Prime Minister Pham Minh Chinh has called for breakthrough measures to tackle difficulties and obstacles to develop the cooperative economy and renew cooperative models to meet new development requirements.

Chairing a forum on the cooperative economy and cooperatives in Hanoi on February 2, Prime Minister Chinh also asked for solutions to attract social resources and improve the efficiency of coordination between ministries, agencies, and localities as well as between the public and private sector in developing the cooperative economy.

He noted that the collective economy and cooperatives need to apply scientific and technological advances, conduct green transition, and boost digital transformation.

It is necessary to issue priority policies for entities working in agriculture, link their production and business activities with value chains, help them apply science and technology, boost innovation and digital transformation, and connect their development with the development of the green economy, the circular economy, and the knowledge-based economy, he said.

The Prime Minister affirmed that the government encourages and provides the best possible conditions for the collective economy and cooperatives to develop quickly, sustainably, inclusively, and comprehensively.

There were more than 31,700 cooperatives, 158 cooperative unions, and 73,000 cooperative groups nationwide last year.

The collective economy and cooperatives have contributed nearly 4 per cent of Vietnam’s GDP.