Vietnam is considering building a high-speed rail line that will run across the country at a possible cost of up to $58.7 billion, Reuters reported.

The Ministry of Transport of the country will submit a proposal to the Politburo of Kompratia next month to build a 1,545 km railway, according to a government press release.

Vietnam, a regional manufacturing hub, is stepping up investment in transport infrastructure to support its rapidly growing economy. The first two sections, with a total length of 665 km and a total investment of $24.72 billion, will be open to traffic by 2032, the government said, adding that the entire project will be completed by 2045-2050.