With 466 yes votes from the 472 National Assembly (NA) deputies, or 94.33 percent, the 15th NA adopted the Law on Cooperatives (revised) on June 20 as part of the ongoing fifth session.
 |
| NA deputies at the ongoing fifth session__Photo: VNA |
The law, comprising 12 chapters and 115 articles, will take effect from July 1, 2024.
It includes regulations on the establishment, management, reorganization, dissolution, bankruptcy and related 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 maximum capital contributions by official members to the cooperatives. Accordingly, a member can contribute 30 percent at maximum to the charter capital of a cooperative and not more than 40 percent to the charter capital for a cooperative union.
 |
| NA deputies vote to approve the Law on Cooperatives (revised)__Photo: VNA |
The total capital contribution of all members being foreign-invested economic organizations and foreign individual investors must not exceed 30 percent of the charter capital of a cooperative or a cooperative union, it said.
Also on June 20, NA deputies approved a resolution on the investment policy 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 neighboring provinces of Lam Dong and Ninh Thuan, with 471 yes votes.
The project, which has a total investment of about VND 1.93 trillion (USD 82.05 million), including VND 1 trillion from the central budget, will be implemented from 2023 to 2027.
It aims to complete the transport system connecting with two mountainous districts of Khanh Son and Khanh Vinh following Khanh Hoa’s transport planning, creating favorable conditions for the localities to boost their socio-economic development, improving the system of inter-regional transportation of goods with Ninh Thuan and Lam Dong, and strengthening defense-security in the region.-(VNA/VLLF)
