Ha Noi to support establishment of 100 cooperatives each year

08/02/2021

VGP – Ha Noi will support the establishment of 100 new cooperatives each year between 2021 and 2025, increasing the total number of cooperatives in the city to 2,498, in addition to setting up seven new cooperative unions.

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The aforementioned goal is part of a plan recently issued by the municipal People’s Committee regarding the development of the collective economy during the period.

The average annual turnover of the city’s cooperatives is expected to hit VND3.52 billion (approximately US$152.590), while the average monthly income of a worker will hopefully reach VND5-7 million (US$217.6-304.02).

The collective and cooperative economy is hailing a number of opportunities such as a strong shift of economic structures from agriculture to services, a high-quality workforce, and the proper care from the central level.

Given that fact, the city forecasts that the collective economy will significantly affect the success of the economic restructuring process, promote the role of the household economy, address fragmentation, and play a linking role according to the product value chain in the 2021-2025 period. 

On February 2, the Ha Noi People's Committee also issued Decision No. 598/QD-UBND approving the legal support program for local small and medium-sized enterprises in Ha Noi during 2021-2025.

Accordingly, the program will organize activities to provide information on domestic and international laws, as well as issue warning about legal and policy risks related to small- and medium-sized business.

By Vien Nhu