Vietnam’s new regulation: Reports on cooperative activities shall be made on January 15 every year

The regime for reporting of business results of cooperatives and associations of cooperatives is prescribed as follows:

1. No later than January 15 every year, cooperatives and associations of cooperatives shall be required to submit reliable, sufficient and accurate review reports on the previous year’s business operations of cooperatives and associations of cooperatives to registration bodies and sectoral administrations.

2. Each notification shall comprise the following information: Number of members or member cooperatives; number of employees or employments; business results determined based on service contracts between cooperatives or associations of cooperatives and members; assets, capital and investment activities.

3. The Ministry of Planning and Investment shall preside over and cooperate with the Ministry of Finance, relevant ministries and sectoral administrations in providing sample reports for cooperatives or associations of cooperatives, and shall regulate reporting regimes applied to cooperative registration agencies.

4. The Ministry of Agriculture and Rural Development shall provide specific instructions about particular operations and regime for reporting of business operations of cooperatives and associations of cooperatives operating in the agriculture, forestry, aquaculture and salt industry.

View more details at Decree No. 107/2017/NĐ-CP of Vietnam’s Government, effective from September 15, 2017.

- Ngoc Duyen -

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