According to a report delivered at the event, the collective economy and cooperatives have recorded new strides in quality and quantity development, managed to address lingering weaknesses, and increasingly affirmed their development potential and prospects.

Prime Minister Pham Minh Chinh speaking at the conference.

However, there remain many problems in the collective economy, which has yet to fully optimise its potential, the report noted.

There were 27,445 cooperatives and cooperative alliances nationwide in 2021, up 41 percent from 2013, employing about 1.1 - 1.2 million workers per year. In 2020, each cooperative earned about 4.3 billion VND (188,900 USD at the current exchange rate) in income and 314 million VND in profit on average, up 61 percent and 88 percent from 2013, respectively.

Over the past years, per capita income of cooperatives’ workers has been on the rise, from 44.6 million VND in 2017 to 52.8 million VND in 2019, narrowing the gap with the income of enterprises’ workers.

Addressing the event, Prime Minister Pham Minh Chinh affirmed that the collective economy, with cooperatives being the core, is an important economic element always facilitated by the Party and State and gradually getting established in the national economy.

He highlighted some key targets, orientations, and measures for promoting the collective economy in the time ahead, noting that it is necessary to enhance Party cadres and members, and people’s awareness of the collective economy, mobilise more resources for and remove obstacles to its development, fine-tune related legal regulations and policies, and improve the collective economy’s capacity and operational efficiency.

The Government leader also suggested some directions for amending the law so as to create a favourable institutional environment for the collective economy to live up to its role in the formation of a socialist-oriented market economy.

Vietnam, RoK target comprehensive strategic cooperative partnership

The upcoming official visit to the Republic of Korea (RoK) by Foreign Minister Bui Thanh Son is expected to contribute to fostering relations between Vietnam and the RoK, towards a comprehensive strategic cooperative partnership, Vietnamese Ambassador Nguyen Vu Tung has said.

Vietnam-RoK strategic cooperative partnership

The official visit by Chairman of the National Assembly Vuong Dinh Hue to the Republic of Korea (RoK) starting December 12 is viewed as an opportunity to lift the countries’ strategic cooperative partnership to a new height, towards bringing two-way trade to 100 billion USD in a balanced, sustainable and effective manner.

Bac Giang young businessmen connect and seek investment cooperative opportunities with foreign partners

(BGO) – The Young Entrepreneurs Association (YEA) in Bac Giang province on December 2 held a meeting with some ambassadors and consulate general of Vietnam in foreign countries to connect and seek investment cooperative opportunities for business.

Trai Lam Chu Rice Noodle Cooperative diversifies products to meet consumer demand

(BGO)- After getting 4-star OCOP rating in 2019, Trai Lam Rice Noodle Production and Trading Cooperative in Luc Ngan district, Bac Giang province has ceaselessly improved the product quality and diversified colours to reach further.

Bac Giang raises value of agricultural products for cooperatives

(BGO) - Implementing the project "Developing commodity agricultural products meeting provincial-level criteria for the 2019-2021 period", this year, the Bac Giang provincial Department of Industry and Trade has supported a number of local cooperatives to invest in modern machinery and designing traceability stamps, packaging and labels. This helps the units improve productivity, quality and value of farm produce while facilitating the selling of products.

Source: NDO/VNA