Circular No. 52/2022/TT-BTC guiding certain provisions of Government Decree No. 45/2021/NĐ-CP dated March 31, 2021 on the establishment, organization, and operation of the Cooperative Development Support Fund

CIRCULAR
Guidelines for certain provisions of Decree No. 45/2021/NĐ-CP dated March 31, 2021 of the Government on the establishment, organization, and operation of the Cooperative Development Support Fund
31 March 2021 of the Government on the establishment, organization, and operation of the Cooperative Development Support Fund
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The Minister of Finance promulgates this Circular guiding the determination of funding sources and the preparation of budget estimates, management, utilization, and settlement of funds for implementing the policies stipulated in Decree No. 178/2024/NĐ-CP dated December 31, 2024 of the Government on policies and regulations for cadres, civil servants, public officials, workers, and armed forces in the process of organizational restructuring of the political system.

Pursuant to Decree No. 87/2017/NĐ-CP dated July 26, 2017 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

Pursuant to Decree No. 45/2021/NĐ-CP dated March 31, 2021 of the Government on the establishment, organization, and operation of the Cooperative Development Support Fund;

At the proposal of the Director of the Department of Banking and Financial Institutions;

The Minister of Finance issues this Circular guiding certain provisions of Decree No. 45/2021/NĐ-CP dated March 31, 2021 of the Government on the establishment, organization, and operation of the Cooperative Development Support Fund.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular guides certain contents regarding financial management systems, effectiveness evaluation, classification, and financial handling when transitioning operational models of Cooperative Development Support Funds as stipulated in Decree No. 45/2021/NĐ-CP dated March 31, 2021 of the Government on the establishment, organization, and operation of the Cooperative Development Support Fund (hereinafter referred to as Decree No. 45/2021/NĐ-CP).

Article 2. Applicability

1. The Cooperative Development Support Fund (hereinafter referred to as the Cooperative Fund or the Fund) includes: The Vietnam Cooperative Development Support Fund (Central Cooperative Fund) and the Provincial Cooperative Development Support Fund (Provincial Cooperative Fund).

2. The agency performing the function of representing state ownership capital at the Cooperative Fund operating under the model of a limited liability company with one member wholly owned by the State shall operate according to the regulations governing limited liability companies with one member wholly owned by the State.

3. The Vietnam Union of Cooperatives and the Provincial Union of Cooperatives.

4. Other agencies, organizations, and individuals related to the activities of the Cooperative Development Support Fund.

Chapter II
CERTAIN CONTENTS ON FINANCIAL MANAGEMENT
OF THE COOPERATIVE FUND

Article 3. Management and utilization of assets

1. For the Cooperative Fund operating under the model of a limited liability company with one member wholly owned by the State:

a) Investment construction and purchase of fixed assets directly serving the operations of the Fund shall be carried out in accordance with point a, Clause 3, Article 38 of Decree No. 45/2021/NĐ-CP;

b) Authority, procedures, formalities, and other relevant contents concerning investment construction, purchase, management, utilization, depreciation, leasing, subleasing, mortgage, pledge, liquidation, sale, inventory, revaluation of fixed assets of the Fund shall be applied in accordance with the regulations governing limited liability companies with one member wholly owned by the State, the Charter on Organization and Operation, and the Regulation on Management and Utilization of Fixed Assets of the Fund.

2. For the Cooperative Fund operating under the cooperative model:

Investment construction and purchase limits, authority, procedures, formalities, and other relevant contents concerning investment construction, purchase, management, utilization, depreciation, leasing, subleasing, mortgage, pledge, liquidation, sale, inventory, revaluation of fixed assets of the Fund shall be applied in accordance with the laws governing cooperatives, the Charter on Organization and Operation, and the Regulation on Management and Utilization of Fixed Assets of the Fund.

Article 4. Handling asset losses

When suffering asset losses, the Cooperative Fund must determine the extent of loss, causes, responsibilities, and handle them as follows:

1. Clearly identify objective causes, force majeure (natural disasters, epidemics, fires, unexpected accidents, political risks), and subjective causes.

2. In cases where the cause is subjective, the individual or collective causing the loss must compensate and be handled in accordance with the law. The Cooperative Fund shall specify the compensation and decide on the appropriate compensation amount in accordance with the law and bear responsibility for its decision.

3. If the asset has been insured according to the law, it shall be handled in accordance with the insurance contract.

4. The value of the loss after being offset by compensation from individuals, collectives, insurance organizations, and reserves established in expenses, if there is a shortage, shall be offset by the financial reserve fund of the Cooperative Fund. If the financial reserve fund is insufficient to offset the shortage, the shortfall shall be recorded as an expense in the period of the Fund.

