ASIA: The government of Vietnam on Sunday said​ it is considering a high-speed railway project that would cost up to $58.7 billion.

The Southeast Asian country's transport ministry will submit a proposal to Politburo, the powerful decision-making body of the ruling Communist Party of Vietnam, next month, according to a government news release.

Vietnam, a regional manufacturing hub, is increasing investment in transportation infrastructure to support its rapidly expanding economy.

The first two sections, totaling 665 kilometers (413 miles) and a total investment of $24.72 billion, will be open to traffic by 2032, according to the government, with the entire project expected to be completed by 2045-2050.