Business

Collective economy, cooperatives forum to return in Q3

Prime Minister Pham Minh Chinh has approved a plan for the organisation of the 2021 forum on collective economy and cooperatives in the third quarter of this year.
Collective economy, cooperatives forum to return in Q3 ảnh 1Seedling production in a farming cooperative in Da Lat, the Central Highlands province of Lam Dong. (Photo: VNA)
Hanoi (VNA) – Prime Minister Pham Minh Chinh has approved a plan for theorganisation of the 2021 forum on collective economy and cooperatives in thethird quarter of this year.

TheMinistry of Planning and Investment is tasked to consult with the Party CentralCommittee’s Economic Commission and the Ministry of Agriculture and RuralDevelopment on the organisation of the forum, and cooperate with the VietnamCooperative Alliance (VCA) to prepare its contents and programmes.

Attentionmust be paid to ensuring the effectiveness of the event which should be heldwhen the COVID-19 pandemic is brought under control, the PM requested.

Theevent provides a platform for dialogues between the Government and cooperativebusinesses and for strengthening partnerships among cooperatives as well asbetween cooperatives and other business models to seek broader access tomarkets and technologies.

Thisyear, the forum also aims to review the 10-year enforcement of the 2012 Law onCooperatives.

Lastyear’s event took place in December, focusing discussions on measures to developthe collective economy by promoting links among cooperatives and with otherbusiness models in the era of the fourth Industrial Revolution.

Accordingto the Ministry of Planning and Investment, the collective economy contributedaround 4 percent to the country’s GDP.

Asof June 2020, there are 22,861 cooperatives in operation in Vietnam, including13,856 agricultural cooperatives, 1,183 people’s credit funds and 7,822non-agricultural cooperatives, which altogether attracted six million members.

Theannual average revenue of cooperatives was 4.4 billion VND (189,600 USD) in2018, 5.2 times higher than 2003.  Average profit also increased from 74 million VND in 2003 to 240.5million VND in 2018.

Therewere 74 unions of cooperatives, 39 of which were operating in agriculture. Theunions of cooperatives attracted 375 member cooperatives and created jobs for25,200 labours. The unions of cooperatives had average revenue of 994 millionVND per year and profit of 148 million VND.

Cooperativesand unions of cooperatives provided jobs for two million labourers.

Besides,there were 101,400 cooperative groups with 1.34 million members./.
VNA
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