Collective economy out of prolonged weakness: Deputy PM
Deputy Prime Minister Vuong Dinh Hue highlighted that the collective economic sector has escaped from the prolonged weakness while addressing a forum in Hanoi on October 14.
Deputy Prime Minister Vuong Dinh Hue speaks at the forum on the collective economy and cooperatives in Hanoi on October 14 (Photo: VNA)
Hanoi (VNA) – Deputy Prime Minister Vuong Dinh Hue highlighted that thecollective economic sector has escaped from the prolonged weakness whileaddressing a forum in Hanoi on October 14.
Citing evidence for his statement, Hue, who is also head of the steeringcommittee for the reform and development of the collective economy andcooperatives, said up to 57 percent of the agricultural cooperatives haveoperated effectively, and the rate of the non-agricultural ones is between 50 –80 percent.
He noted at the sixth National Party Congress in 1986, the Party CentralCommittee stated that the collective economy and cooperatives always play a keyrole in the national economy.
However,the target that the collective economic sector will make up a larger part inthe gross domestic product (GDP) has yet to be achieved, the official said,adding that its proportion in the GDP has dropped from 7.49 percent in 2003 to4 percent at present.
According to the Vietnam Cooperative Alliance, the GDP growth effectiveness ofthe cooperative sector is equivalent to only 50 percent of others’, which hasbeen dragging down the collective economy’s contribution to the total GDP.
Deputy PM Hue said ministries and sectors haven’t paid due attention to thissector. Besides, when it comes to the cooperative economy, people only thinkabout agricultural cooperatives while neglecting non-agricultural ones, as wellas cooperative groups. Additionally, although many policies have been issued,they haven’t matched the reality.
At the forum, Minister of Planning and Investment Nguyen Chi Dung said asidefrom certain achievements, the collective economy has yet to have its potentialfully tapped into.
To further help this sector get rid of weaknesses and have a bigger share inthe economy, the State needs to accord it with more preferential treatment, theminister added./.
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Deputy Prime Minister Vuong Dinh Hue speaks at the forum on the collective economy and cooperatives in Hanoi on October 14 (Photo: VNA) 
