Due attention hasn’t been paid to collective economy: Deputy PM
Deputy Prime Minister Vuong Dinh Hue said although the collective economy had achieved substantial development, due attention hadn’t been paid to the sector.
Deputy Prime Minister Vuong Dinh Hue addresses a conference in Hanoi on the implementation of a resolution on renewing, developing and improving the efficiency of the collective economy (Photo baochinhphu.vn)
Hanoi (VNA) - Deputy Prime Minister Vuong Dinh Hue said although the collective economy had achieved substantial development, due attention hadn’t been paid to the sector.
He made the statement during a conference in Hanoi on November 20 to review a resolution designed to renew, develop and improve the efficiency of the collective economy.
The resolution was adopted at the fifth plenum of the 9th Party Central Committee in 2004.
Hue said despite challenges, the collective economy had escaped from a prolonged slump. About 57 percent of cooperatives in the agricultural sector are operating effectively, creating jobs and enhancing incomes for their members and labourers, he said.
However, the Deputy PM said shortcomings in the operation of cooperatives and State management of the collective economy remained weak.
“Some provinces, including Ha Giang and Son La, still face many difficulties despite having collective economies and cooperatives,” he said.
Hue pointed out that the effectiveness of a collective economy should not be assessed by the number of cooperatives and their assets and revenue, but should also take into account their contributions to the country’s GDP.
Le Son Hai, deputy head of National Assembly’s Committee for Ethnic Affairs, agreed, saying although the Government had decided on the 15-year implementation of the resolution on the collective economy, many provinces had not reviewed their performance or carefully analysed the situation and made recommendations for the future.
A representative from the Party Central Committee’s Economic Commission said the difference between a cooperative economy and enterprises was that cooperatives helped connect and strengthen the household economy.
In order to evaluate the performance of cooperatives, the Commission asked ministries and sectors to provide specific data on the contributions of the collective economy to market chains and dominance, as well as community development indicators./.
Ho Chi Minh City has achieved positive results in the implementation of its collective economic model, with an increase in the number of cooperatives and their quality, according to the municipal People’s Committee.
Deputy Prime Minister Vuong Dinh Hue has applauded contributions of the collective economy in the non-agricultural sector to new-style rural area building and poverty reduction over the past 15 years.
While positive results have been achieved getting people to work together as part of a cooperative, there’s still limitation in its development, said Vo Thanh Thong, Deputy Minister of Planning and Investment.
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.
Prime Minister Nguyen Xuan Phuc stressed that developing the collective economy must start from people’s demand, during a teleconference in Hanoi on October 14 reviewing the 15-year implementation of the resolution on renewing, developing and improving the efficiency of the collective economy and cooperatives.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy Prime Minister Vuong Dinh Hue addresses a conference in Hanoi on the implementation of a resolution on renewing, developing and improving the efficiency of the collective economy (Photo baochinhphu.vn) 
