Objectives: This paper explores the potential reduction in the number of deaths and the corresponding economic benefits in Vietnam that could have arisen from the decreased in concentrations of particulate matter with a diameter of 2.5 μm or less (PM2.5) and nitrogen dioxide (NO2).Methods: Using Global Exposure Mortality Models, we estimated the potential health and economic benefits on people aged 25 and above across Vietnam’s 63 provinces. The counterfactual scenario assumed reducing PM2.5 and NO2 concentrations to levels observed during the two COVID-19 epidemic waves in 2021 with national lockdowns and activity restrictions.Results: In 2019, PM2.5 concentrations ranged from 12.8 to 40.8 μg/m3 while NO2 concentrations ranged between 2.9 and 36.98 μg/m3. The reduced levels of PM2.5 and NO2 resulted in 3,807 (95% CI: 2,845–4,730) and 2,451 (95% CI: 2,845–4,730) avoided deaths of adults aged 25 and above due to non-injury-related causes, respectively. Considering that every prevented death represents potential tangible and intangible cost savings, reduced levels of PM2.5 and NO2 concentrations during COVID-19 restrictions would have resulted in economic benefits of $793.0 million (95% CI: 592.7–985.4) and $510.6 million (95% CI: 381.3–634.9), respectively.Conclusion: The COVID-19 lockdown led to decreased PM2.5 and NO2 concentrations, benefiting health and economy in Vietnam. Our findings highlight the potential advantages of implementing air quality control policies in the country.