Tan Cang-Cai Mep Port in the southern province of Ba Ria-Vung Tau. (Photo: VNA)

Growth will be driven by continued trade expansion, the faster-than-expected recovery of manufacturing, domestic travel and the disbursement of public investment, according to the ADB’s report.

Surging global commodity prices, especially global oil prices, would increase inflationary pressure. However, the abundance of domestic food supply in Vietnam would help ease inflation this year.

The inflation forecast is therefore unchanged at 3.8% for 2022 and 4.0% for 2023 compared with ADB’s projection in April.