On April 23, the Vietnam Cooperative Alliance in collaboration with the State Bank of Vietnam organized a national workshop with the theme “Solutions to remove obstacles in accessing credit capital for the collective economic sector”. The conference was connected online to 63 connecting points in provinces and cities across the country.
Delegates attending at Thanh Hoa bridge point.
At the Thanh Hoa province bridge, there were representatives of leaders of a number of departments, branches, banks, credit institutions in the province, the Cooperative Union, and the Provincial Cooperative Development Support Fund.
By the end of 2023, the country will have over 30,000 cooperatives, 137 cooperative unions and over 71,000 cooperative groups. Of which, there are over 20,000 agricultural cooperatives and nearly 10,000 non-agricultural cooperatives. The collective economy, with the core being the cooperative economy, is one of the important economic sectors in the market economy. In line with the Party's policies and resolutions and the State's laws on the collective economy, the State Bank has identified the collective economic sector in general and the cooperative economy in particular as one of the subjects prioritized for credit investment by the banking sector and implemented many solutions to expand credit for this economic sector.
By the end of February 2024, outstanding loans to cooperatives and cooperative unions reached VND 6,043 billion with nearly 1,200 cooperatives and cooperative unions. Outstanding loans are mainly concentrated in the state-owned commercial banking sector, accounting for 79%; credit to cooperatives in the agricultural sector accounts for 17.42%...
Many cooperatives have had access to credit capital with preferential interest rates, used loans for the right purposes, invested in developing production and business, increased revenue, profit and income of members.
Through borrowed capital, cooperatives have invested in building a production and business linkage model according to the value chain, significantly improving production and business efficiency. Many cooperatives have used capital to organize activities to develop products with strengths, produce according to the value chain applying high technology, increase commercial value, and innovate and digitally transform cooperatives in accordance with the provisions of law.
Delegates attending at Thanh Hoa bridge point.
In Thanh Hoa, in addition to loans from credit institutions, as of early April 2024, the whole province had more than 190 projects and plans of cooperatives accessing the Thanh Hoa Cooperative Development Support Fund with a total disbursement amount of nearly 70 billion VND...
However, the implementation of credit policies for the collective economic sector and cooperatives in the province still faces many obstacles and difficulties; the implementation efficiency has not met the capital access needs of collective economic organizations; the number of cooperatives accessing capital sources is still low.
Delegates attending at Thanh Hoa bridge point.
At the workshop, delegates discussed and proposed solutions in each field to remove difficulties in accessing credit capital for the collective economic sector in the coming time, such as: Solutions to consolidate and improve the operational efficiency of cooperative development support funds; the operational situation of cooperatives, cooperative unions, capital needs for production and business, difficulties in operations and access to credit capital. The management of monetary and credit policies to expand credit to meet the borrowing needs of the collective economic sector and cooperatives. State support policies and solutions to improve the ability to apply science and technology, innovation and digital transformation for the collective economic sector and cooperatives.
Localities have requested ministries, branches, the State Bank, together with the commercial banking system and credit institutions, to join in and resolve capital difficulties for the collective economy and cooperatives...
Khanh Phuong
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