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THE
GOVERNMENT
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THE
SOCIALIST REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
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No.:
45/2021/ND-CP
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Hanoi,
March 31, 2021
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DECREE
ESTABLISHMENT, ORGANIZATION AND OPERATION OF COOPERATIVE
DEVELOPMENT ASSISTANCE FUNDS
Pursuant to the Law on
Government Organization dated June 19, 2015 and the Law on Amendments to the
Law on Government Organization and the Law on Local Government Organization
dated November 22, 2019;
Pursuant to the Law on State
Budget dated June 25, 2015;
Pursuant to the Law on Credit
Institutions dated June 16, 2010 and the Law on amendments to the Law on Credit
Institutions dated November 20, 2017;
Pursuant to the Law on Public
Investment dated June 13, 2019;
Pursuant to the Law on
management and use of state capital invested in manufacturing and business
operations of enterprises dated November 26, 2014;
Pursuant to the Law on
cooperatives dated November 20, 2012;
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The Government promulgates a
Decree on establishment, organization and operation of cooperative development
assistance fund.
Chapter I
GENERAL PROVISIONS
Article 1.
Scope and regulated entities
1. This Decree provides for:
a) The organization and operation
of the cooperative development assistance fund that is established under the
Prime Minister’s Decision No. 246/2006/QD-TTg dated October 27, 2006 and the
Prime Minister’s Decision No. 23/2017/QD-TTg dated June 22, 2017 (hereinafter
referred to as “central cooperative fund”);
b) The establishment, organization and
operation of cooperative development assistance funds of provinces and
central-affiliated cities (hereinafter referred to as “provincial cooperative
funds”).
2. This Decree applies to:
a) The central cooperative fund and
provincial cooperative funds;
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c) Vietnam Cooperative Alliance and
cooperative alliances at all levels; organizations and individuals involved in
the implementation of this Decree.
Article 2.
Definitions
For the purposes of this Decree,
the terms below are construed as follows:
1. “cooperative fund” or “fund”
means the central cooperative fund or a provincial cooperative fund.
2. “client” means a cooperative,
cooperative union or member of an artel or cooperative that gets loans from a
cooperative fund.
3. “existing charter capital” means
the charter capital specified in accounting books plus or minus undistributed
profits (or unrealized accumulated losses) which are recognized on accounting
books at the same time.
4. “bad debt” means a debt
classified in either group 3, 4 or 5 according to debt classification
regulations adopted by the cooperative fund.
5. “related person” means an
organization or individual prescribed in Clause 28 Article 4 of the 2010 Law on
Credit Institutions and its amending documents (if any).
6. “fund’s manager” means a fund’s
chairperson, chairperson or member of the fund's Board of Directors, General
Director/Director, Deputy General Director/ Deputy Director, chief accountant
or holder of another title prescribed in the charter on organization and
operation of a cooperative fund.
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8. “provincial People’s Committee”
means the People's Committee of a province or central-affiliated city.
Article 3.
Legal status and legal personality
1. A cooperative fund is an
out-of-budget state financial fund that operates adopting the business model of
a single-member limited liability company 100% of charter capital of which is
held by the State or a financial organization that operates adopting the
cooperative business model, capital preservation and growth principles, for
not-for-profit purposes, and has autonomy in raising and using capital for
granting loans to cooperatives, cooperative unions, and members of artels and
cooperatives in accordance with regulations herein and relevant laws.
2. A cooperative fund shall have
legal personality, charter capital and seal, and may open accounts at the State
Treasury and commercial banks lawfully operating in Vietnam in accordance with
regulations of law.
3. Establishment, organization,
operation, bankruptcy and dissolution of cooperative funds shall comply with
regulations herein and relevant laws corresponding to the fund's business
model.
Article 4.
Functions and duties of cooperative funds
1. Receive, manage and use capital
from domestic and foreign sources, financial supports, aids, contributions and
entrusted capital of domestic and foreign entities.
2. Raise capital from domestic
entities in accordance with regulations herein.
3. Provide loans to clients in
accordance with regulations herein.
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5. Offer and receive trusteeship in
accordance with regulations herein and relevant laws.
Article 5.
Operational principles of cooperative funds
1. The cooperative fund operates
according to the financial autonomy and the principles of public disclosure,
transparency, capital preservation and growth.
2. The cooperative fund provides
loan to right entities that meet requirements specified in this Decree.
Article 6.
Responsibilities and rights of cooperative funds
The cooperative fund shall have
primary responsibilities and rights as follows:
1. Responsibilities of the
cooperative fund:
a) Provide loans to right clients
that meet requirements as prescribed;
b) Use capital for defined purposes
as prescribed herein and relevant laws;
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d) Bear the inspection of competent
authorities in accordance with regulations of law and the inspection of the
cooperative alliance of the same level;
dd) Provide data and publicly
disclose financial status and operational status as prescribed herein and in
relevant laws;
e) Purchase property insurance and
other insurance as prescribed by law to ensure safety for its operation;
g) Promulgate and revise procedures
and internal regulations on organization, administration and operation of the
cooperative fund under its jurisdiction prescribed in its charter on
organization and operation.
2. Rights of the cooperative fund:
a) Ensure its organization and
operation adhere to its defined objectives and scope of operation;
b) Select feasible and efficient
investment projects and business plans that meet requirements and are suitable
for the client assistance plan of the cooperative fund for giving loans
according to regulations herein;
c) Recruit, arrange, use, train and
develop its employees in accordance with regulations herein and relevant laws;
d) Refuse requests for provision of
information and resources of the cooperative fund if such requests are contrary
to regulations of law and the charter on organization and operation of the
cooperative fund.
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ESTABLISHMENT, BUSINESS MODEL AND ORGANIZATIONAL
STRUCTURE OF COOPERATIVE FUNDS
Section 1.
CENTRAL COOPERATIVE FUND
Article 7. Business
model of cooperative fund
The central cooperative fund is an
out-of-budget state financial fund that operates adopting the business model of
a single-member limited liability company 100% of charter capital of which is
held by the State as prescribed herein.
Article 8.
Rights and responsibilities of Prime Minister, Vietnam Cooperative Alliance,
and Chairperson of central cooperative fund over and towards the central
cooperative fund
1. Rights and responsibilities of
the Prime Minister:
a) Consider giving approval for
strategies, 05-year development investment plans and operational plans at the
request of Vietnam Cooperative Alliance;
b) Make decisions on restructuring
(full or partial division, consolidation or merger), conversion of the fund's
model, dissolution or bankruptcy of the central cooperative fund at the request
of Vietnam Cooperative Alliance and on the basis of opinions given by the
Ministry of Finance, Ministry of Justice, Ministry of Planning and Investment
and State Bank of Vietnam;
c) Make decisions on the charter
capital and changes in the charter capital of the central cooperative fund
during its operation at the request of Vietnam Cooperative Alliance and
according to opinions given by the Ministry of Finance and Ministry of Planning
and Investment;
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2. Rights and responsibilities of
Vietnam Cooperative Alliance:
a) Submit strategies, 05-year
development investment plans and operational plans to the Prime Minister for
approval;
b) Consider giving approval for
annual operational and financial plans of the central cooperative fund at the
request of its Chairperson;
c) Make decisions to plan, appoint,
re-appoint, dismiss, transfer, reward, discipline, and approve resignations or
retirement of Chairperson, Controller and General Director of the fund;
d) Promulgate and revise the
charter on organization and operation of the central cooperative fund in
accordance with regulations herein;
dd) Approve financial statements,
profit distribution, and establishment of annual funds of the central
cooperative fund after obtaining assessment opinions from the Controller of the
central cooperative fund;
e) Perform other rights and
responsibilities of the owner’s representative agency as defined in the charter
on organization and operation of the central cooperative fund.
3. Chairperson of the central
cooperative fund shall perform the following rights and duties:
a) Develop and submit annual
operational and financial plans of the central cooperative fund to Vietnam
Cooperative Alliance for approval;
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c) Make decisions to plan, appoint,
assess, re-appoint, reward, discipline and approve resignations, dismissal and
retirement of Deputy General Director(s) and Chief Accountant of the central
cooperative fund after obtaining approval from Vietnam Cooperative Alliance;
d) Request Vietnam Cooperative
Alliance to revise the charter on organization and operation of the central
cooperative fund; request competent authorities to approve increase or decrease
of charter capital, restructuring, conversion of business model, dissolution or
bankruptcy of the central cooperative fund;
dd) Submit financial statements,
and plans for distributing profits and setting up annual funds of the central
cooperative fund to Vietnam Cooperative Alliance for approval after obtaining
assessment opinions from the Controller of the central cooperative fund;
e) Make decisions to promulgate and
revise procedures and internal regulations on organization, administration and
operation of the cooperative fund after obtaining approval from Vietnam
Cooperative Alliance;
g) Perform other rights and
responsibilities defined in the charter on organization and operation of the
central cooperative fund.
