Topic: cooperatives

Cooperatives play an important role in the country’s economic growth.

Support of $21.6 million to be used to attract talent and boost infrastructure and processing.

Capital contribution of foreign investors must not exceed 30 per cent of a cooperative's charter capital.

Cooperatives encouraged to join global supply chains via digital transformation.

The revised Law on Cooperatives will be submitted to the National Assembly (NA) for discussion at its October meeting. At a meeting on September 20, the NA Standing Committee said that with specific regulations on resource mobilization and State support, the amendments will contribute to promoting the development of cooperatives in a dynamic, efficient, and sustainable manner.

To promote the interest rate support program from the State budget for loans to businesses, cooperatives, and business households, which has now been implemented for three months, the State Bank of Vietnam has required that commercial banks review efforts and notify eligible customers.

As of the end of 2021, just 8 per cent of cooperatives around Vietnam had applied high technology and digital technology in production. The problem is that investing in high-tech agriculture is still risky because it requires a lot of funds but does not guarantee immediate success if there is a lack of staff and a weak distribution network.