Over the last ten years, the cooperative sector has made a considerable annual contribution of 6.43 percent to the national Gross Domestic Product despite its meagre investment (0.63%) compared with the total investment capital in all economic sectors.

Deputy Prime Minister Hoang Trung Hai unveiled the figure at a ceremony marking the 20 th founding anniversary of the Vietnam Cooperative Alliances (VCA) on October 29 in Hanoi.

According to the Deputy PM, developing the cooperative economy should be part of the national process of industrialisation and modernisation, turning the country into an industrialised nation by 2020.

He emphasised the key role of developing the cooperative economy in agriculture, adhering to industrialisation and agricultural modernisation and new rural area building.

To reach this end, the VCA should improve its staff’s capacity, making proposals matching the aspirations of cooperative units, thus contributing to the efficient renewal and development of the cooperative economy.

The country has about 19,800 cooperatives and 54 cooperative unions, home to about 12.5 million workers.-VNA