Vietnam is a bright spot within the global economy, according to the head of the National Assembly's Economic Committee, Vu Hong Thanh.

During a press conference at the 2023 Vietnam Socio-Economic Forum on Sunday, he said the country's economy has been stable so far in 2023, and inflation is basically under control at just 3.1% between January and August.

In addition, public, foreign and government debts are also under control, and Vietnam's credit rating has improved, the head of the Economic Committee went on to say, being the only Southeast Asian country to have its rating increased by Moody's in 2022.

"Vietnam's economy remains a bright spot in the bleak big picture of the world economy," he stated.

Furthermore, in Q2, Vietnam's GDP grew by 4.14%, 3.28 percentage points more than the first quarter, according to the government, VN Express International reports.

More than 14,000 new businesses were set up in August, an 18% year-on-year rise. Whereas for the year to date, the figure stood at 103,700, a 2.3% increase.

In addition, total retail sales of goods and services rose by 7.6% last month.

The country's Ministry of Planning and Investment has also stated the economy is in recovery, although rapid changes wouldn't be so clear in the short term.

Thanh added that Vietnam's economy is challenged with certain constrictions, including a growth slowdown in investments and trade, which need to be tackled.

There was also difficulty in regard to credit access, he went on to say.

Moreover, the head of the NA Economic Committee, Nguyen Duc Hien, said some economic objectives will unlikely be met in 2023, such as labour productivity.

"Growth is good, but for the long term, the core needs to be labour productivity," he commented.