Yen Bai establishes 101 new cooperatives

Economy

Yen Bai establishes 101 new cooperatives

Thursday, December 14, 2023

YBO - Yen Bai province has established 101 new cooperatives and 482 cooperative groups, bringing the total number of cooperatives in the province to 729.

The total charter capital of the province's cooperatives reaches nearly 1.8 trillion VND (74.2 million USD), an increase of 22.05% compared to 2022. The average revenue of cooperatives is 2.1 billion VND, with an average profit of 450 million VND. The cooperatives have created regular jobs for 9,600 workers with an average monthly income of 5.3 million VND each, and contributed 449 billion VND to the State budget.

The Provincial Cooperative Alliance has set a target of establishing 80 new cooperatives and 300 cooperative groups in 2024 with all newly established cooperatives operating according to the provisions of the Cooperative Law.

Besides, at least 25% of the members working in cooperative management positions hold college and bachelor degrees or higher. The average income of each member and worker in the cooperative is expected to increase to 63 million VND a year while each of those working in cooperative group will earn 45 million VND a year.

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