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NA leader chairs discussion on draft revised Cooperative Law

NA leader chairs discussion on draft revised Cooperative Law  National Assembly (NA) Chairman Vuong Dinh Hue on February 17 chaired a discussion on the draft Cooperative Law (revised), which will receive the final consideration from the NA Standing Committee in the time to come before being submitted to the legislature's upcoming fifth session for approval.

Hue underlined that although the contribution proportion of cooperatives to the country’s GDP is not very high, this is an important economic sector that has a close attachment to the nation's socio-economic development in general, especially in agricultural and new-style rural development.

According to Chairman of the NA Economic Committee Vu Hong Thanh, relevant parties have reached consensus on many issues of the bill, including those in internal credit activities and cooperative audit, but there are still many issues with different opinions, including the name of the law, as well as issues related to Cooperative Federation, representative organisation and Cooperative Alliance.

Participants agreed to keep the name of the bill unchanged as the Cooperative Law (revised) as well as the regulations of internal credit not for profit but for the purpose of capital preservation.

The most important thing is that policies to encourage cooperative development must be feasible, accessible and easy to come into life, especially preferential policies on land, credit, tax, and social insurance, they said.

Participants also pointed out difficulties in forming internal auditing bodies of cooperatives.

Concluding the discussion, Hue asked the NA Economic Committee and the Ministry of Planning and Investment as well as relevant agencies to come up with a single option to submit to the NA and NA Standing Committee.

He also asked Deputy Prime Minister Tran Luu Quang to consult the Government again to soon agree on major issues raised at the discussion./.