Party General Secretary Nguyen Phu Trong has emphasised the need to continue renovating, developing and improving the efficiency of the collective economic sector.

At a Politburo meeting in Hanoi on December 20 to review the 10-year implementation of the Resolution of the 9th Party Central Committee’s fifth plenum on the collective economy, Trong stated that reality has proven that cooperatives are necessary and cooperation is indispensable to the economy as well as an objective demand and a requirement of life.

However, until now, the collective economic sector has not yet overcome from its weaknesses and failed to meet targets set in the Resolution, he said.

The reasons were various, he said, noting in particular the poor understanding about the collective economy and different viewpoints on how to develop this sector.

The Party General Secretary stressed the need to continue implementing the Party Central Committee’s Resolution and the Politburo’s Directive 20 on developing the collective economic sector.

The Politburo agreed that more should be done to enhance officials’ knowledge of the nature and role of the collective economy, create consensus in the implementation as well as speed up the completion of institutions and mechanisms and policies on developing this sector.

Vietnam currently has around 9,650 cooperatives and 54 cooperative unions, drawing the participation of more than 1,500 cooperatives.

The cooperatives and unions have made contributions to boosting economic development and addressing social issues, especially in rural areas. They have generated jobs for 10 million cooperative members and over 2 million other labourers.

Source: VNA