FSCT’s Vice President, Directors, Supervisors, Advisors and staffs visited Thuy Doung Agricultural Cooperative in Vietnam on March 8, 2023.
Thuy Doung Agricultural Cooperative was established in 1978 through the transformations under the Law on Cooperatives, with the efforts of staffs and members, the cooperative always develops and maintains its services to support household economy, multi-industry business as well as develops non-agricultural services to increase the revenue and profit for cooperatives. Every year the cooperative puts into the production of some seed varieties such as high quality rice with the sowing area is 209.5 ha and provides services that households cannot undertake such as irrigation services, plant protection, rat extermination, etc. The cooperative invests capital in advance for members, at the end of the harvest, their members will pay to the cooperative. Members register the quantity and type of supplies the cooperative provides home delivery serves to the member's household, ensuring that the price is uniform at the time of delivery between the two parties but is stable compared to the market when the price of materials is changeable. Annual sales of the cooperative reaches over VND 2 billion.
In addition, the cooperative together with the local government implements social policies, paying interest for old age insurance books at the credit interest rate. When they die, they will inherit the money of the issued old age insurance books. The cooperative deducts the reserve fund to overcome the damage caused by natural disasters and provides partial support for members with seeds and materials. The cooperative sends its staff to training courses to improve their capacity to work for the cooperative.
Achievements in 2022:
- Total capital: VND 14.3 billion
- Working capital: VND 5.2 billion
- Revenue: VND 10.9 billion
- Total profit before tax: VND 620 million
- Profit after tax: VND 568 million
- Depreciation of assets: VND 426 million