Researching a Dedicated Credit Package for the Collective Economic Area

On February 2, Prime Minister Pham Minh Chinh presided over the 2024 Economic Cooperation Forum, focusing on "Enhancing State support policies in accordance with Resolution 20-NQ/TW - Driving force for the development of collective economy and cooperatives in the new phase."



Currently, there are over 31,700 cooperatives, 158 cooperative alliances, and 73,000 cooperative combinations nationwide. The Prime Minister believes that the collective economy and cooperatives must undergo strong transformation in both thinking and action towards strong application of modern science and technology, green conversion, digital transformation, circular economy, knowledge-based economy, and sharing economy.

Prime Minister Pham Minh Chinh visits the photo exhibition before attending the 2024 Economic Cooperation Forum. Photo: NHAT BAC

The Prime Minister has instructed the State Bank to study and complete regulations on internal lending activities within cooperatives and cooperative alliances in order to support workers, members of cooperatives, and contribute to eliminating black credit in rural areas; to study and report to the Prime Minister on a credit package specifically for collective economy; the Ministry of Finance to promptly issue accounting regulations suitable for cooperatives and cooperative alliances; to improve regulations on taxes and fees that prioritize appropriate support for cooperatives. The Ministry of Natural Resources and Environment will issue guidance documents on the implementation of the Land Law in 2024, which will specify land support policies for cooperatives.

In the afternoon of the same day, Prime Minister Pham Minh Chinh, Head of the Government’s Administrative Reform Steering Committee, presided over the 7th meeting of the Steering Committee to assess the results of the administrative reform in 2023 and set the direction and tasks for 2024.

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