The government and people of Vietnam well deserve their achievement of the highest economic growth record in more than a decade. Despite global economic concerns, inflationary pressure, currency depreciation and other current challenges, Vietnam’s economy grew at 8.02 per cent in 2022, according to the General Statistics Office. That was higher than the government’s initial target of 6-6.5 per cent, and Vietnam remains one of the fastest-growing economies in the region.

Vietnam has weathered the pandemic crisis better than most other developing economies outside the Asian region. Strong macroeconomic fundamentals drive the country’s economic resilience, but also prudent fiscal and monetary policies have enabled the country to develop buffers to navigate the challenging global economic environment.

Growth in GDP is forecast at 6.5 per cent in 2022 and 6.7 per cent in 2023, a rebound made possible by Vietnam’s high COVID-19 vaccination coverage, the shift to a more flexible pandemic containment approach, expanding trade, and the government’s Economic Recovery and Development Programme (ERDP).

Andrew Jeffries, country director for Vietnam at the Asian Development Bank, writes about the potential of a digital economy in the long term, with the need to support micro, small, and medium-sized enterprises in pursuing digitalisation.

Since last year, Vietnam has been weathering difficulties caused by the health crisis to reach positive growth, with a safe environment for people and enterprises to perform in. Andrew Jeffries, country director for Vietnam of the Asian Development Bank, writes about the country’s steady journey amid the COVID-19 pandemic, with a need to further apply digital solutions in the economy.