Coppola highlighted that economic performance in Vietnam was extremely strong in 2022 driven by strong exports, private consumption, and low base effects given slower economic growth in the previous year.
However, during the last part of 2022, Vietnam’s economy started to face external headwinds such as weakening global demand and the monetary tightening in many countries. As a result, economic growth decelerated during the first quarter of 2023 to 3.3%.
Assessing the effectiveness of Vietnam’s economic recovery and development measures, Coppola suggested Vietnam employ more measures to sustain its economic growth.
He highlighted exports, consumptions, and investments as the three main drivers of economic growth in Vietnam.
In his opinion, investments are key not only for economic growth in 2023 and beyond, but also key to achieve Vietnam's ambitions to become a high-income economy by 2045.
Coppola said the World Bank supports Vietnam in achieving its development objectives through the provision of lending, analytical, and convening services.
It is willing to bring to Vietnam international expertise and best practices from other countries to promote knowledge exchange and support Vietnam achieving its economic and development ambitions, he added./.