Article 5. Principles for Recognizing Revenue

1. The cooperative fund's revenues must be recorded and accounted for to prepare and present financial statements in accordance with Vietnamese accounting standards and relevant laws, provided that there are valid invoices or receipts.

2. For interest income from lending activities, the cooperative fund has the responsibility to assess the recoverability of debts and classify debts according to the provisions of Article 28 of Decree No. 45/2021/NĐ-CP as the basis for recognizing receivable interest and shall account for it as follows:

a) The fund records interest receivable arising during the period in revenue for loans classified as standard loans not requiring specific risk provisions under the regulations of the State Bank of Vietnam for microfinance organizations.

b) For interest receivable on loans retained in the standard category due to implementation of state policies and interest receivable arising during the period on remaining loans, such amounts shall not be recognized as revenue; the fund will monitor them off-balance sheet to urge collection, and when collected, record them as revenue.

3. For interest income from deposits: it is the interest receivable from deposits arising during the period.

4. For receivables already recorded as revenue but later assessed as uncollectible or not collected at maturity, the fund shall record them as expenses and monitor them off-balance sheet to urge collection. When collected, the fund shall record them as revenue.

5. For revenues from other activities: Implement the provisions of tax laws and related laws.

6. Determination of revenue for tax purposes shall be carried out in accordance with the provisions of tax laws.

Article 6. Revenue

Revenue of the Fund includes receivables arising during the period, including:

1. Revenue from business operations:

a) Interest from lending;

b) Fees from service contracts for entrusted lending;

c) Revenue from investment and financial advisory services related to the Fund’s activities; revenue from support and training services for Fund loan customers in accordance with the law;

d) Other revenues from business operations as prescribed by law.

2. Revenue from financial activities:

a) Interest from deposits;

b) Revenue from exchange rate differences (if any);

c) Revenue from other financial activities.

3. Other revenues:

a) Revenue from asset sales and liquidations;

b) Revenue from asset leasing;

c) Differences in insurance claim payments for property losses after loss compensation;

d) Recovered previously written-off receivables;

đ) Reimbursement of provisions;

e) Other lawful revenues as prescribed by law.

Article 7. Principles for Recording and Managing Expenses

1. Expenses recorded in the cooperative fund's operating costs must comply with the matching principle between revenue and expenses, with valid invoices and receipts as required by law. Cooperative fund expenditures must be recorded and accounted for to prepare and present financial statements in accordance with Vietnamese accounting standards and relevant laws.

2. Principles for managing expenses:

a) For cooperative funds operating under a single-member limited liability company model wholly owned by the state: the cooperative fund establishes and submits internal expenditure regulations to the Fund Chairman for approval, including appropriate expenditure limits for each phase to ensure compliance with the law;

b) For cooperative funds operating under a cooperative model: the Chairman of the Board of Management issues internal expenditure regulations of the Fund after the General Assembly approves and adopts the regulations;

c) For expenditures not in accordance with established procedures, not settled, or exceeding limits set in internal expenditure regulations, the fund must clearly identify the responsibilities of related organizations and individuals and submit to competent authorities for determination of compensation measures.

3. Determination of expenses for tax purposes shall be carried out in accordance with the provisions of tax laws.

Article 8. Costs

The costs of the Fund are actual expenses incurred during the period related to the Fund's activities, including:

1. Business operation costs:

a) Interest payment on raised capital;

b) Costs related to lending and debt collection activities;

c) Costs related to agency and entrusted activities;

d) Provisions for loan risks as stipulated in Article 28 of Decree No. 45/2021/NĐ-CP;

đ) Purchase of risk insurance and other business insurances as prescribed;

e) Other costs from business operations.

2. Financial costs:

a) Exchange rate differences (if any);

b) Other costs from financial activities.

3. Management Costs:

a) Asset costs including: Depreciation of fixed assets; rental of fixed assets; maintenance, repair, and operation costs of assets; purchase and supply costs; asset insurance costs, inspection fees for equipment as prescribed; sale and liquidation costs of assets not including the residual value of liquidated or sold fixed assets (if any);

b) Costs for management personnel and employees:

- For cooperative funds operating under the model of a single-member limited liability company held 100% by the State: Salary and wages; contributions included in salary such as social insurance, health insurance, unemployment insurance, occupational accident and disease insurance, trade union fees; meal allowances; transaction attire costs; female employee costs, overtime pay, regular health check-ups, and other employee costs according to the regulations applicable to single-member limited liability companies held 100% by the State.

