According to the bank, since the fourth quarter of the year, Viet Nam's exports have been improving, with November seeing export growth of 6.7 percent year-on-year.

While textiles and footwear remain sluggish, other shipments such as computer related parts (up 20.2 percent year-on-year) and machinery (up 5 percent year-on-year) are showing sustained and encouraging signs, albeit in part due to favorable base effects.

New areas with export growth potential, such as agricultural products, also continued to show signs of strength in support of a modest improvement towards year-end.

Meanwhile, domestic activity continues to be a firm pillar for the penultimate month of the year.

Indeed, the relaxation of visa policy since August has driven a sustained recovery in international tourists, with November welcoming over a million tourists for the fifth consecutive month, the HSBC highlighted.

With 11.2 million foreign arrivals, the official target of 12-13 million tourist arrivals for 2023 looks to be comfortably secured, the bank added.

However, the recovery of Chinese tourists appears to have plateaued, only rebounding to 30 percent of 2019's level.

Elsewhere, inflation has broadly remained in check. Headline inflation rose only 0.2 percent month-on-month, leading to a moderation in year-on-year inflation to 3.4 percent in November.

HSBC held that for the State Bank of Viet Nam (SBV), signs are positive as inflation looks controlled and the economic outlook, especially on the external front, is stabilizing to a degree.