Article 9.
Organizational structure of central cooperative fund
Organizational structure of the
central cooperative fund consists of:
1. Fund’s Chairperson.
2. Controller.
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Article 10.
Chairperson of central cooperative fund
1. Chairperson of the central
cooperative fund is appointed by Vietnam Cooperative Alliance and bears
responsibility for the fund’s operation before Chairperson of Vietnam
Cooperative Alliance.
2. Chairperson of the central
cooperative fund shall hold the term of office not exceeding 05 years, and may
be re-appointed for up to 02 terms. Chairperson of the central cooperative fund
may work under full-time or part-time working regime according to a decision
issued by Vietnam Cooperative Alliance according to the fund’s operational
scale.
3. Chairperson of the central
cooperative fund must satisfy the following standards and requirements:
a) Be a Vietnamese citizen as
prescribed by law;
b) Have full legal capacity and
attain fitness to perform tasks;
c) Possess a bachelor’s degree or
higher in economics, finance, banking, law, accounting or auditing;
d) Have at least 03 years’ managerial
experience in economics, finance, banking, law, accounting or auditing;
dd) Be not a spouse, natural or
adoptive parent, blood child, adopted child, natural sibling, brother-in-law,
or sister-in-law of Chairperson or Deputy Chairperson of Vietnam Cooperative
Alliance, Controller, General Director, Deputy General Director or Chief
Accountant of the fund;
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4. Chairperson of the central
cooperative fund shall have rights and responsibilities specified in Clause 3
Article 8 hereof and in the charter on organization and operation of the
central cooperative fund.
Article 11.
Controller of central cooperative fund
1. Controller of the central
cooperative fund shall be appointed by Vietnam Cooperative Alliance, and work
under the full-time working regime to control the performance of management and
administration duties of Chairperson or General Director of the fund as
prescribed by law and the charter on organization and operation of the
cooperative fund.
2. Controller of the central
cooperative fund shall hold the term of office not exceeding 05 years, and may
be re-appointed for up to 02 terms.
3. Controller of the central
cooperative fund must satisfy the following standards and requirements:
a) Meet the standards and
requirements in Points a, b, c, d and e Clause 3 Article 10 hereof;
b) Be not a spouse, natural or
adoptive parent, blood child, adopted child, natural sibling, brother-in-law,
or sister-in-law of Chairperson or Deputy Chairperson of Vietnam Cooperative
Alliance, General Director, Deputy General Director or Chief Accountant of the
fund.
4. Chairperson of Vietnam
Cooperative Alliance shall issue practice rules of Controller of the central
cooperative fund according to regulations on promulgation of practice rules of
controllers of single-member limited liability companies 100% of charter capital
of which is held by the State and in conformity with regulations herein.
Article 12.
General Director of central cooperative fund
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2. General Director of the fund
shall hold the term of office not exceeding 05 years and may be re-appointed or
replaced.
3. General Director of the central
cooperative fund must satisfy the following standards and requirements:
a) Meet the standards and
requirements in Points a, b, c, d and e Clause 3 Article 10 hereof;
b) Be not a spouse, natural or
adoptive parent, blood child, adopted child, natural sibling, brother-in-law,
or sister-in-law of Chairperson or Deputy Chairperson of Vietnam Cooperative
Alliance, Controller, Deputy General Director or Chief Accountant of the fund.
4. General Director of the central
cooperative fund shall have rights and responsibilities prescribed in the
charter on organization and operation of the central cooperative fund.
Article 13.
Deputy General Director(s), Chief Accountant and assistant apparatus of central
cooperative fund
1. Deputy General Director(s) of
the central cooperative fund shall be appointed by the fund’s Chairperson at
the request of General Director to assist General Director in managing the
fund’s operation upon his/her assignment and authorization; bear responsibility
before the fund’s General Director and before the law for his/her performance
of assigned and authorized tasks; the number of Deputy General Directors shall
be decided by Chairperson of Vietnam Cooperative Alliance and shall not exceed
03 persons.
2. Chief Accountant of the central
cooperative fund shall be appointed by the fund’s Chairperson at the request of
General Director to organize the fund's accounting and statistical works as
assigned and authorized by the fund’s General Director and according to
regulations of the Law on accounting and relevant laws; bear responsibility
before General Director and Chairperson of the fund, and before the law for
his/her performance of rights and tasks as assigned or authorized.
3. Assistant apparatus of the
central cooperative fund:
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b) The fund's General Director
shall decide organizational structure, functions, duties and rights of the
assistant apparatus.
4. Standards and requirements for
being appointed as Deputy General Director and Chief Accountant of the central
cooperative fund are specified in its charter on organization and operation.
5. Rights and responsibilities of
Deputy General Director(s), Chief Accountant and assistant apparatus of the
central cooperative fund are specified in its charter on organization and
operation.
Article 14.
Charter on organization and operation of central cooperative fund
1. The charter on organization and
operation of the central cooperative fund shall be issued by Vietnam
Cooperative Alliance.
2. The charter on organization and
operation of the central cooperative fund shall include the following primary
contents:
a) Name and head office;
b) Legal status and business model,
legal personality;
c) Contents and scope of operation;
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dd) Organizational structure and
legal representative of the fund;
e) Functions and duties of the
fund;
g) Functions and tasks of
Chairperson, Controller and executive board of the fund;
h) Standards and eligibility
requirements, rights and responsibilities of managers and holders of other
leadership positions of the fund;
i) Recruitment, planning for and
appointment of holders of leadership positions;
k) Financial management principles
of the fund;
l) Procedures for revising the
fund's charter on organization and operation;
m) Relationship between the fund
and regulatory authorities and relevant parties as prescribed herein;
n) Relationship between the central
cooperative fund and provincial cooperative funds as prescribed herein;
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p) Other contents to serve
management requirements.
Section 2.
PROVINCIAL COOPERATIVE FUNDS
Article 15.
Establishment of provincial cooperative funds
1. The establishment of provincial
cooperative funds shall be considered on the basis of local collective economic
development orientations in order to ensure that the establishment of
provincial collective funds is necessary, feasible and meets the requirements
in Clause 2 of this Article. If the establishment of provincial collective
funds is considered necessary, only one provincial cooperative fund will be
established in each province or central-affiliated city in accordance with
regulations herein.
2. Requirements for establishment of
a new provincial cooperative fund:
a) The scheme for establishment of
provincial cooperative fund has been approved by a competent authority as
prescribed herein. This scheme must include the primary contents specified in
Clause 3 of this Article;
b) The charter capital available at
the time of establishment of the cooperative fund is at least VND 20 billion;
c) The charter on organization and
operation of the provincial cooperative fund has been approved by a competent
authority prescribed herein in conformity with Article 19 hereof.
3. The scheme for establishment of
provincial cooperative fund shall include the following primary contents:
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b) Name of the provincial
cooperative fund, operation areas, head office’s address, charter capital at
the establishment date, sources of charter capital, and scope of operation
which must be conformable with regulations herein;
c) Business model of the provincial
cooperative fund as prescribed in Article 16 hereof and description of the
selected business model of the fund which must ensure efficiency and conformity
with actual conditions of the province or central-affiliated city;
d) Description of the planned
organizational structure and operational process of the provincial cooperative
fund in accordance with regulations herein, including: Organizational
structure; operations of the provincial cooperative fund; risk management
procedures which must specify potential risks incurred during operation,
methods and measures for preventing risks; control of these risks; information
technology system developed for managing the fund’s operations;
dd) Financial and operational plans
of the provincial cooperative fund for 05 years after establishment, including:
The plan for operating capital of the fund, description of capital sources
(including charter capital, sources of charter capital, mobilized capital and
other capital; expected performance of the provincial cooperative fund to prove
the feasibility of the fund establishment;
e) List of persons to be elected as
managers of the provincial cooperative fund and documents proving their
fulfillment of corresponding standards and requirements for managers specified
herein;
g) In case a provincial cooperative
fund operates adopting the cooperative business model, the followings must be
provided:
- List of persons who will
contribute capital to the fund which bears signatures of such capital
contributors, and the following contents: Full name (of individual or family
representative), name and head office (of juridical person), number of ID card
or citizen’s identity card or passport number (of individual), number of household
registration book (of household) and number of business registration
certificate (of juridical person), contributed amounts and contribution
percentage of each contributor;
- Certified true copies issued by
Commune-level People’s Committee of the following documents: ID card or
citizen’s identity card or unexpired Passport (of individual, juridical
person’s representative or household’s representative), household registration
book (of household), business registration certificate (of juridical person);
- The power of attorney issued by
the juridical person to its representative to make capital contribution; the
power of attorney issued by the household to its representative to make capital
contribution.
