(MPI) - The Agency for Cooperative Development (ACD), under Ministry of Planning and Investment and the US-Vietnam Business Council (UVBC) on October 17signed a cooperation agreement on developing the collective and cooperative economy.

At the event. Photo: MPI

The cooperation agreement aims to promote the relations and collaboration between the two sides in introducing model cooperatives to the Vietnamese abroad, thereby mobilising resources for the development of the national collective and cooperative economy.

Do Manh Khoi, ACD Director General highlighted that the cooperative economy contributes significantly to the economic growth, social justice and job creation for domestic workers, especially those in the agricultural sector. There are more than 31 thousand operating cooperatives, of these 20 thousand are in agriculture and account for 64% of the total.

However, he said the collective and cooperative economy still faces many challenges in the context of international integration that require for a proactive adaption.

He expressed his hope that UVBC will share international experiences to help Vietnam promote the development of the cooperative economy and digital transformation, thereby renewing the production and business methods and enhancing labour productivity, competitiveness and business efficiency.

Trinh Trung, UVBC CEO said he attached importance to the development of Vietnam’s collective and cooperative economy, adding that Vietnamese cooperatives can promote their model to the overseas Vietnamese in the US through UVBC, as well as connect with potential small and medium-sized enterprises to expand their business.

The two sides agreed to exchange information about policies on the collective and cooperative economy in Vietnam, share experiences on operating and managing cooperative model in the US, introduce Vietnamese models abroad to fully tap opportunities in importing and exporting agricultural products, and apply agricultural technology during operation./.

Bao Linh

Ministry of Planning and Investment