Politics

Lawmakers approve Law on Cooperatives (revised)

With 466 yes votes from the 472 National Assembly (NA) deputies, or 94.33%, the 15th NA adopted the Law on Cooperatives (revised) on June 20 as part of the ongoing fifth session.
Lawmakers approve Law on Cooperatives (revised) ảnh 1NA deputies at the ongoing fifth session (Photo: VNA)
Hanoi (VNA) – With 466 yes votes from the 472 National Assembly(NA) deputies, or 94.33%, the 15th NA adopted the Law on Cooperatives(revised) on June 20 as part of the ongoing fifth session.

The law, comprising 12 chapters and 115 articles, will takeeffect from July 1, 2024.

It includes regulations on the establishment, management, reorganisation, dissolution, bankruptcy andrelated activities of cooperative groups, cooperatives and cooperative unions,as well as State policies on the development of cooperative groups,cooperatives and cooperative unions.

Particularly, the law clarifies the minimum and maximumcapital contributions by official members to the cooperatives. Accordingly, amember can contribute 30% at maximum to the charter capital of a cooperativeand not more than 40% to the chartercapital for a cooperative union.

Lawmakers approve Law on Cooperatives (revised) ảnh 2NA deputies vote to approve the Law on Cooperatives (revised) (Photo: VNA)
The total capitalcontribution of all members being foreign-invested economic organisations and foreign individual investors must not exceed 30% of the charter capital of acooperative or a cooperative union, it said.

Also on June 20, NA deputies approved a resolution on the investmentpolicy for a project to construct a road connecting National Highway 27C and Provincial Road 656 in the south-central province of Khanh Hoa, linking with neighbouringprovinces of Lam Dong and Ninh Thuan, with 471 yes votes.

The project, which has a total investment of about 1.93trillion VND (82.05 million USD), including 1 trillion VND from the centralbudget, will be implemented from 2023 to 2027.

It aims to complete the transport system connecting with twomountainous districts of Khanh Son and Khanh Vinh following Khanh Hoa’stransport planning, creating favourable conditions for the localities to boosttheir socio-economic development, improving the system of inter-regional transportationof goods with Ninh Thuan and Lam Dong, and strengthening defence-security inthe region./.
VNA
#National Assembly#Law on Cooperatives (revised)#NA deputies#Khanh Hoa#inter-regional transportation#Vietnam#Vietnam news#Vietnam News Agency
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