Vietnam weathered the Covid-19 pandemic better than most south-east Asian economies, with gross domestic product (GDP) growth above 2% in 2020/21. It hit 8% in 2022, up from a low base, and is projected to reach 6.3% next year, according to World Bank estimates.
The government managed to keep the economy ticking over without resorting to massive relief programmes that would have raised public debt. Public debt has, in fact, fallen from 44% of GDP in 2018 to about 40% last year — thanks in part to a repositioning of the GDP number in 2019. But policy-makers, state enterprises and the emerging corporate sector face real challenges in 2023.