In its Asian Development Outlook April 2026 report, the bank maintained a positive near term outlook, supported by strong exports, expansionary policies and sustained investment.
However, evolving United States trade measures, tensions in the Middle East and broader global uncertainties could weigh on exports and investment inflows, adding pressure to the outlook.
Shantanu Chakraborty, ADB country director for Vietnam, said the government had responded swiftly to energy supply disruptions linked to Middle East tensions.
“Time bound fiscal measures, including tax relief, use of the stabilisation fund, combined with flexible price adjustments and stronger supply coordination, have helped contain near term inflationary pressures and support growth,” he said.
He added that improving efficiency, diversifying energy sources and accelerating the transition to clean energy would be critical to reducing vulnerability to future shocks.
Downside risks remain significant. A prolonged conflict in the Middle East could disrupt flows of oil, gas and fertilisers through the Strait of Hormuz, raising shipping costs and causing delays.
Combined with the war in Ukraine, these developments could increase commodity price volatility and further strain global supply chains, while weaker growth in key trading partners may narrow Vietnam’s trade surplus.
The report also highlighted the need to strengthen Vietnam’s corporate bond market to mobilise long term financing beyond bank credit and support sustained investment.
Improving transparency, ensuring consistent regulation and broadening market participation will be key to boosting investor confidence and market efficiency, helping position the bond market as a stable source of long term finance for sustainable and inclusive growth.
