HCM City aims for 10-pct growth of cooperative economy
The cooperative economic sector in Ho Chi Minh City aims to achieve an annual growth rate of 10 percent from 2017 – 2020, said the municipal Cooperative Alliance’s Chairwoman Le Hoang Yen.
HCM City (VNA) – The cooperative economic sectorin Ho Chi Minh City aims to achieve an annual growth rate of 10 percent from2017 – 2020, said the municipal Cooperative Alliance’s Chairwoman Le Hoang Yenon June 13.
The HCMC Cooperative Alliance also targets to raise itscontribution to the city’s GDP to 1.2 percent and attract more 50,000 peopleworking in the cooperative sector during the period, Yen said at a ceremony tocelebrate the alliance’s 20th anniversary.
Speaking at the ceremony, Vice Chairman of the municipalPeople’s Committee Le Thanh Liem lauded the great contribution of the cooperativesector in general and the HCMC Cooperative Alliance in particular to the city’seconomy.
Liem urged the alliance to take part in the city’s sevendesignated “breakthrough” programmes which focus on human resource development,administrative reform, growth quality, competitiveness improvement, trafficcongestion and flooding control, and cityscape rehabilitation.
He also hoped the alliance will educate its members on thecountry’s laws and policies on development of the cooperative economy andbolster the growth of the sector as well as the local economy.
The alliance now operates the country’s biggest fund insupport of cooperative members. It has provided cooperative members with softloans with interest rates equivalent to just 80-90 percent of those offered bycommercial banks over the past 15 years.
Its fund, called CCM, has lent more than 7.1 trillion VND toover 541,000 members by the end of 2016.
The alliance plans to establish 1,500 more cooperativegroups, 175 new cooperatives and 10 cooperative unions from now to 2020, andprovide about 1.7 trillion VND in credit to members each year.-VNA
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A corner of Ho Chi Minh City (Source: VNA) 
