A corner of Hai Phong port. (Photo: VNA)

He said factors behind the strong recovery include macro-economic and political stability as well as success in containing COVID-19.

The recovery was relatively even across all growth engines, from industry, agriculture to services while export rebounded. Foreign and domestic investors’ confidence also fueled economic growth.

According to Cuong, the biggest risk faced by the Vietnamese economy was the impact of external factors such as global inflation and depreciation of several domestic currencies against the US dollar.

Even though the inflation rates in Southeast Asia, including Vietnam, were lower, there is a big risk of rising, he said, adding that the Vietnamese currency devalued little against the US dollar, which helped with macro economic stability but putting increasing pressure on the foreign reserves.