Especially, the number of newly established and efficient cooperatives increased in all domains, locations. Many people’s financial funds were introduced and very active.

Target: By 2020, there will be 38,000-45,000 cooperatives; 100-150 cooperative alliances involving in large-scale, pervasive product value chain nationwide. More specifically, in 3-year term (2018-2020), it is expected to have 250-300 value chain based production cooperative models (120-150 in 2018, 60-80 in 2019, and 60-80 in 2020)  built under the managment of VCA.   Budget will be mobilized from the State and provincial budgets, international organizations, enterprises, and cooperatives themselves. The budget quota for each model will not exceed 250 million dong.

Promoting cooperative economy helps not only the efficiency of  cooperatives grow, contribute to GDP, but also create jobs, improve welfare for farmers, members of cooperatives, stabilize political status, and contribute to the agricultural restructuring.

At the present, there are 16 provinces not having Cooperative Assistance Funds yet and many other provinces having small scale Funds.

“At the end of 2018, Cooperative Assistance Fund must be established in all provinces and cities. The best way is that provinces take a portion from the local budget surplus to guarantee for cooperatives”, said Deputy Prime Minister Vuong Dinh Hue. The Deputy Prime Minister stated that Ministry of Finance was currently in charge of deliverying a Draft Decree on Supporting Fund for Cooperatives at central and provincial level.

The Deputy Prime Minister assigned Vietnam Cooperative Alliance (VCA) to enhance th cooperation with ministries and sectors through mechanisms and regulations; focus on expanding associated members in accordance with the Regulations of VCA to strengthen the power of cooperative.

“Concentrate on giving instructions, come up with creative innovative ways of doing, proactively contribute so that the year of 2018 can make substantial change in quantity and quality of collective economy”, Deputy Prime Minister required.

According to VCA President Nguyen Ngoc Bao, until the end of 2017, the country had 19,487 active cooperatives (10% higher than that of 2016); 54 cooperative alliances (7.4% higher compared to that of 2016) mainly active in agricultural and commercial sector; 97,589 cooperative groups with about 1.57 million members. Also, in collaboration with ministries, sectors and provinces, VCA system built 274 production cooperatives in value chain. Cooperatives grew in quantity and qualityl revenue and profit increased compared to that of 2016, and benefited members.