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a) The provincial cooperative
alliance shall formulate the scheme for establishment of provincial cooperative
fund, and submit it to the provincial People’s Committee for consideration and
assessment;
b) Within 30 business days from the
receipt of the scheme for establishment of provincial cooperative fund as
prescribed in Point a of this Clause, if the scheme is considered unfeasible
and unsatisfactory, the provincial People’s Committee shall give a written
notice, in which reasons for refusal to approve must be specified, to the
provincial cooperative alliance;
c) If the scheme is feasible and
satisfactory, the provincial People’s Committee shall submit a report to the
provincial People’s Council for considering and approving the guidelines for
fund establishment with the following contents: Charter capital and sources of
charter capital, mobilized capital, business model and organizational structure
of the provincial cooperative fund, and other contents to serve management
requirements of the provincial People’s Council;
d) After obtaining approval for the
establishment of fund, Chairperson of provincial People’s Committee shall issue
a decision to establish the cooperative fund;
dd) Within 30 business days from
the date of establishment of the cooperative fund, the provincial People’s
Committee shall give notification, enclosed with the decision to establish the
cooperative fund, to the Ministry of Finance, the State Bank of Vietnam,
Ministry of Planning and Investment, Vietnam Cooperative Alliance; the
provincial cooperative fund shall publicly disclose its establishment on mass
media;
e) Within 180 days from the date of
issue of the decision to establish the provincial cooperative fund, the
provincial People’s Committee shall use funding derived from provincial
government budget for allocating charter capital according to the issued
decision.
5. Procedures for establishment of
new provincial cooperative fund that operates under the cooperative business
model:
a) Founding members and provincial
cooperative alliance shall convene a meeting on establishment of the provincial
cooperative fund for approving contents about establishment of the provincial
cooperative fund, including: The scheme for establishment of the fund as
prescribed in Clause 3 of this Article; the planned charter on organization and
operation of the fund as prescribed in Article 19 hereof and other contents
concerning the establishment, organization and operation of the fund. The
resolution of the meeting on establishment of the provincial cooperative fund
must be approved by voting under the majority rule;
b) After the resolution of the
meeting on establishment of the provincial cooperative fund has been approved,
the provincial cooperative alliance shall request the provincial People’s
Committee to consider and appraise the scheme on establishment of provincial
cooperative fund;
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d) If the scheme is feasible and
satisfactory, the provincial People’s Committee shall request the provincial
People’s Council to consider and approve the guidelines for fund establishment;
dd) After obtaining approval for
the establishment of fund from the provincial People’s Council, the General
Meeting of Members of the provincial cooperative fund shall convene meeting and
issues a resolution to establish the provincial cooperative fund;
e) After the resolution to
establish the provincial cooperative fund has been approved by the General
Meeting of Members, the provincial cooperative fund shall request the
provincial Department of Planning and Investment in writing to issue the
certificate of registration of provincial cooperative fund in accordance with
regulations of law;
g) Within 30 business days from the
date of issue of the certificate of registration of provincial cooperative
fund, the provincial People's Committee shall send notification, enclosed with
the certificate of registration of provincial cooperative fund, to the Ministry
of Finance, the State Bank of Vietnam, Ministry of Planning and Investment, and
Vietnam Cooperative Alliance. The provincial cooperative fund shall publicly
disclose its establishment on mass media;
h) Within 180 days from the date of
issue of certificate of registration of provincial cooperative fund, capital
contributors must make full contribution of capital as committed.
Article 16.
Business model and administration of operations of provincial cooperative funds
1. Provincial cooperative funds
shall operate under one of the following models;
a) The model of single-member
limited liability companies 100% of charter capital of which is held by the
State;
b) The model of cooperative.
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a) Establish an independent
apparatus to organize and manage the provincial cooperative fund and perform
operations as prescribed herein;
b) Authorize local financial
organizations to manage the fund. A trust agreement must be signed by and
between two parties and shall, inter alia, indicate the following contents:
Entrustment or authorization scope, contents and process; responsibilities,
duties and rights of contracting parties; potential risks and other relevant
contents.
Article 17.
Rights and responsibilities of provincial People's Committees and provincial
cooperative alliances; organizational structure of provincial cooperative funds
that operate under the business model of a single-member limited liability
company 100% of charter capital of which is held by State
1. Rights and responsibilities of
each provincial People’s Committee:
a) Consider giving approval for
05-year operational plans or strategies, financial plans and development
investment plans at the request of provincial cooperative alliance;
b) Issue a decision on
establishment, restructuring, transfer of ownership, bankruptcy or dissolution
of the provincial cooperative fund at the request of the provincial cooperative
alliance and on the basis of opinions given by the provincial Department of
Finance, provincial Department of Planning and Investment, and provincial
Department of Justice after obtaining approval from the provincial People’s
Council;
c) Decide the charter capital and
approve increase or decrease in the charter capital of the provincial
cooperative fund during its operation at the request of the provincial
cooperative alliance and according to opinions given by the provincial
Department of Finance, and provincial Department of Planning and Investment
after obtaining approval from the provincial People’s Council;
d) Promulgate and revise the
charter on organization and operation of the provincial cooperative fund in
accordance with regulations herein;
dd) Appoint or authorize the
provincial cooperative alliance to appoint the fund's Chairperson, Controller
and Director according to the charter on organization and operation of the
provincial cooperative alliance;
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2. Rights and responsibilities of
each provincial cooperative alliance:
a) Approve annual operational and
financial plans of the provincial cooperative fund after obtaining approval
from the provincial People’s Committee;
b) Make decisions to plan, appoint,
re-appoint, dismiss, transfer, reward, discipline, and approve resignations or
retirement of title holders as prescribed in the charter on organization and
operation of the cooperative fund;
c) Approve financial statements,
profit distribution, and establishment of annual funds of the provincial
cooperative fund after obtaining assessment opinions from the Controller of the
provincial cooperative fund;
d) Perform other rights and
responsibilities assigned by the provincial People’s Committee as prescribed in
the charter on organization and operation of the provincial cooperative fund.
3. Organizational structure of the
provincial cooperative fund consists of:
a) Fund’s Chairperson;
b) Controller;
c) Executive board, composed of:
Director, Deputy Director(s), Chief Accountant and assistant apparatus.
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a) Chairperson of the provincial
cooperative fund is a representative in charge of performing rights and
responsibilities of the state owner’s representative at the fund;
b) Chairperson of the provincial
cooperative fund shall hold the term of office not exceeding 5 years, and may
be re-appointed for up to 02 terms. Chairperson of the provincial cooperative
fund shall be appointed and dismissed according to the charter on organization
and operation of the provincial cooperative fund;
c) Chairperson of the provincial
cooperative fund must satisfy the following standards and requirements: Meet
the standards and requirements laid down in Points a, b, c and d Clause 3
Article 10 hereof; be not a spouse, natural or adoptive parent, blood child,
adopted child, natural sibling, brother-in-law, or sister-in-law of Chairperson
or Deputy Chairperson of the provincial cooperative alliance, Controller,
Director, Deputy Director or Chief Accountant of the fund; and meet other
standards and requirements to serve management requirements of the provincial
cooperative alliance as prescribed in the charter on organization and operation
of the provincial cooperative fund;
d) Chairperson of the provincial
cooperative fund shall have the following rights and responsibilities:
Formulate and submit 05-year operational plans or strategies, financial plans
and development investment plans to the provincial cooperative alliance for
submission to the provincial People's Committee; formulate and submit annual
operational and financial plans of the provincial cooperative fund to the
provincial cooperative alliance; Request the provincial cooperative alliance to
decide the planning, appointment, re-appointment, dismissal, transfer, reward,
discipline, and approval for resignations and retirement of title holders as
prescribed in the charter on organization and operation of the provincial
cooperative fund; Submit reports to the provincial cooperative alliance for
requesting the provincial People’s Committee to approve revisions to the
charter on organization and operation of the provincial cooperative fund;
approve increase or decrease in the charter capital, restructuring, conversion
of business model, dissolution or bankruptcy of the provincial cooperative
fund; Request the provincial cooperative alliance to consider giving approval
for financial statements, profit distribution, and establishment of annual
funds of the provincial cooperative fund after obtaining assessment opinions
from the Controller of the provincial cooperative fund; Make decisions to
promulgate and revise procedures and internal regulations on organization,
administration and operation of the provincial cooperative fund after obtaining
approval from the provincial cooperative alliance; Perform other rights and
responsibilities defined in the charter on organization and operation of the
provincial cooperative fund.
