Vietnam targets having 45,000 cooperatives with over 2 million members by 2030, according to Deputy Prime Minister Le Minh Khai.

Speaking at the 8th National Farmers’ Forum in Hanoi on October 12, with the theme “Vietnam Farmers’ Union participates in the development of the collective economy in agriculture”, Deputy Prime Minister Khai said the collective economy and cooperatives have made important contributions to the country’s economic growth, social security, and equality, and have created many jobs.

To further promote the development of cooperatives, he asked them to build brand names for their products, meet requirements in domestic and global markets, apply digital transformation to production and business activities, and adopt new scientific and technical advances to modernize production and improve product competitiveness.

The Vietnam Farmers’ Union has attracted nearly 570,000 farming households, contributing to the establishment of over 23,000 collective economic models that are operating effectively. They include over 3,800 cooperatives and over 19,000 cooperative groups earning average annual revenue of VND4.7 billion ($193,300).