(VOVworld) – In 2015, Vietnam’s economy is forecast to continue growing sustainably and enjoy a stronger rally than in 2014 because the GDP is set at 6.2% with a better business environment for investors.

The overview of Vietnam's GDP growth from 2004 to 2014

Mr. Dung said: “the government will speed up the handling of bad debts, restructure credit organizations, and further improve legal frameworks, especially regulations on the purchase and sale of debts and assets to guarantee borrowers’ responsibilities and creditors’ rights. Priority will be given to strengthening the financial capacity of the Vietnam Asset Management Company in dealing with bad debts, specifically the buying of debts publicly and transparently ruled by the market mechanism. It’s also necessary to encourage domestic and foreign investors to buy and sell guaranteed debts and assets.”

The number of newly established businesses is forecast to rally next year along with improvement in purchasing power. Based on the positive signs, Vietnam should outline policies to build trust for the business community. Hoang Dang Quang, a National Assembly deputy of Quang Binh province and a member of the NA Economic Committee, said: “It’s necessary to consider the settlement of obstacles in production and trading for enterprises the key task during 2015. In the short term, the government should check and analyze impacts of the policy system in dealing with difficulties for small and medium-sized enterprises and policies on tax exemption and reduction, and slackening, and on the lending interest rate to make timely adjustments for the next period. It’s essential to increase the feasibility of support policies so that businesses can really access them. We should design policies to stimulate consumption and investment in the private sector. The government should speed up the process of disbursement of aid packages for enterprises.”

Breakthroughs in administrative reforms are a new boost for the innovation of the institution to improve Vietnam’s competitiveness. Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said: “economic and financial organizations like the World Bank, the Asia Development Bank (ADB), the International Monetary Fund (IMF), and the World Economic Forum have agreed that Vietnam’s economic reform is on the right track. A survey by the Vietnam Chamber of Commerce and Industry and reports by business associations across Vietnam show that the business community’s trust in Vietnam’s environment has improved and most companies have said they will maintain or expand their business.”

In 2015 Vietnam will join a number of new free trade agreements, enabling it to integrate more fully internationally and offering new opportunities for Vietnamese enterprises, particularly in attracting foreign capital and expanding export markets.

Prime Minister Nguyen Tan Dung said: “if Vietnam completes 14 new free trade agreements, its legal and business environment in Vietnam will experience a big change with more advantages and competitiveness. Vietnam will become an important link of an economic network with 55 partners, 15 of whom are members of the G20 group. This will provide many opportunities for foreign investors to export their goods and services from Vietnam to Vietnam’s trading partners with low export tariffs and waived technical barriers. This means Vietnam will be investors’ gateway to ASEAN, the EU, and the US, with preferential mechanisms under the FTAs.”