5. Controller of the provincial
cooperative fund:
a) Controller of the provincial
cooperative fund shall assist the provincial cooperative alliance in
controlling the performance of management and administration duties of
Chairperson and Director of the provincial cooperative fund and other relevant
contents;
b) Controller of the provincial
cooperative fund shall hold the term of office not exceeding 05 years, and may
be re-appointed for up to 02 terms; appointment and dismissal of Controller of
the provincial cooperative fund shall be carried out according to the charter
on organization and operation of the provincial cooperative fund;
c) Controller of the provincial
cooperative fund must satisfy the following standards and requirements: Meet
the standards and requirements laid down in Points a, b, c and d Clause 3
Article 10 hereof; be not a spouse, natural or adoptive parent, blood child,
adopted child, natural sibling, brother-in-law, or sister-in-law of Chairperson
or Deputy Chairperson of the provincial cooperative alliance, or Chairperson,
Director, Deputy Director or Chief Accountant of the fund; and meet other standards
and requirements to serve management requirements of the provincial cooperative
alliance as prescribed in the charter on organization and operation of the
provincial cooperative fund;
d) Chairperson of provincial
cooperative alliance shall issue practice rules of Controller of the provincial
cooperative fund according to regulations on promulgation of practice rules of
controllers of single-member limited liability companies 100% of charter
capital of which is held by the State and in conformity with regulations
herein.
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a) Director of the provincial
cooperative fund shall directly manage operations of the fund;
b) The fund’s Director shall hold
the term of office not exceeding 05 years and may be re-appointed or replaced.
Director of the provincial cooperative fund shall be appointed and dismissed
according to the charter on organization and operation of the provincial
cooperative fund;
c) Director of the provincial
cooperative fund must satisfy the following standards and requirements: Meet
the standards and requirements laid down in Points a, b, c and d Clause 3
Article 10 hereof; be not a spouse, natural or adoptive parent, blood child,
adopted child, natural sibling, brother-in-law, or sister-in-law of Chairperson
or Deputy Chairperson of the provincial cooperative alliance, or Chairperson,
Controller, Deputy Director or Chief Accountant of the fund; and meet other
standards and requirements to serve management requirements of the provincial
cooperative alliance as prescribed in the charter on organization and operation
of the provincial cooperative fund;
d) Director of the provincial
cooperative fund shall have rights and responsibilities prescribed in the
fund’s charter on organization and operation.
7. Deputy Director(s), Chief
Accountant and assistant apparatus of the fund:
a) Deputy Director(s) of the
provincial cooperative fund shall be appointed and dismissed by the fund’s
Chairperson at the request of the fund’s Director. Deputy Director(s) of the
provincial cooperative fund shall assist the fund’s Director in managing the
fund’s operations as assigned and authorized by the fund’s Director; assume
responsibility before the fund’s Director and before the law for their
performance of assigned and authorized tasks;
b) Chief Accountant of the
provincial cooperative fund shall be appointed and dismissed by the fund’s
Chairperson at the request of the fund’s Director. Chief Accountant shall take
charge of accounting, financial and statistical works of the provincial
cooperative fund as assigned by the fund’s Director and in conformity with
regulations of the Law on accounting and the fund’s charter on organization and
operation;
c) The assistant apparatus of the
provincial cooperative fund consists of professional and specialized
departments or divisions in charge of advising and assisting the fund’s
Chairperson and General Director in managing the fund. The fund’s Director
shall decide to appoint or dismiss holders of leadership positions of the
assistant apparatus after obtaining approval from the fund’s Chairperson.
Organizational structure, functions, duties and powers of the assistant
apparatus are specified in the fund’s charter on organization and operation;
d) Standards and requirements for
being appointed as Deputy Director(s) and Chief Accountant of the provincial
cooperative fund are prescribed in its charter on organization and operation;
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Article 18.
Organizational structure of provincial cooperative funds that operate under
cooperative business model
1. Organization structure of the
fund consists of:
a) General meeting of members;
b) Board of Directors;
c) Controller;
d) Executive board, composed of:
Director, Deputy Director(s), Chief Accountant and assistant apparatus.
2. General meeting of members:
a) General meeting of members shall
have the ultimate decision-making power of the provincial cooperative fund that
operates under the cooperative business model. There are annual general meeting
of members and extraordinary general meeting of members. The general meeting of
members may be held in the form of a plenary meeting of its members or a
meeting of representatives of members in accordance with regulations of the Law
on cooperatives;
b) Rights and duties of the general
meeting of members shall comply with the Law on cooperatives.
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a) The Board of Directors of the
provincial cooperative fund shall be elected and dismissed by the general
meeting of members in the form of a secret ballot. The Board of Directors is
composed of at least 03 members, including: Chairperson and other members.
Chairperson of the Board of Directors of the provincial cooperative fund may
work under full-time or part-time working regime, has the term of office not
exceeding 05 years, and may be re-appointed for up to 02 terms;
b) Chairperson of the Board of
Directors of the provincial cooperative fund must satisfy the standards and
requirements in Point c Cause 4 Article 17 hereof and the charter on
organization and operation of the provincial cooperative fund;
c) Chairperson of the Board of
Directors of the provincial cooperative fund shall have rights and
responsibilities prescribed in the fund’s charter on organization and
operation.
4. Controller of the provincial
cooperative fund:
a) Controller of the provincial
cooperative fund shall be elected and dismissed by the general meeting of
members in the form of a secret ballot;
b) Controller of the provincial
cooperative fund may work under full-time or part-time working regime, has the
term of office not exceeding 05 years, and may be re-appointed for up to 02 terms
to take charge of controlling the performance of management and administration
tasks of the Board of Directors and Director of the fund, and other relevant
contents;
c) Controller of the provincial
cooperative fund must satisfy the standards and requirements in Cause 3 Article
11 hereof and the charter on organization and operation of the provincial
cooperative fund;
d) The general meeting of members
shall ratify the resolution on promulgation of practice rules of controller of
the provincial cooperative fund which must be conformable with the Law on
cooperatives and regulations herein.
5. Director of the provincial
cooperative fund:
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b) Director of the provincial
cooperative fund must satisfy the standards and requirements in Point c Cause 6
Article 17 hereof and the charter on organization and operation of the
provincial cooperative fund;
c) Director of the provincial
cooperative fund shall have rights and responsibilities prescribed in the
fund’s charter on organization and operation.
6. Deputy Director(s), Chief
Accountant and assistant apparatus:
a) Deputy Director(s) of the
provincial cooperative fund shall be appointed and dismissed by Chairperson of
the Board of Directors of the fund at the request of the fund’s Director.
Deputy Director(s) of the provincial cooperative fund shall assist the fund’s
Director in managing the fund’s operations as assigned and authorized by the
fund’s Director; assume responsibility before the fund’s Director and before
the law for their performance of assigned and authorized tasks. Chairperson of
the Board of Directors shall decide the structure and number of Deputy
Directors according to the fund’s operational scale and conditions in each
period;
b) Chief Accountant of the
provincial cooperative fund shall be appointed and dismissed by Chairperson of
the Board of Directors of the fund at the request of the fund’s Director. Chief
Accountant shall take charge of accounting, financial and statistical works of
the provincial cooperative fund as assigned by the fund’s Director and in
conformity with regulations of the Law on accounting and relevant laws;
c) The assistant apparatus of the
fund consists of professional and specialized departments or divisions in
charge of advising and assisting Board of Directors and Director of the fund in
managing the fund. The fund’s Director shall decide to appoint or dismiss
holders of leadership positions of the assistant apparatus after obtaining
approval from the fund’s Board of Directors. Organizational structure,
functions, duties and powers of the assistant apparatus are specified in the
fund’s charter on organization and operation;
d) Standards and requirements for
being appointed as Deputy Director(s) and Chief Accountant of the provincial
cooperative fund are prescribed in its charter on organization and operation;
dd) Rights and responsibilities of
Deputy Director(s), Chief Accountant and assistant apparatus of the provincial
cooperative fund are specified in its charter on organization and operation.
Article 19.
Charter on organization and operation of provincial cooperative fund
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2. Provincial People's Committees
shall promulgate charters on organization and operation of provincial
cooperative funds that operate under the business model of a single-member
limited liability company 100% of charter capital of which is held by State.
General meetings of members of provincial cooperative funds that operate under
the cooperative business model shall issue resolutions to approve their
charters on organization and operation.
Chapter III
OPERATIONS OF COOPERATIVE FUNDS
Section 1.
LENDING
Article 20.
