Party General Secretary Nguyen Phu Trong has emphasised the need tocontinue renovating, developing and improving the efficiency of thecollective economic sector.

At a Politburo meetingin Hanoi on December 20 to review the 10-year implementation of theResolution of the 9 th Party Central Committee’s fifth plenum on thecollective economy, Trong stated that reality has proven thatcooperatives are necessary and cooperation is indispensable to theeconomy as well as an objective demand and a requirement of life.

However, until now, the collective economic sector has not yetovercome from its weaknesses and failed to meet targets set in theResolution, he said.

The reasons were various, hesaid, noting in particular the poor understanding about the collectiveeconomy and different viewpoints on how to develop this sector.

The Party General Secretary stressed the need to continue implementingthe Party Central Committee’s Resolution and the Politburo’s Directive20 on developing the collective economic sector.

ThePolitburo agreed that more should be done to enhance officials’knowledge of the nature and role of the collective economy, createconsensus in the implementation as well as speed up the completion ofinstitutions and mechanisms and policies on developing this sector.

Vietnam currently has around 9,650 cooperatives and 54cooperative unions, drawing the participation of more than 1,500cooperatives.

The cooperatives and unions have madecontributions to boosting economic development and addressing socialissues, especially in rural areas. They have generated jobs for 10million cooperative members and over 2 million other labourers.-VNA