Deputy PM confident that Vietnam will have 15,000 cooperatives by 2020

08:31 | 21/08/2018 Economy- Society

Deputy Prime Minister Vuong Dinh Hue has stated his confidence that cooperatives in Vietnam are beginning to flourish after a long period of poor performance and Vietnam’s goal to have 15,000 cooperatives established by 2020 is achievable.

Deputy PM Vuong Dinh Hue at the conference - Image: VGP

The remark was made at a conference on the development of cooperatives and agricultural linkages held in Hanoi on August 18.

The Deputy PM was keen to note that the government is not just aiming for a greater number but a uniform quality, adding that it requires a lot of effort to have 15,000 efficient cooperatives.

Hue stated that it is necessary to further improve the quality of the 4,400 currently well-performing cooperatives.

According to the Deputy PM, household businesses used to have a golden period when it helped the agricultural sector record remarkable growth but now they need to form alliances in new-style cooperatives so as not to be adversely affected by the market.

He emphasised that establishing cooperatives is a must to develop agriculture to large-scale production.

Therefore he urged the State Bank of Vietnam to make it easier for commercial banks to lend to agricultural producers while the Ministry of Agriculture and Rural Development and local authorities were asked to facilitate cooperatives in applying for bank loans.

Theo NDO