Co-operative development assistance fund established hinh anh 1Illustrative photo. (Source: VNA)
Hanoi (VNA) – A fund for co-operative development assistance will be established under a newly-issued decree issued by the government, given that co-operatives are playing an increasingly important role in Vietnam’s economy.

Accordingly, it is an off-budget state financial fund operated as a single-member limited liability company with charter capital wholly owned by the State, or a financial institution run as a non-profit co-operative.

The fund is responsible for receiving and managing capital contributed or donated by individuals and organisations both at home and overseas under the current regulations.

Co-operative development assistance fund established hinh anh 2Dairy cow farming in Ho Chi Minh City's Cu Chi District. (Photo: HCM City Department of Agriculture and Rural Development)
The government of Vietnam has adopted various policies to promote the development of co-operatives, resulting in considerable achievement in poverty reduction, household business development and new-style rural building.

Data shows that by the end of 2020, Vietnam was home to 26,040 co-operatives, attracting 8.1 million members.

Collective economy and co-operatives contributed about 4.8 percent of the country’s Gross Domestic Product./.