HCM City (VNA) - Ho Chi Minh City has set a target of developing an additional 150 cooperatives and two cooperative alliances during the 2021-2025 period while posting annual average growth of 7 percent in the collective economy.

The sector will contribute 0.5 percent to the city's gross regional domestic product (GRDP) during the period and attract 15,000 more workers to cooperatives.

The targets are set out in a collective economy development plan for 2021-2025 approved recently by the municipal People’s Committee.

Under the plan, the city will develop new-style cooperative models in the fields of agriculture, trade, and services.

To that end, the municipal People’s Committee has stressed the importance of encouraging the development of the collective economy and cooperatives in all fields and industries in both quality and quantity as well as attracting the engagement of all of society, especially young people and women.

The city will carry out a wide range of measures, such as increasing public awareness of the collective economy and cooperatives; perfecting the legal framework, mechanisms and policies; and improving the efficiency of State management over cooperatives.

Attention will be paid to increasing the operation effectiveness of the collective economic sector and cooperatives in particular, and enhancing the role and responsibility and improving the capacity of the city’s Cooperative Alliance.

The city will also focus on raising the quality of human resources for the sector and cooperatives./.