(Photo: VNA)

The report said that Vietnam's economy recovered quite quickly thanks to an appropriate change in epidemic prevention strategy, which allowed reopening from the beginning of the fourth quarter of 2021. Vietnam's financial market maintained a positive growth momentum thanks to stable macroeconomy and the implementation of fiscal and monetary policies in support of people and businesses.

Vietnam’s economy is forecast to better recover this year to grow 5.5-6 percent and higher in the following years. The financial market will benefit from the recovery, with the banking industry’s profit expected to grow by 20-25 percent on an annual average and the insurance market sustaining its growth. The stock market, meanwhile, is forecast to make necessary adjustments to become more stable and healthier.

Policy recommendations raised in the report focus on completing a legal framework and policies on handling bad debts and making the securities and bonds markets healthier, improving risk control in the financial system and accelerating the building of institutions and a legal corridor for the management and development of the digital economy, digital finance and digital banking.