Vietnam's economy is showing mixed signs of recovery in early 2024, with growth forecast to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, according to the latest World Bank Taking Stock bi-annual economic update released on April 23.

Vietnam will need to do more if it wants to become a digital powerhouse as envisioned in the socio-economic development strategy adopted by the Party in February 2021, said a report of the World Bank.

While downside risks have heightened, economic fundamentals remain solid in Vietnam, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5-7 percent from 2022 onward, said Rahul Kitchlu, World Bank Acting Country Director for Vietnam.

Vietnam’s economy has performed well in 2019, with GDP expanding by an estimated 6.8 percent, public debt reduced by nearly 8 percentage point of GDP since 2016, and a trade balance surplus for fourth year in a row, according to the World Bank (WB)’s report released on December 17.