Chương VI Nghị định 45/2021/NĐ-CP: Tổ chức thực hiện

Chapter VI

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.

2. Monitor and inspect the use of funding derived from state budget allocated to the central cooperative fund in accordance with regulations of the Law on Public Investment and relevant laws.

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;

b) Based on the state budget estimates approved by the People's Council of the same level, make decisions to allocate charter capital of provincial cooperative funds in accordance with regulations herein, and make decisions to adjust charter capital of provincial cooperative funds during their operation in accordance with regulations herein and relevant laws;

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.

4. Perform other powers and responsibilities to cooperative funds as assigned by competent authorities in accordance with regulations herein and relevant laws.

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.

3. The balance of the additional reserve fund of charter capital of the cooperative development assistance fund as prescribed in the Circular No. 81/2007/TT-BTC dated July 11, 2007 of the Ministry of Finance may be used for increasing the fund’s charter capital provided that the fund’s charter capital shall not exceed the one prescribed in Point a Clause 1 Article 37 hereof.

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.

Article 59. Organizing implementation of this Decree

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.