Vietnam Sets Ambitious Growth Targets with Major Infrastructure and Technology Initiatives

Vietnam's National Assembly has agreed to increase its economic growth target and initiate major infrastructure projects, including nuclear power plants and a railway to China. The parliament also approved Starlink's satellite internet services and made provisions for significant reforms in governance and financial aid for the semiconductor industry.

Vietnam's National Assembly has taken significant strides to elevate the nation's economy by approving an increased growth target and backing monumental infrastructure projects. Chief among these is the establishment of nuclear power plants and a new rail link to China, intended to stimulate economic expansion and boost connectivity.

During an extraordinary session, lawmakers also authorized Elon Musk's Starlink to operate satellite internet services within Vietnam, maintaining control over local subsidiaries to ensure national security. The assembly set ambitious growth targets of at least 8% by 2025, insisting on macroeconomic stability and controlled inflation in the range of 4.5% to 5.0%.

Further emphasizing development, a $8.3 billion railway project connecting northern Vietnam to China was approved, partially financed through Chinese loans. Additionally, a strategic move to revamp governmental bureaucracy aims to enhance administrative efficiency, alongside financial support initiatives for firms entering the semiconductor sector.

(With inputs from agencies.)