On Sep. 12, VIE GVT issued decree detailing law on cooperatives.
VIE GVT promulgated decree 113/2024/ND-CP detailing the law on cooperatives.
The decree provides regulations on cooperative classification, state support policies, internal lending conditions, and asset liquidation in cases of dissolution or bankruptcy.
Overview of Decree
Prescribes selection criteria, support level, funding sources, implementation of state policies on supporting the development of cooperative groups and cooperative unions.
Conditions for cooperatives to create enterprises, contribute capital, purchase shares; conditions for cooperatives to conduct internal lending, loan limits, and interest rates.
Internal transactions, relevant income; handling of assets at the time of dissolution.
Effectiveness
The decree 113/2024/ND-CP will be implemented from Nov. 1, 2024.