- For cooperative funds operating under the cooperative model: Costs for management personnel and employees according to the Cooperative Law, the Charter of Organization and Operation of the Fund, and the Wage and Salary Regulations for management personnel and employees of the Fund approved at the General Assembly.

c) Costs for management and public service activities: Electricity, water, telephone, internet, postal fees, office supplies; travel expenses, consulting fees related to the Fund's activities, payment service fees, auditing fees; fees for hiring domestic and foreign experts; fees for collaborators, scientific research, technological innovation; training and professional instruction fees; incentives for productivity improvement initiatives, environmental protection, and facility security; medical expenses, fuel costs, fire prevention and extinguishing costs, transportation costs, publicity, advertising, and marketing costs; conference, reception, and ceremonial costs according to legal provisions;

d) Allowances for兼任多个职务的职位补贴（如有）;

d) Other management costs as prescribed by law.

4. Costs as stipulated in point i, Clause 2, Article 42 of Decree No. 45/2021/NĐ-CP.

5. Provisions for inventory write-downs, bad debt provisions, asset loss provisions, financial investment provisions, and other provisions applied according to the legal provisions applicable to single-member limited liability companies held 100% by the State (for cooperative funds operating under the model of a single-member limited liability company held 100% by the State) or legal provisions applicable to cooperatives (for cooperative funds operating under the cooperative model).

6. Other costs:

a) Costs of selling and liquidating assets (if any), including the residual value of liquidated or sold fixed assets;

b) Loss handling costs after offsetting with other sources of capital as prescribed;

c) Costs of items that have been recorded as revenue but were actually not received;

d) Penalties for breach of economic contracts;

đ) Litigation fees, enforcement fees, and other litigation costs as prescribed by law;

e) Social work costs as prescribed by tax laws;

g) Membership fees for domestic and international industry associations that the Fund participates in as prescribed by law (if any);

h) Costs for party and mass organization activities;

i) Other costs as prescribed by law.

7. Cost standards specified in Clause 1, Clause 2, Clause 3, and Clause 4 of this Article shall be implemented as follows:

a) For cooperative funds operating under the model of a single-member limited liability company held 100% by the State: The Fund shall implement according to the legal provisions applicable to single-member limited liability companies held 100% by the State. In cases where there are no legal provisions or cost limits, the cooperative fund shall base its internal expenditure rules on its financial capacity, decide on expenditures ensuring economy and efficiency, and bear legal responsibility;

b) For cooperative funds operating under the cooperative model: Implementation according to the Cooperative Law and guiding documents. In cases where there are no legal provisions or cost limits, the cooperative fund shall base its internal expenditure rules on its financial capacity, decide on expenditures ensuring economy and efficiency, and bear legal responsibility.

Article 9. Expenses that cannot be recorded as costs

1. Losses that have been supported by the State or compensated by insurance agencies, the party causing damage.

2. Penalties for administrative violations, environmental violations, overdue loan penalties due to subjective reasons, financial system violations.

3. Expenses without valid and reasonable invoices or supporting documents as prescribed by law.

4. Expenses from other funding sources.

5. Personal donations to localities, social organizations, and other agencies.

6. Expenses exceeding the limits stipulated in this Circular and other relevant legal documents.

Article 10. Approval of Financial Reports

Annually, the Cooperative Fund has the responsibility to report and submit the financial report for approval by the Federation of Cooperatives at the same level (for Cooperative Funds operating under the model of a limited liability company with 100% state-owned capital) or the General Assembly of Members (for Cooperative Funds operating under the cooperative model) after the annual financial report has been audited by an independent auditing organization according to the law on auditing and reviewed by the auditor.

Article 11. Reporting and Publicizing Financial Information

1. The Cooperative Fund implements reporting procedures as prescribed in Article 44 of Decree No. 45/2021/NĐ-CP.

2. Time to finalize data:

a) For the mid-year report: From January 1st of the reporting year to June 30th of the reporting year;

b) For the annual report: From January 1st of the reporting year to December 31st of the reporting year.

