Vietnam’s growth prospects are very good and its government’s management of the economy has been making important positive progress, Bill Witherell, chief global economist at US-based Cumberland Advisors, has said.

Bill Witherell highlighted the country’s education expansion and training initiative to reduce skill shortages and hailed its equitisation steps and relaxed regulations to permit the participation of foreign companies in domestic enterprises as positive improvement in the investment climate.

He suggested the reform of the state-owned firms be accelerated and of state-owned banks to be raised to international standards.

For US investors, the resistance to US demand, including workplace standards and trade union membership, remains a problem standing in the way of finalisation of the Trans-Pacific Partnership (TPP), which is expected to provide a helpful boost to future exports, he noted.

According to Bill Witherell, Vietnam’s GDP target of 5.7 percent set for 2014 will be attainable and the figure is expected to hit 6 percent in 2015, and between 6-7 percent in the following several years with continued strong inward investment helping drive export growth.-VNA