport infrastructure projects over the next five years, news website Saigon Times Online reported on Friday.
More than half of the projected cost will go to roads, according to the ministry's plan which is awaiting relevant agencies' feedback before being submitted to the government for approval.
The ministry recommended different funding measures, including calling for private investors' participation, the website reported.
It also proposed the government issue bonds to partly fund these projects.
The State Bank of Vietnam should launch a VND100 trillion ($4.52 billion) loan package specific for infrastructure projects, according to the ministry.
Vietnam's transport system is in urgent need for an upgrade as roads, airports and the sole north-south rail line are no longer able to handle the growing transport demand that comes with the fast economic growth.