Collective economy gradually established in national economy: PM
A national teleconference was held on February 15 to review the 20-year implementation of the Party Central Committee’s resolution on the collective economy and the 10-year enforcement of the Law on Cooperatives.
Prime Minister Pham Minh Chinh speaks at the ational teleconference on February 15 (Photo: VNA)
Hanoi (VNA) – Anational teleconference was held on February 15 to review the 20-yearimplementation of the Party Central Committee’s resolution on the collectiveeconomy and the 10-year enforcement of the Law on Cooperatives.
According to a report deliveredat the event, the collective economy and cooperatives have recorded new stridesin quality and quantity development, managed to address lingering weaknesses,and increasingly affirmed their development potential and prospects.
However, there remain manyproblems in the collective economy, which has yet to fully optimise itspotential, the report noted.
There were 27,445cooperatives and cooperative alliances nationwide in 2021, up 41 percent from2013, employing about 1.1 - 1.2 million workers per year. In 2020, eachcooperative earned about 4.3 billion VND (188,900 USD at the current exchangerate) in income and 314 million VND in profit on average, up 61 percent and 88percent from 2013, respectively.
Over the past years, percapita income of cooperatives’ workers has been on the rise, from 44.6 millionVND in 2017 to 52.8 million VND in 2019, narrowing the gap with the income ofenterprises’ workers.
Addressing the event, PrimeMinister Pham Minh Chinh affirmed that the collective economy, withcooperatives being the core, is an important economic element alwaysfacilitated by the Party and State and gradually getting established in thenational economy.
He highlighted some key targets,orientations, and measures for promoting the collective economy in the timeahead, noting that it is necessary to enhance Party cadres and members, and people’sawareness of the collective economy, mobilise more resources for and removeobstacles to its development, fine-tune related legal regulations and policies, and improve the collective economy’s capacity and operational efficiency.
The Government leader alsosuggested some directions for amending the law so as to create afavourable institutional environment for the collective economy to live up toits role in the formation of a socialist-oriented market economy./.
Ho Chi Minh City aims to have at least 30 percent of its agriculture cooperatives apply advanced technologies in production, including bio technology, information technology, and automation.
The Mekong Delta province of Bac Lieu is seeking to develop its collective economy, especially cooperatives that use advanced technologies, from now through 2025.
President Nguyen Xuan Phuc on November 2 visited two cooperatives that are operating effectively and creating a large number of jobs for local labourers in the northern province of Ninh Binh.
President Nguyen Xuan Phuc highlighted the increasingly important role of the collective economy and cooperatives in the market economy while talking to officials of Ninh Binh province on November 2.
A total of 1,640 agri-businesses were newly established and resumed operation in 2021, raising the number of firms in the sector to over 14,400, according to the Ministry of Agriculture and Rural Development.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Prime Minister Pham Minh Chinh speaks at the ational teleconference on February 15 (Photo: VNA) 