Eligible borrowers and lending scope
1. Eligible borrowers:
a) Cooperative funds shall provide
loans for cooperatives, cooperative unions, members of artels and cooperatives
(except members of cooperatives that are enterprises);
b) Vietnam Cooperative Alliance and
provincial People's Committees shall stipulate borrowers that are given
priority to get loans from cooperative funds according to development
strategies of the funds.
2. Lending scope:
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b) Each provincial cooperative fund
shall provide loans for the entities specified in Clause 1 of this Article
within the province or central-affiliated city where the fund is established.
Article 21.
Lending principles
1. Cooperative funds shall provide
loans to their clients under agreements made between the funds and clients in
conformity with regulations herein.
2. Clients getting loans from a
cooperative fund must ensure the correct use of borrowed funds and repay
principal and interests according to the schedule agreed upon with the fund.
Article 22.
Eligibility requirements for a loan
A client may get a loan from the
cooperative fund if all of the following eligibility requirements are met:
1. The client is an entity defined in Clause 1 Article 20 hereof.
2. The client is a juridical person
established in accordance with regulations of law. If the client is an
individual, he/she must be aged 18 or older and has full legal capacity as
prescribed by law.
3. The client has an investment
project or business plan appraised to be feasible by the cooperative fund and
the client is capable of repaying debts.
4. The client complies with regulations
on loan security laid down in Article 26 hereof.
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6. At the time of first disbursement
made by the cooperative fund after the credit contract is signed, the client
has not incurred any bad debts at credit institutions.
Article 23.
Loan amount and loan limit
1. Loan amount: Based on the plan
for use of borrowed money, financial capability, capacity to repay debts, and
loan security of each client, and the loan limit prescribed herein, the
cooperative fund shall consider and decide the specific loan amount given to
that client in conformity with its available capital sources and financial capability.
2. Loan limit:
a) Total loan outstanding balance
of a client shall not exceed 15% of the existing charter capital of the
cooperative fund at the time it decides to grant loans;
b) Total loan outstanding balance
of a client and related persons shall not exceed 25% of the existing charter
capital of the cooperative fund at the time it decides to grant loans;
3. Cooperative funds provide
syndicated loans according to specific agreements between such cooperative
funds and clients, and in conformity with regulations herein and relevant laws.
Article 24.
Loan term
1. The loan term shall be
determined according to capital recovery capacity and in conformity with the
client’s business cycle, investment plan and solvency.
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Article 25.
Lending interest rate and currency units used for extending loans and repaying
debts
1. Principles for determining
interest rate and currency units used for extending loans and repaying debts
a) The lending interest rates
adopted by cooperative funds must be conformable with incentive policies and
plans for development of collaborative economy and cooperatives of the
Government and of each provincial government, ensure funding for covering
operating expenses of the cooperative fund, and adhere to relevant regulations
on lending interest rates;
b) The interest rate charged on
overdue debts in each specific case shall be determined by the relevant
cooperative fund, and shall not exceed 150% of the interest rate charged on due
repayment;
c) Currency unit used for extending
loans and repaying debts is VND.
2. The power to decide lending
interest rates, interest rates charged on overdue debts, reduction or exemption
of interests shall comply with the charter on organization and operation of
each cooperative fund and its internal regulations on lending and borrowed fund
management.
Article 26.
Loan security
1. The cooperative fund and its
client shall agree on whether or not the loan must be secured by collateral in
conformity with law regulations on loan security measures.
2. The cooperative fund is allowed
to dispose of collateral provided by the client to recover debts in accordance
with regulations of law on secured transactions.
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The cooperative fund shall consider
deciding whether the debt rescheduling (including adjustment to a repayment
period and extension of a loan term) is necessary at the client’s request and
depending on the financial capability of that cooperative fund and results of
assessment of the client’s capability to repay debts. To be specific:
1. If the client is incapable of
making due repayment of loan principal and/or interest, and is assessed by the
cooperative fund as having capacity for fully repaying the loan principal
and/or interest within the adjusted repayment period, the cooperative fund
shall consider adjusting the period of repayment of that loan principal and/or
interest as appropriate to the client’s source of financing for debt repayment
without prejudice to the loan term.
2. If the client is incapable of
paying off loan principal and/or interest in full within the agreed loan term,
and is assessed by the cooperative fund as having capacity for fully repaying
loan principal and/or interest within a specified period of time following the
said loan term, the cooperative fund shall consider extending the period of
debt repayment as appropriate to the client’s source of financing for such debt
repayment.
3. The power to decide the debt
rescheduling is specified in the charter on organization and operation of the
cooperative fund and its internal regulations on lending and borrowed fund
management.
Article 28.
Debt classification, establishment and use of loan loss provisions
1. Cooperative funds shall classify
debts, set aside loan loss provisions and use such provisions for settling
losses incurred during the provision of loans in accordance with SBV’s
regulations applicable to microfinance institutions.
2. The cooperative fund is not
required to set aside loan loss provisions for the loans granted by the
cooperative fund under authorization by a third party or granted by a third
party under the cooperative fund’s authorization.
3. After 05 years from the day on
which the provision is used for dealing with loan losses and after all
necessary measures taken to collect debts are unsuccessful, at the request of
the risk control council of the cooperative fund:
a) For the central cooperative
fund: Chairperson of Vietnam Cooperative shall decide to remove the debts
monitored in its off-balance sheet on the basis of the approval given by
Vietnam Cooperative Alliance after reporting the Prime Minister;
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4. For a provincial cooperative
fund that operates under the cooperative business model: Chairperson of the
Board of Directors of the provincial cooperative fund shall decide to remove
the debts monitored in its off-balance sheet after obtaining the approval from
the fund’s general meeting of members.
5. Pursuant to Clause 1, Clause 2
and Clause 3 of this Article, the cooperative fund shall promulgate internal
regulations on debt classification, establishment and use of loan loss
provisions in accordance with regulations herein.
Article 29.
Risk control council
1. The cooperative fund shall
establish a risk control council that is composed of a Chairperson who is the
fund’s Chairperson or Chairperson of the fund’s Board of Directors and members
who are Controller, the fund’s Director, Chief Accountant, head of lending
department and other members decided by the fund’s Chairperson or Chairperson
of the fund’s Board of Directors.
2. The risk control council shall
perform the following tasks:
a) Quarterly assess reports on debt
classification, establishment and use of loan loss provisions provided by the
fund’s Director;
b) Make decisions to use loan loss
provisions;
c) Decide the plan for collecting
debts for which loan loss provisions have been used, in which the period and
measures for collecting debts must be specified;
d) Monitor the collection of debts
for which loan loss provisions have been used;
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e) Formulate internal regulations
on operations of the risk control council for submission to the fund’s
Chairperson or Chairperson of the fund’s Board of Directors for promulgation.
Article 30.
Authorization to grant loans by the central cooperative fund
1. The central cooperative fund may
authorize provincial cooperative funds and other financial organizations or
credit institutions to use its capital to grant loans.
2. A trust agreement must be
entered into between the central cooperative fund and the trustee as the basis
for performing fiduciary activities. The trust agreement must, inter alia,
include the followings: Entrustment scope and contents, entrusted capital,
entrustment process, potential risks, responsibilities, duties and rights of
contracting parties, and other relevant contents.
Article 31.
Promulgation of internal regulations on lending and borrowed fund management
1. The cooperative fund shall
promulgate its internal regulations on lending and borrowed fund management
according to the power specified in its charter on organization and operation.
2. Internal regulations on lending
and borrowed fund management of the cooperative fund must be conformable with
regulations herein and suitable for the fund’s operations, and must, inter
alia, include the following contents: Eligible borrowers, lending requirements,
lending methods, loan term, lending interest rate, interest rate charged on
overdue debts, application for loan, debt collection, process and procedures
for debt rescheduling, delinquency procedures; procedures for appraising, approving
and deciding to grant loan; procedures for inspection of borrowing, use of
borrowed funds and debt repayment by clients; application of loan security
measures, cases where the collateral is not required based on results of
assessment of risk levels and capacity to repay debts by clients; power to
decide to each loan security measure; risk control.
Section 2.
CAPITAL MOBILIZATION AND OTHER ACTIVITIES
Article 32.
Capital mobilization by cooperative funds
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1. Central cooperative fund:
The central cooperative fund that
operates under the business model of a single-member limited liability company
100% of charter capital of which is held by the State may mobilize capital in
accordance with the Law on enterprises, the Law on management and use of state
capital invested in manufacturing and business operations of enterprises, and
relevant guiding documents.
