Deputy Prime Minister Le Minh Khai speaks at the 8th National Farmers’ Forum, October 13, 2023. (Photo: VOV)

Mr. Khai said the collective economy is one of the four important economic components of Vietnam’s socialist-oriented market economy. Vietnam aims to establish 45,000 cooperatives and 140,000 cooperative groups by 2030.

 “The Vietnam Farmers’ Union needs to honor and multiply effective collective economic organizations and guide the establishment of more cooperatives and cooperative groups. It is essential to create a sustainable link between cooperatives and businesses, the State, scientists, and banks,” said Mr. Khai.