HANOI, May 3, 2026 — For the collective economy, Resolution No. 20-NQ/TW of the 13th Party Central Committee sets out the goal of building a dynamic, effective and sustainable sector. Together with the state economy, it is intended to form a solid foundation of the national economy, attract more farmers, households, individuals and organisations, raise members’ incomes and living standards, ensure social progress and equity, and promote rapid, sustainable national development.
According to Bui Anh Tuan, Director General of the Department of Private Enterprise and Collective Economy Development under the Ministry of Finance, this is not merely an economic target but also a strong political commitment by the Party and the State of Viet Nam.
It reflects the importance of inclusive growth, whereby every citizen and economic sector is empowered to access development opportunities and share in the benefits of economic progress, he said.
In recent years, the State has introduced numerous mechanisms and policies to foster a favourable business environment and support the sustainable growth of cooperatives. Despite notable achievements, however, cooperatives continue to face limitations and challenges, one of the most pressing being restricted access to credit.
People’s credit funds, in particular, represent a cooperative model within the financial sector, operating on the principles of mutual assistance, autonomy and community responsibility. Unlike commercial credit institutions, these funds are member-focused, closely connected to local communities, and directly serve the legitimate production, business and livelihood needs of residents.
The Strategy for Collective Economy and Cooperative Development for 2021–2030 identifies these funds as a key component in promoting finance for the collective economy and supporting co-operatives to expand commodity production.
At present, more than 1,100 people’s credit funds are operating nationwide, with total capital exceeding VND 191 trillion and outstanding loans surpassing VND 138 trillion. They have made significant contributions to socio-economic development, particularly within the collective economy and rural agriculture.
However, the system faces mounting challenges, including stricter requirements for governance and risk management, pressure to digitalise and modernise operations, and the need to adapt to the reorganisation of local government into a two-tier model. Access to credit remains one of the most significant bottlenecks for the collective economy.
These challenges require comprehensive, evidence-based solutions to strengthen and enhance the role of people’s credit funds in socio-economic development generally, and in the collective economy in particular.
Discussing how to further promote the role of the collective economy in the current context, Bui Anh Tuan noted that, in implementing the 2023 Cooperative Law and the Strategy for Collective Economy and Cooperative Development for 2021–2030, the Ministry of Finance is finalising documents for submission to the Prime Minister for approval of the Master Programme for Collective Economy Development for 2026–2030.
The programme includes measures to develop the people’s credit fund system as a form of co-operative, while also positioning it as a leading mechanism to support other co-operatives through effective credit provision.
The Ministry of Finance and the State Bank of Viet Nam are also gathering domestic and international input to refine policies supporting the collective economy sector, ensuring they are practical and aligned with international standards.
Key priorities include assessing the current role and performance of the people’s credit fund system in socio-economic development, sharing international experience in developing credit cooperatives, and proposing solutions to improve the system’s efficiency and effectiveness.
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