Vietnam, RoK cooperate to support cooperative development: Vietnam Cooperative Alliance (VCA) and the National Agricultural Cooperative Federation (NACF) of RoK signed a memorandum of understanding (MoU) on cooperation in the 2018-2021 period. (Photo: VNA)

Addressing the event, VCA Chairman Nguyen Ngoc Bao said that the alliance has been actively supported by international organisations, including NACF, through exchange of information and experience in cooperative development, granting scholarships to VCA's staff, and supporting each other at meetings of the International Cooperative Alliance - Asia and Pacific (ICA- AP).

The two sides have implemented the Party's policies and guidelines, and State laws on international economic cooperation, and tapped opportunities from the Vietnam-Korea Free Trade Agreement (VKFTA), which took effect in early 2017, Bao noted.

Under the MoU, the two sides will strengthen cooperation activities in various areas such as staff training, improving capacity of agricultural cooperatives and building new-style cooperative models.

In addition, the two sides will collaborate in trading products, goods and equipment for agricultural cooperatives, and exchange experience in developing agricultural cooperatives; building and operating the Vietnam - Korea cooperative startup support centre as well as supporting activities of member units of VCA and NACF.

NACF Chairman Sung He-lee said he hopes that the two sides will provide more support in the field of collective economy and cooperative, thus bringing many benefits to cooperative members.

The RoK side wants to support VCA in training its staff and members of Vietnamese cooperatives, he said.

Through the MoU, the two sides will regularly organise exchange of visits and experience sharing, including training activities, seminars and field trips.

NACF will support study tours of the RoK for managers, staff and members of VCA’s member cooperatives; and expand cooperation among parties through its liaison office in Vietnam.

Notably, it will share management and operation experience related to Hanaro supermarket chain and Rice Processing Center (RPC) to support VCA in joining its related business activities in Vietnam, as well as the operation of cooperative banks, cooperative development assistance funds, and agricultural loss insurance system.

The two sides will actively participate in and support global conferences hosted by each side, including meetings of the International Cooperative Alliance (ICA) and the International Cooperative Agricultural Organisation (ICAO), as well as other activities. They will also support product consumption through trade exchange, including forms of barter.

Previously, VCA and NACF also signed a MoU for their cooperation in 2018-2021.