2. Provincial cooperative funds:
a) A provincial cooperative fund
that operates under the business model of a single-member limited liability
company 100% of charter capital of which is held by the State may mobilize
capital within the province/city in accordance with the Law on enterprises, the
Law on management and use of state capital invested in manufacturing and
business operations of enterprises, and relevant guiding documents;
b) A provincial cooperative fund
that operates under the cooperative business model may mobilize capital within
the province/city in accordance with the Law on Cooperatives and relevant
guiding documents.
Article 33.
Other activities of cooperative funds
Cooperative funds are allowed to
provide investment and financial consulting services, and provide assistance
and training for their clients in accordance with regulations of law in force.
Chapter IV
FINANCIAL POLICIES, ACCOUNTING, AUDITING, REPORTING
AND ASSESSMENT OF PERFORMANCE OF COOPERATIVE FUNDS
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1. Cooperative funds shall comply
with financial, accounting and reporting policies laid down herein and
guidelines of the Ministry of Finance.
2. The financial year of the
cooperative fund commences from January 01 to December 31 of every year.
3. Annual financial statements of
the cooperative fund must be audited by an independent audit organization or
the State Audit Office of Vietnam in accordance with regulations of law in
force.
Article 35.
Financial management principles
1. Cooperative funds shall exercise
financial autonomy and be self-responsible for their performance of assigned
tasks, obligations and commitments as prescribed by law.
2. Cooperative funds shall make
financial disclosure in accordance with regulations of law in force. The fund’s
Chairperson or Chairperson of the fund’s Board of Directors shall assume
responsibility for the accuracy and truthfulness of the fund's financial
statements, statistical reports and financial disclosure.
3. Cooperative funds shall fulfill
tax obligations in accordance with regulations of the Law on taxation.
Article 36.
Working capital of cooperative funds
The working capital of a
cooperative fund is derived from the following sources:
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a) Charter capital;
b) Development investment fund and
financial reserve funds;
c) Funds derived from
non-refundable financing, aids and contributions of domestic and foreign
entities;
d) Differences from revaluation of
assets;
dd) Differences in undistributed
expenses and revenues, and unrealized accumulated losses;
e) Other capital owned by the
cooperative fund.
2. Capital raised from domestic
entities in accordance with Article 32 hereof.
3. Any refundable aids given by the
State to the cooperative fund that operates under the cooperative business
model shall comply with regulations of the Law on Cooperatives.
4. Other lawful sources of capital
as regulated by law (if any).
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1. The charter capital of a
cooperative fund that operates under the business model of a single-member
limited liability company 100% of charter capital of which is held by the State
shall include funding from state budget and other lawful funding sources. To be
specific:
a) The charter capital of the
central cooperative fund is VND 1.000 (one thousand) billion which is derived
from the central-government budget for development investment expenditures. The
change in the charter capital of the central cooperative fund shall be decided
by the Prime Minister at the request of Vietnam Cooperative Alliance after
obtaining the consent from Ministry of Finance and Ministry of Planning and
Investment;
b) The minimum charter capital of a
provincial cooperative fund is VND 20 (twenty) billion which is derived from
the provincial-government budget for development investment expenditures. The
change in the charter capital of the provincial cooperative fund shall be
decided by the Chairperson of the provincial People’s Committee after obtaining
approval from the same-level People’s Council and at the request of the provincial
cooperative alliance after obtaining the consent from provincial Department of
Finance and provincial Department of Planning and Investment.
2. For a provincial cooperative
fund that operates under the cooperative business model:
a) The minimum charter capital of
the cooperative fund is VND 20 billion which is contributed by the fund's
members;
b) The change in the charter
capital of the cooperative fund shall be decided by the fund’s general meeting
of members.
Article 38.
Principles for management and use of capital and assets of cooperative funds
1. Cooperative funds must manage
and use their capital in a safe, proper and effective manner so as to perform
their tasks as prescribed herein.
2. Management and use of idle
capital:
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b) Provincial cooperative funds may
deposit their idle capital at the central cooperative fund and vice versa under
agreements between the parties;
c) Cooperative funds shall
formulate their own internal regulations on management and use of idle capital,
which shall, inter alia, include the following contents: Criteria for selection
of commercial banks receiving deposits to ensure capital preservation and
growth principle; power to decide the selection of banks.
3. Acquisition, management and use
of assets of cooperative funds:
a) For a cooperative fund that
operates under the business model of a single-member limited liability company
100% of charter capital of which is held by the State: The cooperative fund is
allowed to acquire and invest in fixed assets to directly serve its operations
on the condition that the residual value of fixed assets does not exceed 10% of
its existing charter capital at the time of issuance of investment or
acquisition decision, and the cooperative fund must fully comply with law
regulations on construction and investment management by single-member limited
liability companies 100% of charter capital of which is held by the State;
b) For a cooperative fund that
operates under the cooperative business model: The cooperative fund may acquire
and invest in fixed assets to directly serve its operations in accordance with
regulations of the Law on Cooperatives and the fund’s internal regulations
which are promulgated by the fund’s Board of Directors after obtaining approval
from its general meeting of members.
Article 39.
Capital adequacy
Every cooperative fund is required
to comply with the following regulations on capital adequacy:
1. Manage and use capital and
assets, distribute financial outcomes, and implement financial management and
accounting policies in accordance with regulations herein and relevant laws.
2. Comply with regulations on loan
limits as prescribed herein.
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4. Record loan loss provisions set
aside as prescribed herein as operating expenses.
5. Adopt other measures for
ensuring capital adequacy as prescribed by law.
Article 40.
Salaries and allowances of cooperative funds
1. For a cooperative fund that
operates under the business model of a single-member limited liability company
100% of charter capital of which is held by the State: The cooperative fund
shall manage its employees, salaries, remunerations and bonuses of its
employees and managers in the same manner as a single-member limited liability
company 100% of charter capital of which is held by the State, and as
appropriate to the fund’s characteristics and business model as prescribed
herein.
2. For a cooperative fund that
operates under the cooperative business model: The cooperative fund shall
manage its employees, salaries, remunerations and bonuses of its employees and
managers in the same manner as a cooperative as prescribed in the Law on
Cooperatives.
Article 41.
Incomes of cooperative funds
1. Incomes of a cooperative fund
are determined in conformity with accounting standards of Vietnam and relevant
laws and supported by lawful invoices or receipts, and must be fully recorded
as its revenues.
2. Incomes of a cooperative fund
include:
a) Interest income and similar
incomes;
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c) Income from other activities;
d) Other incomes as prescribed by
law.
3. The Ministry of Finance shall
provide specific guidance on incomes of cooperative funds as prescribed in
Clause 2 of this Article.
Article 42.
Expenses of cooperative funds
1. Expenses of a cooperative fund
are expenses actually incurred during the fund’s operation; comply with the
matching principle between incomes and expenses; and must be proved by lawful
invoices and receipts in accordance with regulations of law. The cooperative
fund shall not record expenses which are covered by other funding sources as
its expenses. Expenses shall be determined and recorded in accordance with
Vietnam’s accounting standards and relevant laws. Deductible expenses upon
determination of tax liabilities shall comply with regulations of the Law on
taxation.
2. Expenses of a cooperative fund
include:
a) Interest payments and other
similar expenses;
b) Costs of service provision;
c) Costs of other activities;
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dd) Payments made to employees of
the cooperative fund;
e) Management and administration
costs;
g) Asset-related costs;
h) Contributions to loan loss
provisions;
i) Costs for participation in
activities organized by cooperative alliances at all levels and related to
operation of the cooperative fund;
k) Other expenses.
3. The Ministry of Finance shall
provide specific guidance on expenses of cooperative funds as prescribed in
Clause 2 of this Article.
Article 43.
Financial outcomes and distribution of financial outcomes
1. Financial outcomes mean the
difference between total incomes and total expenses incurred in a financial
year:
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b) The cooperative fund has
financial deficit if the difference between total incomes and total expenses in
the financial year is a negative number.
2. After paying fines for
violations against law and offsetting its deficits in previous years (if any),
the financial surplus of a cooperative fund that operates under the business
model of a single-member limited liability company 100% of charter capital of
which is held by the State shall be distributed as follows:
a) Contribute not more than 30% of
the surplus to the development investment fund.
b) Contribute 10% of the surplus to
the financial reserve fund.
c) Make contributions to reward and
welfare funds for employees as follows:
A cooperative fund rated A may set
aside an amount equivalent to 3 months’ earned income of employees for two
reward and welfare funds;
A cooperative fund rated B may set
aside an amount equivalent to 1,5 months’ earned income of employees for two
reward and welfare funds;
A cooperative fund rated C may set
aside an amount equivalent to 01 month’s earned income of employees for two
reward and welfare funds.
d) Make contributions to the reward
fund for managers and controllers:
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A cooperative fund rated B may set
aside an amount equivalent to 01 months’ earned income of managers and
controllers for this fund;
A cooperative fund rated C is not
allowed to set aside the reward fund for managers and controllers.
d) Id the difference between
revenues and expenses that remains after setting aside the funds specified in
Points a and b of this Clause is not enough for setting aside reward and
welfare funds for employees, and the reward fund for managers and controllers
as regulated, the cooperative fund may reduce the amount used to set aside the
development investment fund but must ensure the minimum amount contributed to
the development investment fund in the financial year as prescribed;
e) The remaining amount (if any)
after setting aside the abovementioned funds shall be contributed to the
development investment fund of the cooperative fund.
