Cooperatives indispensable in agriculture-based economy: seminar

Illustrative image (Source: VNA)

Hanoi (VNA) – Minister of Agriculture and Rural Development Le Minh Hoan emphasised the important role by cooperatives in the agriculture-based economy at a seminar held by Radio The Voice of Vietnam (VOV) in Hanoi on April 6.

Without cooperatives, agricultural production cannot be transformed into the agriculture-based economy nor a multi-value production sector formed as set in a resolution by the Party Central Committee on agriculture, farmers and rural areas by 2030 with a vision towards 2045, the official said.

“It’s time to regain confidence to cooperatives among not only farmers but also the entire political system,” he continued, adding that the trust will generate capital and resources for cooperatives to grow.

Minister of Agriculture and Rural Development Le Minh Hoan (Photo: VNA)

Chairman of the Vietnam Cooperative Alliance Nguyen Ngoc Bao said the cooperative economy and cooperatives have experienced extraordinary developments in both quantity and quality, especially in northern midland and mountainous and Central Highlands localities.

Notably, more and more youngsters are starting their business with a model of cooperatives, he said, adding that up to 40% of products under the “One Commune-One Product” (OCOP) programme are from cooperatives.

Regarding amendments and supplements to the Law on Cooperatives, Bao said they should create momentum for cooperatives in the new period, as well as a legal framework for people to join the model voluntarily.

Deputy Minister of Planning and Investment Tran Duy Dong pointed to bottlenecks to the development of cooperatives which, he said, lie with land and capital.

Therefore, the law should make it easier for cooperatives to access loans, and encourage members to contribute to their funding, he said./.

VNA