Ho Chi Minh City will earmark over VND519.7 billion ($21.6 million) to support the development of local cooperatives and the collective economy in the 2023-2026 period, according to the municipal Department of Planning and Investment.

Of the figure, VND456 billion ($19 million) will be used to attract young talent, with 5,141 workers to be employed by cooperatives during the period.

The funds will also be used to help cooperatives invest in infrastructure, product processing, capacity training, and building information systems.

Ho Chi Minh City has set a target of establishing 30 new cooperatives this year, bringing the total number of cooperatives and cooperative alliances to 736, employing 24,000 workers.

The city has recently introduced a range of measures to develop cooperatives, including support policies and incentives and improvements to operational efficiency.