Members of Phu Yen High-Tech Forestry Cooperative almost quadruple in first year

Phu Yen High-Tech Forestry Cooperative is growing after a resoundingly successful first year

This was reported at the conference to review the operation of the forestry co-operative after one year of establishment.

Last October, Phu Yen High-Tech Forestry Co-operative was established to increase connections and improve production value, as well as enhance forest management. It contributes to restructuring the province's agriculture and serves as an important cooperative economic model that promotes sustainable forestry in line with the government's orientations.

The forestry cooperative had the initial capital of VND26 billion ($1.13 million). The figure climbed to VND40 billion ($1.74 million) after just one year.

The cooperative planned a total of 4,705 hectares of forestry area by providing forestry services with advanced technology, merchandised production, as well as technical and credit assistance to farmers and cooperatives in the same field.

This year, the co-operative disbursed VND400 million ($17,400) to develop the business co-operative model that includes the construction of value chains and planting trees, provided loans to two members to develop a sustainable forestry chain.

Le Tan Ho, vice chairman of Phu Yen People's Committee, said that in order to maintain the development momentum, it is necessary to follow the detailed and approved plan, take advantage of the Vietnam Cooperative Alliancesupport to develop projects and improve the product value chain.

Phu Yen currently has over 218,000 hectares of forests, including more than 100ha of plant, production, and business forests. The forest area, however, is mainly owned by small households with low competitiveness and unstable prices. The establishment of Phu Yen High-Tech Forestry Cooperative therefore seeks to promote sustainable and highly effective forestry economic development.