Co-operative development assistance fund established
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.
Hanoi (VNA) – A fund for co-operativedevelopment assistance will be established under a newly-issued decree issuedby the government, given that co-operatives are playing an increasinglyimportant role in Vietnam’s economy.
Accordingly, it is an off-budget state financial fundoperated as a single-member limited liability company with charter capitalwholly owned by the State, or a financial institution run as a non-profit co-operative.
The fund is responsible for receiving and managingcapital contributed or donated by individuals and organisations both at homeand overseas under the current regulations.
Dairy 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 topromote the development of co-operatives, resulting in considerable achievementin poverty reduction, household business development and new-style ruralbuilding.
Data shows that by the end of 2020, Vietnam was home to26,040 co-operatives, attracting 8.1 million members.
Collective economy andco-operatives contributed about 4.8 percent of the country’s Gross DomesticProduct./.
HCM City has prepared plans to develop 300 cooperatives and five cooperative alliances in the 2021-2030 period, thus reaching the targeted growth of 7 percent in the cooperative economic sector.
Many agricultural cooperatives have achieved high safety standards and quality in recent years thanks to their increasing adoption of technology, enabling them to achieve sustainability and improve farmers’ incomes.
Most cooperatives have been harmed by the COVID-19 pandemic while only a small proportion of them have benefited from support policies, heard a forum held by the Vietnam Cooperative Alliance (VCA) and the United Nations Development Programme (UNDP) on March 24.
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Illustrative photo. (Source: VNA)
Dairy cow farming in Ho Chi Minh City's Cu Chi District. (Photo: HCM City Department of Agriculture and Rural Development) 