3. For a cooperative fund that
operates under the cooperative business model:
a) The difference between incomes
and expenses shall be distributed according to Clause 1, Clause 2 Article 46 of
the Law on Cooperatives;
b) The remaining amount (if any)
after setting aside the funds specified in Point a of this Clause shall be
contributed to the development investment fund of the cooperative fund.
4. Purposes of funds:
a) The development investment fund
is used for investing in expansion of the business scale and renovation of
technologies, equipment and working conditions of the cooperative fund and for
supplementation of the charter capital of the cooperative fund. The fund’s
Chairperson shall decide investment form and method in conformity with
regulations applicable to single-member limited liability companies 100% of
charter capital of which is held by the State. Chairperson of the fund’s Board
of Directors shall decide investment form and method in conformity with
regulations of the Law on Cooperatives;
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c) The reward fund for managers and
controllers shall be used for managers and controller(s) of the cooperative
fund. The reward rates shall be determined by the Chairperson of the
cooperative alliance of the same level (for a cooperative fund that operates
under the business model of a single-member limited liability company 100% of
charter capital of which is held by the State) or general meeting of members
(for a cooperative fund that operates under the cooperative business model),
depending on the performance of assigned tasks and business results of the
cooperative fund at the request of its Chairperson or Chairperson of the Board of
Directors.
d) The reward fund is used for
periodically or spontaneously rewarding individuals or teams of the cooperative
fund, depending on their productivity or working achievements;
dd) The welfare fund is used for
spending on sports, cultural activities and social welfare works for officials
of the cooperative fund; spending on subsidies for regular or sudden hardships
for officials of the cooperative fund; spending on other welfare activities of
the cooperative fund.
Director of the cooperative fund
shall cooperate with its trade union to manage and use this fund in a public
and transparent manner.
5. In case of financial deficit,
the cooperative fund may carry the negative difference between incomes and
expenses forward to the following years. If this negative difference is still
not yet fully carried forward within a maximum period of 05 years, the
cooperative fund shall request the Prime Minister (if it is the central
cooperative fund) or Chairperson of the provincial People’s Committee (if it is
a provincial cooperative fund that operates under the business model of a
limited liability company 100% of charter capital of which is held by the
State) or general meeting of members (if it is a cooperative fund that operates
under the cooperative business model) to consider deciding to reduce or
supplement capital, re-structure, dissolve or declare the cooperative fund
bankrupt.
Article 44.
Reporting
1. The central cooperative fund
shall:
a) Prepare and submit biannual and
annual reports to Vietnam Cooperative Alliance, Ministry of Finance, State Bank
of Vietnam and Ministry of Planning and Investment for monitoring and
inspection;
b) Consolidate biannual and annual
reports submitted by provincial cooperative funds. Consolidated reports shall
be sent to Vietnam Cooperative Alliance, Ministry of Finance, State Bank of
Vietnam and Ministry of Planning and Investment for monitoring and inspection.
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Prepare and submit biannual and
annual reports to the provincial People’s Committee, provincial cooperative
alliance, provincial Department of Finance, and branch of State Bank of Vietnam
in the province where the cooperative fund is established, and sent to the
central cooperative fund for consolidating as prescribed in Point b Clause 1 of
this Article.
3. Biannual and annual reports
specified in Clause 1 of this Article include:
a) Financial statements, including:
balance sheet; income statement; cash flow statement; statement of changes in
equity; financial statements as prescribed by law; statement of financial
revenues and expenses; reports on distribution of difference between revenues
and expenses, and use of funds according to guidelines given by the Ministry of
Finance;
b) Consolidated reports on the
fund's operations;
c) Reports on the fund’s lending
activities;
d) Auditor’s report on annual
financial statements.
4. Deadline for submission of
reports:
a) Biannual report shall be
submitted by July 31 every year;
b) Annual report shall be submitted
within 90 days from the end of the financial year. The auditor’s report on
annual financial statements of the cooperative fund prepared by an independent
audit organization shall be submitted within 120 days from the end of the
financial year.
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6. Cooperative funds must also
provide information and/or ad hoc reports to competent authorities at their
request.
7. Cooperative alliances at all
levels shall submit annual reports as prescribed in Article 12 of the
Government’s Decree No. 163/2016/ND-CP dated December 21, 2016 and its amending
documents (if any).
8. Cooperative funds shall
implement reporting regime in accordance with law regulations on inspection and
auditing.
Article 45.
Evaluation of performance of cooperative funds
1. The annual performance of a
cooperative fund shall be evaluated according to the following criteria:
a) Criterion 1: Growth of loan
outstanding balance;
b) Criterion 2: Bad debt ratio
(including group-3, group-4 and group-5 outstanding debts according to the
fund’s debt classification results);
c) Criterion 3: Annual financial
outcomes;
d) Criterion 4: Compliance with
regulations on investment, management and use of capital of the fund,
fulfillment of obligations to state budget, and compliance with regulations on
financial statements.
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a) Disasters, fire, epidemics, wars
and other force majeure events;
b) Changes in State’s policies that
affect operations of the cooperative fund.
3. The Ministry of Finance shall
provide guidance on methods of calculation of performance evaluation criteria
and rating of cooperative funds in conformity with specific operations of
cooperative funds.
4. The cooperative alliance of the
same level shall set evaluation criteria and carry out evaluation of annual
performance of the cooperative funds that operate under the business model of a
single-member limited liability company 100% of charter capital of which is
held by the State in accordance with regulations of this Article. General
meeting of members shall set evaluation criteria and carry out evaluation of
annual performance of the cooperative fund that operates under the cooperative
business model.
Chapter V
DISSOLUTION, BANKRUPTCY AND CONVERSION OF BUSINESS
MODEL OF COOPERATIVE FUNDS
Article 46.
Dissolution cases
A cooperative fund shall be
dissolved in the following cases:
1. A provincial cooperative fund
fails to maintain adequate minimum charter capital as prescribed in Article 37
and Point c Clause 5 Article 58 hereof.
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3. The ratio of bad debts of the
cooperative fund to its total loan outstanding balance is higher than 50% of
its existing charter capital in 05 consecutive years.
4. The accumulated negative
difference between revenues and expenses is higher than or equal to 75% of the
existing charter capital of the cooperative fund in 05 consecutive years.
5. A cooperative fund is dissolved
in other cases according to a decision issued by the Prime Minister (if it is
the central cooperative fund), or the provincial People’s Committee (if it is a
provincial cooperative fund that operates under the business model of a
single-member limited liability company 100% of charter capital of which is
held by the State), or general meeting of members (if it is a provincial cooperative
fund that operates under the cooperative business model).
Article 47.
Power to decide dissolution of cooperative funds
1. For cooperative funds that
operate under the business model of a single-member limited liability company
100% of charter capital of which is held by the State:
a) For the central cooperative
fund: At the request of Vietnam Cooperative Alliance and after consulting the
Ministry of Finance, Ministry of Planning and Investment, and State Bank of
Vietnam, the Prime Minister shall consider deciding to dissolve the central
cooperative fund in accordance with regulations herein and relevant laws;
b) For a provincial cooperative
fund: At the request of the provincial cooperative alliance and after
consulting the provincial Department of Finance, provincial Department of
Planning and Investment, and provincial branch of the State Bank of Vietnam,
the provincial People’s Committee shall send the dissolution policies to the
provincial People’s Council for approval before issuing a decision to dissolve
the provincial cooperative fund in accordance with regulations herein and
relevant laws.
2. For provincial cooperatives fund
that operate under the cooperative business model: A decision to dissolve the
cooperative fund shall be issued in accordance with regulations of the Law on
Cooperatives and relevant laws.
Article 48.
Procedures of dissolution of cooperative funds
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2. For a cooperative fund that
operates under the cooperative business model: Procedures for dissolution of
the cooperative fund shall be same as those for dissolution of a cooperative.
Article 49.
Bankruptcy of cooperative funds
The bankruptcy of cooperative funds
shall comply with regulations of the Law on bankruptcy and Article 55 of the
Law on Cooperatives (for cooperative funds that operate under the cooperative
business model).