3. Report Forms:

a) Financial reports as specified in point a, Clause 3, Article 44 of Decree No. 45/2021/NĐ-CP: Implemented according to the accounting regulations of the Fund;

b) Reports on lending activities as specified in point c, Clause 3, Article 44 of Decree No. 45/2021/NĐ-CP:

- Local Cooperative Funds send reports to the Central Cooperative Fund for consolidation according to the form attached as Appendix Ia to this Circular;

- The Central Cooperative Fund consolidates and sends reports to relevant agencies according to the form attached as Appendix 1b to this Circular;

c) Comprehensive reports on business operations as specified in point b, Clause 3, Article 44 of Decree No. 45/2021/NĐ-CP:

- Local Cooperative Funds send reports to the Central Cooperative Fund for consolidation according to the form attached as Appendix 2a to this Circular;

- The Central Cooperative Fund consolidates and sends reports to relevant agencies according to the form attached as Appendix 2b to this Circular;

d) Deadline for submitting reports as prescribed in Clause 4, Article 44 of Decree No. 45/2021/NĐ-CP.

4. Publicizing financial information:

a) Cooperative Funds operating under the model of a limited liability company with 100% state-owned capital must publicize financial information according to the regulations applicable to state-owned enterprises;

b) Cooperative Funds operating under the cooperative model must publicize financial information according to the regulations applicable to cooperatives.

Article 12. Annual Financial Planning

1. For the Cooperative Fund operating under the model of a limited liability company with one member wholly owned by the State:

a) Developing the annual financial plan: The Cooperative Fund is responsible for developing the annual financial plan for approval by the Federation of Cooperatives at the same level according to the forms attached as Appendices 3, 4, 5, and 6 to this Circular, including: Annual financial plan; revenue-expenditure plan; basic construction investment and asset procurement plan; capital source and utilization plan;

b) Time to approve the financial plan: Before April 30 of the planning year:

- The Vietnam Federation of Cooperatives reviews and approves the annual financial plan for the Central Cooperative Fund;

- The provincial Federation of Cooperatives reviews and approves the annual financial plan for local Cooperative Funds after obtaining the consent of the provincial People's Committee and submits it to the provincial People's Committee and the same-level finance agency for management and supervision purposes.

2. For the Cooperative Fund operating under the cooperative model:

a) Developing the annual financial plan: The Cooperative Fund is responsible for developing the annual financial plan for approval by the General Assembly of Members according to the forms attached as Appendices 3, 4, 5, and 6 to this Circular;

b) Time to approve the financial plan: Before April 30 of the planning year, the General Assembly of Members reviews and approves the annual financial plan for the Cooperative Fund to implement.

Chapter III

SOME CONTENT ON THE ASSESSMENT OF COOPERATIVE FUND OPERATING EFFECTIVENESS AND RANKING

Section 1: Regarding the Cooperative Fund Operating Under the Model of a Limited Liability Company with 100% State Ownership

Article 13. Method for Determining Performance Evaluation Indicators

1. The annual performance evaluation indicators of the cooperative fund shall be implemented according to the provisions of Clause 1, Article 45 of Decree No. 45/2021/NĐ-CP and shall be determined as follows:

a) Indicator 1: Loan portfolio growth rate (including direct loan portfolio and entrusted loan portfolio) is the percentage ratio between the difference in the loan portfolio balance at December 31 of the year being evaluated and the loan portfolio balance at December 31 of the previous year divided by the loan portfolio balance at December 31 of the previous year;

b) Indicator 2: Non-performing loan ratio is the ratio between the amount of non-performing loans that the Fund bears risk for, as stipulated by the State Bank of Vietnam on loan classification for microfinance organizations, compared to the total loan portfolio that the Fund bears risk for (the loan portfolio that the Fund bears risk for includes direct loan portfolio and entrusted loan portfolio);

c) Indicator 3: Annual financial results are the difference between total revenue and total expenses incurred during the year being evaluated, as determined based on the audited financial report of the cooperative fund;

d) Indicator 4: Compliance with laws on investment, management, and use of capital, obligations to the state budget, and financial reporting system: The Fund complies with regulations, does not engage in any wrongful acts, omits, fails to fully implement, or delays implementation. Violations include actions by the Fund, individuals under the name of the Fund, or managers of the Fund when performing the Fund's tasks.

2. When calculating the performance evaluation indicators specified in Clause 1 of this Article, the Fund may exclude objective factors according to the provisions of Clause 2, Article 45 of Decree No. 45/2021/NĐ-CP.

