Prime Minister Pham Minh Chinh speaks at the national teleconference on February 15, 2022. (Photo: VNA)

According to a report delivered at the event, the collective economy and cooperatives have recorded new strides in quality and quantity development, managed to address lingering weaknesses, and increasingly affirmed their development potential and prospects.

There were 27,445 cooperatives and cooperative alliances nationwide in 2021, up 41% from 2013, employing about 1.2 million workers per year. In 2020, each cooperative earned about 190,000 USD in income.

Addressing the event, Prime Minister Pham Minh Chinh affirmed that the collective economy, with cooperatives being the core, is an important economic element always facilitated by the Party and State and gradually getting established in the national economy.

The Government leader also suggested some directions for amending the law so as to create a favourable institutional environment for the collective economy to live up to its role in the formation of a socialist-oriented economy.