Haiphong port is set to have a major expansion of its hinterland

The government decided to step on the accelerator despite the risk of greater inflation. A report to the assembly noted that “macro-stability must still be ensured while inflation must be kept under control”. It added that the ceiling for price rises would be 5%.

A number of rail projects are being proposed between Vietnam and China. The Parliament approved a link between the Haiphong seaport, whose $8.3bn price will be paid for by Chinese loans.

The link is intended to boost Vietnam’s drive to become a regional manufacturing hub. It hopes to take advantage of China’s move up the value chain, away from lower value assembly industries.

The line will also open up the development of land rich in minerals and rare earths.

Lawmakers also adopted policies to develop nuclear power plants in Vietnam. The first of these is expected to be completed in 2031.

A plan to offer financial support to local firms that enter the semiconductor industry was also agreed.Yesterday, parliament approved a plan to cut up to a fifth of government bodies, as the ruling party seeks to improve administrative efficiency and shift labour into more productive sectors.

The extraordinary session also adopted rules that would allow Elon Musk’s Starlink to provide satellite internet services in Vietnam, while also maintaining full ownership of any local subsidiary.