Decree No. 28/2003/L-CTN promulgates the Law on Cooperatives, which was passed by the National Assembly, Session XI on November 26, 2003. This document stipulates the activities and management of cooperatives in Vietnam.
Key points
- Cooperatives → are established and operate in accordance with the provisions of the Law on Cooperatives
- Organizations and individuals → have the right to join cooperatives and fulfill obligations as prescribed by law
🌐 Social impact of this document
- Create opportunities for people to participate in collective business and develop rural economy.
- Help improve the efficiency of resource and labor utilization in the community.
❓ Frequently asked questions
How are cooperatives established?
Cooperatives must register their establishment in accordance with the legal provisions on enterprises. (Article 10)
What obligations do organizations and individuals participating in cooperatives have?
Organizations and individuals must comply with the provisions of the Law on Cooperatives regarding management and operation. (Article 12)
What types of businesses can cooperatives engage in?
Cooperatives are permitted to engage in any business not prohibited by law. (Article 15)
What is the maximum duration of operation for a cooperative?
The maximum duration of operation for a cooperative is 70 years, which may be extended according to regulations. (Article 18)
How are cooperatives penalized if they violate the law?
If violated, cooperatives will be subject to administrative penalties as prescribed by law on administrative violations. (Article 35)
Full text
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PRESIDENT OF THE STATE |
SOCIALIST REPUBLIC OF VIET NAM |
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Number: 28/2003/L-CTN |
Hanoi, December 10, 2003 |
ORDER
REGARDING THE ANNOUNCEMENT OF THE LAW ON COOPERATIVES
PRESIDENT OF THE SOCIALIST REPUBLIC OF VIETNAM
Pursuant to Article 103 and Article 106 of the Constitution of the Socialist Republic of Vietnam in 1992, amended and supplemented by Resolution No. 51/2001/QH10 dated December 25, 2001 of the Tenth National Assembly, tenth session;
Pursuant to Article 91 of the Law on the Organization of the National Assembly;
Pursuant to Article 50 of the Law on Legislative Regulatory Documents;
NOW PROMULGATES:
The Law on Cooperatives.
Was passed by the National Assembly of the Socialist Republic of Vietnam, Session XI, fourth session, on November 26, 2003./.
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PRESIDENT OF THE STATE |
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