Criteria for benefits from policies of Vietnam on cooperative development and associations of cooperatives

Criteria for benefits from policies of Vietnam on cooperative development and associations of cooperatives
Trần Thanh Rin

This is a content of the Cooperative Law 2023 approved by the National Assembly of Vietnam on June 20, 2023.

Criteria for benefits from policies of Vietnam on cooperative development and associations of cooperatives

According to the Law, a cooperative or association of cooperatives may be considered for benefits from policies when it meets the following criteria:

- Not being under execution of a decision on fines for administrative violations due to forbidden acts prescribed in Clause 2 Article 7 of the Cooperative Law 2023; not serving an effective criminal judgment of the Court;

- Developing members or increasing internal transaction value rates or developing a non-divisible general fund, non-divisible general assets or providing education, training, dissemination, and advanced training for its members and employees; or being newly established in a difficult or extremely difficult socio-economic area as prescribed by laws;

- Having audit reports in case they are required as prescribed in policies.

In the case where many cooperatives and associations of cooperatives meet the criteria mentioned above, those who meet the following criteria shall be prioritized:

- Having more members;

- Having more members who are people with disabilities;

- Having more members who are ethnic minorities;

- Having more members and employees contributing to compulsory social insurance and independent social insurance;

- Having female managers, many female members, or more female employees;

- Operating in a disadvantaged or extremely disadvantaged area as prescribed by laws;

- Participating in the formation of value chains and industrial clusters in association with the green economy, circular economy, knowledge economy, organic agriculture, climate change adaptation, and digital transformation for sustainable development;

- Organizing or participating in activities for residential community interests.

(Previously, the Cooperative Law 2012 did not specify criteria for benefits from state policies on the development of cooperatives and associations of cooperatives)

See more details in the Cooperative Law 2023 of Vietnam, which comes into force as of July 1, 2024 and replaces the Cooperative Law 2012, except for Clause 3 and Clause 4 of Article 115 of the Cooperative Law 2023, which come into force as of September 1, 2023.

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