Article 14. Method for Classifying the Cooperative Fund

The cooperative fund evaluates and classifies performance efficiency based on the principle of comparing actual results with assigned indicators in the Fund’s financial plan, specifically as follows:

1. Indicator 1: Loan portfolio growth rate

a) The cooperative fund is classified as Type A when the actual indicator achieved is equal to or higher than the assigned plan;

b) The cooperative fund is classified as Type B when the actual indicator achieved is lower than the assigned plan but at least 90% of the assigned plan;

c) The cooperative fund is classified as Type C when the actual indicator achieved is below 90% of the assigned plan.

2. Indicator 2: Non-performing loan ratio

a) The cooperative fund is classified as Type A when the actual indicator achieved is equal to or lower than the assigned plan;

b) The cooperative fund is classified as Type B when the actual indicator achieved is higher than the assigned plan but at most 110% of the assigned plan;

c) The cooperative fund is classified as Type C when the actual indicator achieved is higher than 110% of the assigned plan.

3. Indicator 3: Annual financial results

a) The cooperative fund is classified as Type A when the actual indicator achieved is equal to or higher than the assigned plan;

b) The cooperative fund is classified as Type B when the actual indicator achieved is lower than the assigned plan but at least 90% of the assigned plan;

c) The cooperative fund is classified as Type C when the actual indicator achieved is below 90% of the assigned plan.

4. Indicator 4: Compliance with laws on investment, management, and use of capital by the Fund, obligations to the state budget, and financial reporting system.

a) The cooperative fund is classified as Type A when: During the year of performance evaluation, the Fund is not penalized administratively by competent authorities for tax violations in the group of actions leading to underpayment of taxes due or overpayment of tax exemptions, reductions, refunds, or non-collection, or tax evasion; or is not reminded in writing by the owner representative agency/financial agency once about submitting reports for financial supervision, performance evaluation reports of the cooperative fund, and financial reports not in accordance with regulations or deadlines;

b) The cooperative fund is classified as Type B when during the year of performance evaluation, the Fund is penalized administratively by competent authorities for tax violations due to one action in the group of actions leading to underpayment of taxes due or overpayment of tax exemptions, reductions, refunds, or non-collection; or is reminded in writing by the owner representative agency/financial agency twice about submitting reports for financial supervision, performance evaluation reports of the cooperative fund, and financial reports not in accordance with regulations or deadlines;

c) The cooperative fund is classified as Type C when during the year of performance evaluation, the Fund is penalized administratively by competent authorities for tax violations due to two or more different actions in the group of actions leading to underpayment of taxes due or overpayment of tax exemptions, reductions, refunds, or non-collection; or the Fund engages in tax evasion as stipulated by the Government regarding administrative penalties for tax violations and invoices; or is reminded in writing by the owner representative agency/financial agency three times or more about submitting reports for financial supervision, performance evaluation reports of the cooperative fund, and financial reports not in accordance with regulations or deadlines; Managers of the Fund violate laws during the process of performing their duties in compliance with laws on investment, management, and use of capital, obligations to the state budget, and financial reporting systems and reports for financial supervision as concluded by competent agencies. The classification of the Fund only counts once for the same violation case of the Fund manager;

d) Tax procedural violations are not considered for performance evaluation classification.

Article 15. Classification of Cooperative Fund

1. The Fund is classified as Class A if it does not have any indicators classified as Class C, including at least two indicators classified as Class A or higher and none classified as Class C.

2. The Fund is classified as Class C if there are two indicators not classified as Class A and the remaining indicators are all classified as Class C.

3. The Fund is classified as Class B in all other cases.

4. Based on the evaluation criteria for operational effectiveness stipulated in this Circular, the Fund shall report the results of its evaluation and classification to the same-level Cooperative Union for review and approval of the Fund's operational effectiveness classification before May 31 each year.

Section 2: For Cooperative Funds Operating under the Cooperative Model

Article 16. Evaluation of Operational Effectiveness and Classification of Cooperative Funds Operating under the Cooperative Model

For Cooperative Funds operating under the cooperative model, based on the provisions of Chapter III of this Circular, the Charter of the Fund’s organization and operation, management requirements, the Cooperative Fund shall submit to the General Assembly of Members for approval a regulation on the evaluation of operational effectiveness and classification of the Cooperative Fund, the evaluation and classification of managers and supervisors of the Cooperative Fund to implement, ensuring compliance with the provisions of Government Decree No. 45/2021/NĐ-CP, the Law on Cooperatives, and related guiding documents or amendments, supplements, or replacements (if any).

Chapter IV
SOME CONTENTS ON THE TRANSITION OF COOPERATIVE FUND MODELS

Article 17. Transition from a Cooperative Fund Operating under the Limited Liability Company Model with 100% State Capital to the Cooperative Model.

