The report says that Vietnam’s economy will grow 3% this year while the global economy is expected to contract at least 4%.

The WB attributes Vietnam's economic performance to the resilience of both its domestic economy and the external sector.

Besides the containment of the pandemic by bold, early and innovative measures, the Vietnamese government has also used its fiscal and monetary policies to provide breathing space for the private sector and jump-start the recovery.

Besides, the external sector, the main driver of economic growth in Vietnam over the past decade, has performed exceptionally well since the beginning of the COVID-19 crisis, according to the bank.

World Bank Country Director Carolyn Turk said Vietnam now has the opportunity to choose a greener, smarter, and more inclusive development path to better cope with future shocks including pandemics or natural disasters. 

The report says that whether Vietnam can fulfill its desire to become a high income economy by 2045 will depend not only on its ability to overcome the COVID-19 crisis but also on its effective management of resources and clime risks.