HCM City seeks to develop 50 new cooperatives this year
Ho Chi Minh City is set to establish 50 new cooperatives and one cooperative union this year and hopes to push the annual growth of the collective economy to 10 percent and its contribution to the city’s economy to 0.6 percent.
HCM City (VNA) – Ho Chi Minh City isset to establish 50 new cooperatives and one cooperative union this year andhopes to push the annual growth of the collective economy to 10 percent and itscontribution to the city’s economy to 0.6 percent.
The new cooperatives will be in a number ofsectors including agriculture, forestry, fishery, industry, handicrafts, andtransportation.
To develop the agriculture- forestry – fisheries sector, authorities will combine agricultural cooperativesand agricultural services with tourism.
The working of transport co-operatives willcontinue to be strengthened enabling them to expand.
To achieve the goals, local authorities havebeen instructed to review the number and quality of co-operatives in eachsector, and help them access production facilities and hire managers andskilled workers.
The city wants the Ministry of Finance tosupport its cooperatives by waiving income tax and VAT on inputs provided bythem to farmers and to link cooperatives across the country.
The city also wants the Ministry of NaturalResources and Environment to reduce land rents by 50 percent for co-operativesand create a favourable environment for cooperatives to develop.
HCMC has set a target of having 175 cooperatives,10 cooperative unions and 1,500 cooperative groups by 2020.
By then they will account for 1.2 percent of thecity economy.-VNA
With strong support from authorities, cooperatives in Ho Chi Minh City have developed strongly and are making efforts to expand their trade on agricultural products even into international markets.
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A corner of Ho Chi Minh City (Photo: VNA) 
