Vietnam on Saturday approved the construction of a high-speed railway connecting the capital Hanoi in the north to Ho Chi Minh city in the south at an estimated cost of $67 billion.

Vietnam said Saturday that it will build a $67 billion high-speed railway from Hanoi to Ho Chi Minh City, in a much-needed boost to infrastructure that is expected to drive growth and enhance its reputation among foreign investors.

Vietnam is going ahead with a multi-billion-dollar high-speed rail line that will link around 20 destinations and span over 957 miles, the country's federal parliament confirmed on Saturday.

The 15th National Assembly on Saturday passed a resolution on the investment policy for the North-South high-speed railway project with 443 out of 454 deputies voting in favor.