The economy rebounded strongly from COVID-19-related lockdowns in the third quarter of 2021, expanding by 6.4% in the first half of 2022, the report said.
The WB attributed the rebound to a recovery of exports and the release of pent-up demand following the removal of COVID-19-related mobility restrictions and, more recently, the gradual return of foreign tourists.
The WB also forecast that growth in the region is projected to decelerate from 7.2 percent in 2021 to 3.2 percent in 2022, which is about two percentage points slower than was expected in April 2022.
Meanwhile, a writing published by the London-based Financial Times on September 26 described Vietnam as one of the seven economic wonders of a worried world.
It noted in periods of gloom like this one, when commentators see nothing but faults in most countries, it is worth highlighting the few that defy the prevailing pessimism. The seven that stand out in a world tipping towards recession and higher inflation are Vietnam, Indonesia, India, Greece, Portugal, Saudi Arabia, and Japan.
The writing said the least surprising name on the list is Vietnam, adding that by investing heavily in the infrastructure required of a manufacturing export power, and opening its doors, Vietnam is growing at nearly 7%, the fastest pace in the world./.
