On Tuesday, Prime Minister (PM) Pham Minh Chinh chaired a nationwide teleconference to review the 20 years of implementation of Resolution No. 13-NQ/TW on the collective economy and 10 years of implementation of the Law on Cooperatives 2012.

Da Nang Party Committee Secretary Nguyen Van Quang (left) and municipal People's Committee Vice Chairman Tran Phuoc Son co-chair the Da Nang broadcast point of the national teleconference, February 15, 2022. Photo: NGOC PHU

Da Nang Party Committee Secretary Nguyen Van Quang and municipal People's Committee Vice Chairman Tran Phuoc Son co-chaired the Da Nang broadcast point.

As reported by the Ministry of Planning and Investment, after 10 years of implementing the Law on Cooperatives 2012, the movement to develop agricultural cooperatives has recorded positive changes in terms of quantity, quality and the role of agricultural cooperatives in building new-style rural areas and restructuring the agricultural sector has been enhanced significantly.

Since 2013, the number of agricultural cooperatives has increased rapidly, with an average annual rise of nearly 800 cooperatives.

In particular, the growth rate in quantity in the 2017 - 2020 period is three times higher than in the 2012 - 2016 period.

In the whole period of 2013 - 2021, there were more than 10,770 new agricultural cooperatives and about 3,620 dissolved ones.

The proportion of agricultural cooperatives with effective operations climbed from 10% (in 2013) to 33% (in 2016) and 60% (in 2020).

In terms of earnings, the average revenue of a cooperative is VND 940 million in 2013, and this figure rose to VND 2.4 billion in 2020.

The number of Vietnamese agricultural cooperatives has so far increased to 18,350, accounting for 70% of the total.

The delegates the Da Nang broadcast point of the national teleconference, February 15, 2022. Photo: NGOC PHU

In Da Nang alone, after 10 years of implementation of the Law on Cooperatives, the number of cooperatives has been on upward trend.

The fields of operation are diversified and the operational efficiency has significantly improved, thereby creating many employment opportunities for local dwellers, contributing to ensuring social welfare and the construction of new-style rural areas in Hoa Vang District.

As of 2021, in Da Nang, there had been 131 cooperatives and 2 cooperative unions. All of them had generated a total of VND348 billion in revenue and VND9.3 billion in profit. The average monthly income per capita of their members and employees is estimated at about VND4.5 million.

Whilst delivering his instructions at the online event, PM Chinh underlined a must-do to accurately assess, analyze and forecast the domestic and international trends, opportunities and challenges facing the development of collective economic development and cooperatives in the coming time.

Also, heed should be paid to proposing strategic directions for development of collective economy and cooperatives, and specific amendments and supplements to meet the development requirements of this aspect.

Reporting by NGOC PHU – Translating by A.THU