1. Cooperative Funds that wish to transition their model must develop a dissolution plan for the current Cooperative Fund and a plan to establish a new Cooperative Fund operating under the new model (financial plan, organizational structure plan, outstanding loan balance, and related contents), report to the same-level Cooperative Union for review and submit to the competent authority for decision in accordance with Articles 46 and 50 of Government Decree No. 45/2021/NĐ-CP.

2. Based on the dissolution plan for the current Fund and the establishment plan for the new Fund operating under the new model approved by the competent authorities as stipulated in Clause 1 of this Article:

a) Regarding the dissolution of the current Cooperative Fund: The dossier, procedures, formalities, and financial handling during the dissolution of the Fund shall be applied according to the legal regulations on the dissolution of limited liability companies with 100% state capital.

b) Regarding the establishment of a new Cooperative Fund operating under the new model: The establishment of a new Cooperative Fund operating under the cooperative model shall be carried out in accordance with Article 15 of Government Decree No. 45/2021/NĐ-CP.

Article 18. Transition from a Cooperative Fund Operating under the Cooperative Model to the Limited Liability Company Model with 100% State Capital

1. Cooperative Funds wishing to transition their model must develop a dissolution plan for the current Cooperative Fund and a plan to establish a new Cooperative Fund operating under the new model (financial plan, organizational structure plan, outstanding loan balance, and related contents), report to the provincial Cooperative Union for review and submit to the competent authority for decision in accordance with Articles 46 and 50 of Government Decree No. 45/2021/NĐ-CP.

2. Based on the dissolution plan for the current Fund and the establishment plan for the new Fund operating under the new model approved by the competent authorities as stipulated in Clause 1 of this Article:

a) Regarding the dissolution of the current Cooperative Fund: The dossier, procedures, formalities, and financial handling during the dissolution of the Fund shall be applied according to the legal regulations on the dissolution of cooperatives stipulated in the Law on Cooperatives and related guiding documents or amendments, supplements, or replacements (if any).

b) Regarding the establishment of a new Cooperative Fund operating under the new model: The establishment of a new Cooperative Fund operating under the limited liability company model with 100% state capital shall be carried out in accordance with Article 15 of Government Decree No. 45/2021/NĐ-CP.

Chapter V
RESPONSIBILITIES OF THE AUTHORITIES

Article 19. Responsibilities of the Ministry of Finance

1. Implement the responsibilities prescribed in Article 51 of Decree No. 45/2021/NĐ-CP.

2. Take the lead and coordinate with relevant agencies to evaluate and study amendments and supplements to this Circular when necessary.

Article 20. Responsibilities of Provincial People's Committees

1. Implement the responsibilities as stipulated in Clause 2 of Article 55 of Decree No. 45/2021/NĐ-CP.

2. Direct the Chairman of the Cooperative Fund and the Cooperative Fund to implement financial mechanisms, assess operational effectiveness, classify, and handle financial matters when transitioning the fund model according to the provisions of this Circular.

3. Direct the Department of Planning and Investment to guide the Cooperative Fund on re-registering the Certificate of Establishment of the Cooperative Fund in accordance with Point d, Clause 5 of Article 58 of Decree No. 45/2021/NĐ-CP.

Article 21. Responsibilities of the Cooperative Union at all levels

1. Implement the responsibilities prescribed in Articles 8 and 56 of Decree No. 45/2021/NĐ-CP.

2. Review and submit to the competent authority for approval the plan to transition the operation model of the Cooperative Fund in accordance with Article 50 of Decree No. 45/2021/NĐ-CP and this Circular.

Article 22. Responsibilities of the Cooperative Fund

Implement the financial management mechanism and related contents concerning the operations of the Cooperative Fund as prescribed in Decree No. 45/2021/NĐ-CP, this Circular, and related regulatory legal documents.

Chapter VI

IMPLEMENTING PROVISIONS

Article 23. Effectiveness of Implementation

1. This Circular takes effect from October 1, 2022.

2. This Circular replaces Circular No. 81/2007/TT-BTC dated July 11, 2007, of the Ministry of Finance guiding the financial regime for the Cooperative Support Development Fund.

Article 24. Implementation Organization

1. The Chairman/Chairman of the Management Board of the Cooperative Fund, the management board of the Cooperative Fund, and related organizations and individuals are responsible for implementing the provisions of this Circular.

2. In the course of implementation, if there are difficulties or obstacles, the relevant agencies and units are requested to report to the Ministry of Finance for guidance in accordance with the law./.