Deputy PM asks for measures to boost cooperatives' growth

At a meeting with the Vietnam Cooperative Alliance (VCA) on June 26, Deputy Prime Minister Trinh Dinh Dung called for measures to expand the size and enhance the competitiveness of cooperatives in Vietnam.

Candy Lee

candylee10231023@gmail.com June 27, 2020 | 14:26

	ADB forecasts Vietnam's economic growth in 2020 to be highest in Southeast Asia
	ICAEW predicts Vietnam to emerge among Asean economic growth rebounding to 8% in 2021
	HSBC: EVFTA to boost up Vietnam's GDP growth

Deputy PM Trinh Dinh Dung at the conference (Photo: VNA)

On June 26, at a working session with the Vietnam Cooperative Alliance (VCA), Deputy PM Trinh Dinh Dung asked concerned local authorities and ministries to create the most favourable conditions to facilitate cooperatives in boosting their growth.

Speaking at the meeting, Deputy PM emphasized that "In recent years, cooperatives have very important innovations not only in economic development, bringing benefits to farmers, improving their lives, but also political and social, bringing policies of the Party and the State to people."

The cooperative economy has always been encouraged to develop by the Party and the State. It is considered an important economic component and solid foundation of the national economy. The development of cooperative economy has become a transparent and consistent policy of Vietnam, informed VGP News.

At the meeting (Photo: VGP)

According to the Deputy PM, the VCA must be a common house to protect the interests of members. The alliance should also be a bridge to convey policies of the State and reflect the aspirations of people.

However, he noted that the collective economy still remains small-sized and is facing a lot of challenges. Therefore, suitable policies and mechanisms are in need to abolish those difficulties and help them grow.

Over the past time, the VCA has made great efforts in developing the cooperative economy and cooperatives, thereby making important contributions to the socio-economic development of Vietnam. Many cooperatives have performed many functions from service provision, production organization to product consumption.

Participants at the meeting (Photo: VGP)

"In the past, the cooperative model was very formal but today, the cooperative has performed a lot of steps, from organizing production, harvesting, processing, preserving to finding export markets. That shows the efficiency of cooperatives, thereby members become attached, participate in the production chain with domestic and foreign enterprises, and participate in the global value chain", Deputy Prime Minister noted.

Regarding the future tasks, Deputy PM proposed the VCA to intensify propaganda to raise awareness of cooperatives. Besides, Deputy PM stressed the demand to improve the capacity and efficiency of state management agencies of cooperatives, define the functions, tasks, responsibilities of ministries and localities, according to VNA.

As of June, there are 25,282 cooperatives in Vietnam (Photo: VGP)

"Cooperatives ensure the rights of members, but we need to manage them like businesses to ensure the efficiency of the cooperatives", said Deputy PM.

Cooperatives also need to strengthen international cooperation on collective economic development, acquire development technical assistance in establishing and improving the capacity of cooperatives from international organizations.

In the upcoming time, Deputy PM asked to successfully organize the Congress of VCA and the provincial level for the term 2020-2025, and hold the Collective Economic Forum in 2020.

VCA Chairman Nguyen Ngoc Bao said that 752 new cooperatives, 10 cooperative alliances and 3,000 cooperative groups have been established in Vietnam in the first six months of 2020 despite the negative impacts of coronavirus outbreak.

As of June, there are 25,282 cooperatives in Vietnam, with a total membership of 7.2 million and a job creation figure of 2.5 million.

The rise in the number of new cooperatives has been slower than expected due to Covid-19, bird flu and African swine fever as well as saltwater intrusion and climate change in the Mekong Delta, Nhan Dan reported.

Deputy Prime Minister's message on the 75th anniversary of signing the United Nations Charter

Vietnam Deputy Prime Minister and Foreign Minister Pham Binh Minh delivered a message on the occasion of the 75th anniversary of the signing of the ...

Deputy PM: Vietnam to focus on supply chain development

On June 23, at the governmental head office, Permanent Deputy Prime Minister Truong Hoa Binh met Executive Vice President of Techtronic Industries (TTI) Nate Easter ...