Vietnamese business community is placing new expectations in 2015 amidst the deeper economic integration into the world and tougher competitiveness, the Nhan Dan (People) online newspaper reported.

Along with the recovery of the whole economy in 2014, production and business activities also saw improvements despite a high number of dissolved and suspended enterprises.

According to the General Statistics Office (GSO), nearly 15,500 enterprises resumed business operations in 2014, up 7.1 percent compared to 2013.

Over 74,400 enterprises registered to establish with a total registered capital of over 432 trillion VND (20.3 billion USD), down 2.7 percent in number of enterprises but up 8.4 percent in registered capital. The average registered capital per new enterprise in 2014 was 5.8 billion VND (272,600 USD), an increase of 11.5 percent against the previous year. Newly-established enterprises in 2014 also created jobs for more than one million people, up 2.8 percent over the previous year.

The year 2014 also witnessed more than 67,800 dissolved enterprises but GSO Director Nguyen Bich Lam said that this was not a worrisome number as 93.7 percent of them had capital less than 10 billion VND (470,000 USD).

Lam said that Vietnamese enterprises are in the screening process under the market rules which eliminate weak ones. Thus, the bankruptcy of enterprises also helps restructure the economy, clean up the business environment and be the basis for the sustainable development, the GSO Director affirmed.

Looking back on 2014, it can be said that it was a difficult year for many enterprises. Van Duc Muoi, General Director of Ho Chi Minh City-based food producer Vissan, said that the Government has built trust in the business community through commitments on administrative reform in the field of economy. However, enterprises, particularly small-and medium-sized enterprises with weak distribution networks met lots of difficulties in selling products as consumers continued to be sparing with shopping, coupled with the economic recession and limited public investment in trade infrastructure.

2015 will witness big changes in policies and institutions with the revised Law on Investment and revised Law on Enterprises, the two 'backbone' laws for the economic activities. The two laws are expected to reduce administrative procedures and enhance the freedom right of doing business and the role of enterprises.

In 2015, Vietnam will also participate in the ASEAN Community and other economic agreements which forces enterprises to change themselves and make the economy more dynamic.

Le Phuoc Vu, Chairman of the Board of Directors of Hoa Sen Group said extensive economic integration will help enterprises to expand trade transaction, attract investment, boost exports, cut cost and improve their competitiveness. Besides advantages, Vietnamese enterprises will face tougher competition even in their home market which requires them to put forth appropriate business strategies.

Chairman Vu suggested the Government have a mechanism to ensure the harmony of interests between domestic and foreign enterprises operating in Vietnam. It is also crucial to fight against the counterfeit goods to protect enterprises and consumers. The Government should work closely with enterprises to facilitate their export activities amidst the upward trend of protectionism through trade barriers, added Vu.-VNA