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Rubber latex being processed at Nhat Hung Rubber

Cooperative in Tan Uyen district’s Tan Binh commune

The collective economic sector in southern Binh Duong province now sees growth in both quantity and quality with diversification in cooperative models, step by step meeting the demand of the socialist-oriented market economy.

Provincial Alliance of Cooperatives well realizes its role

Between 2005 and 2010, provincial Alliance of Cooperatives organized 26 classes on collective economy for over 1,500 relevant officials; boosted education of the Party and State’s policies and laws regarding collective economy as well as exemplary cooperative models. It also provided its members with classes on business administration, trade promotion activities and visits to the exemplary cooperative models to study and share experience…, aiming to help them get better development.

Provincial Alliance of Cooperatives also helped its members to get access to economic development projects, transfer of scientific-technological application, industrial-agricultural promotion programs, support funds…Possibly speaking, provincial Alliance of Cooperatives has actually become representative of the local cooperatives and created the linkage between them and functional agencies. The linkage has become tightened via many coordinative programs for a common goal of supporting and promoting the evolution of the local collective economic sector.

Collective economy grows in both quantity and quality

The local collective economic sector continued making positive changes over the past five years. Particularly, the annual revenue of the local cooperatives achieved a growth of 18%-28%. More than 95% of them worked effectively and their members got employment with the average income between VND2.2mln and VND2.5mln per month. The sector also actively made contributions to hunger eradication and poverty reduction, building up the new countryside and promoting the industrialization and modernization process of the province.

It is known that the growth of the local cooperatives was obviously shown in fields of small-scale industry, construction, trade-services. There also appeared many exemplary cooperatives in terms of trade-services, namely Nhat Hung Rubber Cooperative, Cong Minh Construction-Transport Service Cooperative, Tan Phu Cuong Cooperative…

Noticeably, credit fund was appreciated as one of the cooperative models with the most sustainable development. The whole province has so far had 10 credit people with a total capital of VND696bln. Since 2005, they have effectively worked with profit reaching over VND11.5bln; chartered capital increasing by 335%; outstanding loans rising by 345%...

Reported by Thanh Hong-Translated by K.T