A report released on March 28 by the rating agency said the affirmation reflects Vietnam’s continued strong medium-term growth prospects, despite the COVID-19 pandemic and the global economic spillovers from the conflict in Ukraine, and strong external finance metrics relative to peers.

Fitch Ratings noted that the rapid recovery of economic activities was made thanks to the Government's flexible approach in response to the pandemic and high vaccination rates.

Vietnam continues to benefit from the export sector thanks to the implementation of important trade agreements, foreign direct investment inflows still maintain high growth and tourism flows gradually resume from 2022, it said.

Fitch forecasts that the country’s GDP growth to accelerate to 6.1 percent in 2022 and 6.3 percent in 2023 from 2.6 percent in 2021, led by a recovery in domestic demand, strong exports and high FDI inflows./.