Article 50.
Business model conversion
1. If a cooperative fund wants to
convert its business model from a single-member limited liability company 100%
of charter capital of which is held by the State into a cooperative, or vice
versa, it is required to develop a conversion plan in which obligations of the
current cooperative fund, and operational plans adopted by the cooperative fund
operating under the new business model (including financial plan, plans for
management and administration, and loan outstanding balance) must be specified.
2. Power to make decision on
conversion of business model:
a) The power to decide the
conversion of business model of the central cooperative fund shall comply with
Point b Clause 1 Article 8 hereof;
b) The conversion of business model
of a provincial cooperative fund from a single-member limited liability company
100% of charter capital of which is held by the State into a cooperative shall
be carried out according to a decision issued by the provincial People’s
Committee at the request of the provincial cooperative alliance and after
consulting the provincial Department of Finance, provincial Department of
Justice, provincial Department of Planning and Investment, and provincial
branch of the State Bank of Vietnam;
c) The conversion of business model
of a provincial cooperative fund from a cooperative into a single-member limited
liability company 100% of charter capital of which is held by the State shall
be carried out according to a decision issued by the provincial People’s
Committee at the request of its general meeting of members and after consulting
the provincial cooperative alliance, provincial Department of Finance,
provincial Department of Justice, provincial Department of Planning and
Investment, and provincial branch of the State Bank of Vietnam, and obtaining
approval from the provincial People’s Council.
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IMPLEMENTATION
Article 51.
Responsibilities of Ministry of Finance
1. Provide guidance on mechanisms
for financial management and evaluation of performance of cooperative funds;
guidance for settling financial issues concerning restructuring or conversion
of business model of cooperative funds; guidance on accounting policies for
cooperative funds as prescribed herein.
2. Play the leading role and
cooperate with relevant authorities, Vietnam Cooperative Alliance, provincial
People’s Committees and relevant entities in reviewing and amending legislative
documents prescribing organization and operation of cooperative funds, and
submitting them to competent authorities for promulgation, or promulgate them
within its competence.
Article 52.
Responsibilities of State Bank of Vietnam
1. Cooperate with Vietnam
Cooperative Alliance, provincial People's Committees, and provincial
cooperative alliances in inspecting lending activities of cooperative funds as
prescribed herein.
2. Cooperate with Ministry of Finance
and relevant authorities in establishing and completing legal framework for
organization and operation of cooperative funds, and organizing the
implementation of this Decree in accordance with regulations of law.
Article 53.
Responsibilities of Ministry of Planning and Investment
1. Balance and include funding from
state budget used for supplementing the charter capital of the central
cooperative fund in the medium-term public investment plan in accordance with
regulations of the Law on Public Investment and legal documents elaborating the
Law on Public Investment.
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3. Cooperate with Ministry of
Finance and relevant authorities in establishing and completing legal framework
for organization and operation of cooperative funds, and organizing the
implementation of this Decree in accordance with regulations of law.
Article 54.
Responsibilities of Ministry of Labor, War Invalids and Social Affairs
Play the leading role and cooperate
with relevant authorities and provincial People's Committees in providing
guidance on management of employees, salaries, remunerations and bonuses of
employees and managers, and ranking of the cooperative funds that operate under
the business model of a single-member limited liability company 100% of charter
capital of which is held by the State.
Article 55.
Responsibilities of provincial People’s Councils and provincial People’s
Committees
1. Responsibilities of provincial
People’s Councils:
a) Consider giving approval for
schemes for establishment of provincial cooperative funds in accordance with
regulations herein;
b) Supervise the organization and
management of provincial cooperative funds in accordance with regulations of
the Law on State Budget as prescribed herein and relevant laws.
2. Responsibilities of provincial
People’s Committees:
a) Issue decisions on
establishment, dissolution or bankruptcy of provincial cooperative funds in
accordance with regulations herein and relevant laws;
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c) Carry out comprehensive
inspections of provincial cooperative funds;
d) Submit annual reports and ad hoc
reports on operation and performance of cooperative funds to the Ministry of
Finance, Ministry of Planning and Investment and State Bank of Vietnam in
accordance with regulations herein;
dd) Propose solutions for dealing
with difficulties faced by cooperative funds during their operation; propose
amendments to mechanisms and policies for operation of cooperative funds;
e) Submit annual reports on
business performance of cooperative funds to provincial People’s Councils, and
propose solutions for dealing with difficulties and improving business
performance of cooperative funds within their competence;
g) Perform other responsibilities
of provincial People's Committees as prescribed herein and relevant laws.
Article 56.
Responsibilities of Vietnam Cooperative Alliance and provincial cooperative
alliances
1. Cooperative alliances of same
level shall manage and inspect operation of cooperative funds in accordance
with regulations herein and relevant laws.
2. Cooperative alliances of same
level shall annually carry out performance evaluation and ranking of
cooperative funds in accordance with regulations herein and relevant laws.
3. Vietnam Cooperative Alliance
shall cooperate with provincial People's Committees in monitoring and
evaluating performance of cooperative funds for formulating and proposing
orientations for development of cooperative funds to the Prime Minister in
accordance with regulations herein and relevant laws.
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Article 57.
Implementation clause
1. This Decree comes into force
from May 15, 2021.
2. The following regulations shall
be abrogated from the effective date of this Decree:
a) Article 2; Clause 1, Clause 3,
Clause 4 Article 3; Clause 2 Article 5; Article 6; Article 7; Article 8;
Article 9; Clause 1, Clause 2, Clause 3 Article 11 of Decision No.
246/2006/QD-TTg dated October 27, 2006 of the Prime Minister;
b) Clause 2, Clause 3, Clause 4,
Clause 5 and Clause 6 Article 1, Article 2, Article 3 and Article 4 of Decision
No. 23/2017/QD-TTg dated June 23, 2017 of the Prime Minister;
c) Point a and Point b Clause 4
Article 24 of the Government’s Decree No. 193/2013/ND-CP dated November 21,
2013.
Article 58.
Transition
1. Credit contracts, guarantee
letters and other agreements that have been signed between a cooperative fund
and relevant parties before the effective date of this Decree shall continue to
be performed. The modification of such agreements must comply with regulations
herein.
2. At the effective time of this
Decree, pursuant to Clause 1 Article 28 hereof, if the balance of loan loss
provisions of a cooperative fund is higher than the required amount, the
surplus shall be recorded as its income; if the balance of loan loss provisions
of a cooperative fund is less than the required amount, the cooperative fund is
required to make additional contributions to its loan loss provisions within 12
months as prescribed by law.
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4. Within 6 months from the
effective date of this Decree, cooperative funds must request competent
authorities to decide lending interest rates and interest rates charged on
overdue debts to be applied by the funds as prescribed in Clause 2 Article 25
hereof.
Before these interest rates are
set, cooperative funds may apply their own current interest rates.
5. With regard to cooperative funds
established and operating before this Decree comes into force: Within 03 years
from the effective date of this Decree, they must review and re-arrange:
a) Their business models;
b) Their organizational structure;
c) Ensure the minimum charter
capital of a provincial cooperative fund as prescribed in Point b Clause 1
Article 37 and Point a Clause 2 Article 37 hereof;
d) Apply for certificate of
registration of provincial cooperative fund at the provincial Department of
Planning and Investment if the cooperative fund operates under the cooperative
business model; request the provincial People's Committee to revise the
establishment decision if the cooperative fund operates under the business
model of a single-member limited liability company 100% of charter capital of
which is held by the State.
6. Director and Deputy Director
titles of the cooperative development assistance fund that are appointed under
the Prime Minister’s Decision No. 246/2006/QD-TTg dated October 27, 2006 and
the Prime Minister’s Decision No. 23/2017/QD-TTg dated June 22, 2017 are
changed into General Director and Deputy Director titles as prescribed herein.
7. The cooperative development
assistance fund that is established and operating under the Prime Minister’s
Decision No. 246/2006/QD-TTg dated October 27, 2006 and the Prime Minister’s
Decision No. 23/2017/QD-TTg dated June 22, 2017 is renamed as Vietnam
Cooperative Development Assistance Fund. Vietnam Cooperative Development Assistance
Fund shall inherit all rights, responsibilities and obligations of the
cooperative development assistance fund.
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Ministers, heads of ministerial
agencies, heads of Governmental agencies, Chairperson of Vietnam Cooperative
Alliance, Chairperson of provincial People’s Committees, Chairpersons of
provincial cooperative alliances, Chairpersons and Directors of cooperative
funds, and relevant organizations and individuals are responsible for the
implementation of this Decree.
ON
BEHALF OF THE GOVERNMENT
THE PRIME MINISTER
Nguyen Xuan Phuc