Acknowledgments 1

Executive Summary 3

A. Recent Developments and Outlook 4

  A.1 Real Sector 4

  A.2 External Sector 6

  A.3 Monetary Conditions and Financial Sector 7

  A.4 Fiscal Sector 9

B. Risks, Vulnerabilities and Challenges 11

  B.1 Short term risks 11

  B.2 Medium to long term risks 15

C. Policy Discussions and Recommendations 17

  C.1 Near-Term Policy Priorities 17

  C.2 Longer-Term Policy Priorities 19

Box A. Strengthening Public Investment Management for Stronger Growth Outcomes 23

Appendices 31

  Appendix 1. Selected Figures for Major Economic Indicators 31

  Appendix 2. Selected Economic Indicators for Vietnam 35

  Appendix 3. Balance of Payments 36

  Appendix 4. Statement of General Government Operations 37

  Appendix 5. Debt Sustainability Analysis 38

  Appendix 6. Climate Change Policy Fact Sheet 41

  Appendix 7. Data Adequacy for Surveillance Purposes: Preliminary Assessment 43

Annexes: Selected Issues 44

  1. Assessing Vietnam’s Growth Potential 44

  2. Assessing Banking Sector Resilience to Macro-Financial Shocks 54

  3. Vietnam’s Supply Chain Challenges amid Growing US Trade Protectionism 59