(VOVworld) - Vietnam’s economy has weathered the recent turbulence in the external environment fairly well, says the World Bank’s Taking Stock report, released on Wednesday. “Stronger domestic demand, robust export performance, low inflation, and improved confidence have enabled Vietnam to create firmer foundations for mid-term growth.” says Victoria Kwakwa, the World Bank Country Director for Vietnam. She added that this is a good time to solidify macroeconomic stability and rebuild policy buffers, including through decisive efforts to rein in fiscal imbalances and tackle remaining vulnerabilities in the banking sector.

World Bank economists speak at the release of the report on Vietnam's economy on Dec. 2. (Photo: Tuan Minh)

The report features a special section on the Trans Pacific Partnership Agreement, which argues that the TPP will create considerable benefits for Vietnam. Pham Minh Duc, senior WB economist, said among the current TPP signatories, Vietnam—as the economy with the lowest per capita GDP—has unique comparative advantages, particularly in labor-intensive manufacturing.