At the opening session of the 2nd Asia-Pacific Cooperative Registrars’ Forum in Ho Chi Minh City on April 17 (Photo: VNA)

HCM City (VNA) – Deputy Prime Minister Vuong Dinh Hue called on cooperatives in the Asia-Pacific region to boost cooperation and connect markets to promote sustainable development of the cooperative sector.

Attending the opening session of the 2nd Asia-Pacific Cooperative Registrars’ Forum in Ho Chi Minh City on April 17, Deputy PM Hue said that it is important for domestic cooperatives to form a complete value chain rather than just providing materials for agricultural sector.

As Vietnamese cooperatives are facing difficulties in switching to the new operation models due to legal challenges, including procedures to establish a business under a cooperative, and a lack of clear criteria for auditing, Vietnam should learn experience from regional countries to assure that cooperatives will contribute to the fast and sustainable development of the economy in tandem with agricultural shake-up and the building of new-style rural areas, he stressed.

Meanwhile, Chairman of the International Cooperative Alliance-Asia Pacific Li Chungsheng highlighted that an environment with effective legal framework will benefit cooperatives in the context of global economic integration towards the sustainable development of cooperatives.

According to President of the Vietnam Cooperative Alliance Nguyen Ngoc Bao, the forum, themed “Creating an Enabling Legal Framework and Policies to Promote the Sustainable Development of Cooperatives in the 21st Century,” looked to deliberate on development trends and their impacts on cooperatives in the 21st century, identify legal issues influencing cooperatives in realising sustainable development goals.

Besides, the event created opportunities for Vietnamese policymakers and domestic and foreign experts to exchange experience in the creation of an enabling environment for the cooperative eco-system.

Relevant organisations would give out initiatives, recommendations, action plans and specific road map for cooperatives in the Asia-Pacific in the time ahead, he added.

During the two-day forum, the Vietnam Cooperative Alliance signed cooperation deals with several ministries, sectors, corporations, commercial banks and education establishments to mobilise resouces for the development of the cooperative sector.-VNA