Deputy Prime Minister Le Minh Khai has asked relevant ministries and agencies to take measures to further develop the collective economy, which is considered an important part of the country’s economy.

Speaking at a recent meeting held by the Steering Committee for the Renewal and Development of the Collective Economy, Deputy Prime Minister Khai said it is necessary to identify growth drivers and continue renewing and completing the legal framework and policies to promote the development of the collective economy.

He also directed relevant ministries and agencies to continue to effectively implement Resolution No. 20-NQ/TW, issued at the fifth session of the 13th Party Central Committee on continuing to innovate, develop, and improve the efficiency of the collective economy in the new era.

Minister of Planning and Investment Nguyen Chi Dung suggested policies to raise awareness about the collective economy, encourage and support the collective economy, and improve the operational quality and efficiency of cooperatives.

The Steering Committee reported that the production and trade activities of cooperatives basically recovered in 2022. Their number increased to 29,378.

Vietnam targets having 73,000 cooperative groups this year with 1.1 million members and 31,000 cooperatives with 6.7 million members.