Binh Minh Agroforestry Cooperative (BMAC) in Yen Bai Province, Vietnam, shows how strong internal governance can turn a small farmer group into a viable forestry enterprise. Established in 2017 with support from the Forest and Farm Facility and the Vietnam Farmers’ Union, BMAC grew from 7 to 18 member households and now works with more than 2,000 forest-growing households managing about 8,000 hectares, including 6,000 hectares certified by the Forest Stewardship Council. Clear leadership, elected governance bodies, transparent financial management, regular communication, risk management and continuous learning enabled the cooperative to invest in processing, diversify products and build partnerships with companies and government. From 2018 to 2022, BMAC generated about VND (Vietnamese dong) 64 billion in revenue and VND 6 billion in profit, while creating jobs and expanding access to higher-value markets. Remaining challenges include unequal dividend sharing, limited member participation and access to capital.