A slogan appealing for COVID-19 prevention and control in Vietnam (Photo: Reuters)

He quoted a World Bank and IMF forecast as saying that Vietnam will likely recover in the last six months of the year and continue to be one of countries with the world’s fastest growth this year.

Noting that Vietnam’s GDP expanded 3.8% in the first quarter of 2020, Morisset said the Vietnamese economy has been “extremely resilient during these unusually rough times.”

The export sector - Vietnam’s main engine of growth - continues to be vibrant. Exports were up 5% during the first four months of the year, while foreign investors provided more than 12 billion USD in registered FDI.

Morisset praised Vietnam’s fiscal management. The government had accumulated significant cash-flow reserves before the pandemic and has set aside 5% of its 2020 budget as contingency funds to be used in case of catastrophe.

In the face of a slowdown in global trade projected by the WTO to be 15% to 30% this year, Vietnamese authorities have reacted quickly to reduce logistical costs for exporters and streamline administrative procedures.

Vietnam has also successfully leveraged digital tools to fight the COVID-19 pandemic. The combination of foresight and pragmatism has been applied in the COVID-19 crisis with considerable successes, the WB economist said.