Nearly 99,000 cooperative groups will be granted code and managed business registration

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Currently, there have been over 98,000 cooperative groups with over 1.2 million members and providing a job for more than 1 million employees in the country. Photo: The Internet

According to the report from the Ministry of Planning and Investment, currently, there have been over 98,000 cooperative groups with over 1.2 million members and providing a job for more than 1 million employees in the country. The average revenue of a cooperative group in 2016 was 299 million VND per year, and the average income for an employee was 26 million VND per year.

However, only 36,000 cooperative groups in the country register for business and operation. Most of the remaining cooperative groups have transferred their business or have been bankrupted or not registered for operation under business lines.

Accordingly, the Ministry of Planning and Investment proposed to grant business registration certificate and code for each cooperative group. Requesting cooperative groups to register their operation and business under business lines for better State management, support State policies to this “micro” economic sector in many localities. The Ministry affirmed that the policies on cooperative group registry aim to make the position of cooperative groups transparent and update their information to national information system on the cooperative group.

Regarding policy on the registration fee and charge for cooperative groups, currently, the fee is about 30,000 VND per cooperative. This fee will not be a burden for cooperative groups in the country.

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In addition, the Ministry said that there will not more business conditions in process of operation registration and policy support for cooperative groups.

According to Ministry of Planning and Investment, provisions related to cooperative groups have been changed since 2015 when National Assembly approved the Civil Code. Therefore, it is necessary to promulgate Decree to overcome limitations and further support cooperative groups on policy and legal position.