Circular No. 52/2022/TT- 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
concerning the establishment, organization, and operation of the Cooperative Development Support Fund

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 Cooperative Development Support Fund of Vietnam (Central Cooperative Fund) and the Cooperative Development Support Fund at provincial level (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 such companies.

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 REGARDING THE MANAGEMENT OF FINANCIAL RESOURCES 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 related matters 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, purchase, authority, procedures, formalities, and other related matters 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 relevant 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 of asset losses

When suffering asset losses, the Cooperative Fund must determine the extent of loss, cause, responsibility, and handle it 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 compliance with the law and bear responsibility for its decision.

3. In cases where 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 funds set aside in expenses, if there is a shortfall, shall be covered by the financial reserve fund of the Cooperative Fund. If the financial reserve fund is insufficient to cover the shortfall, the deficit shall be recorded as an expense in the current period of the Fund.

Article 5. Principles for Recognizing Revenue

1. The cooperative fund's revenues must be recorded and accounted for in accordance with the provisions of Vietnamese accounting standards and relevant laws for the purpose of preparing and presenting financial statements, provided that there are valid invoices or supporting documents.

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

a) The fund records the receivable interest arising during the period into 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 receivable interest on loans retained in the standard category due to implementation of state policies and receivable interest arising during the period on remaining loans, such amounts shall not be recorded 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 receivable interest arising during the period from deposits.

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: follow the tax laws and relevant laws.

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

Article 6. Revenue

The 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 borrowers of the fund 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 leasing assets;

c) Differences between insurance compensation received for property losses and actual losses incurred;

d) Recovered previously written-off receivables;

e) Reimbursement of provisions;

f) Other lawful revenues as prescribed by law.

Article 7. Principles for Recording and Managing Expenses

1. Expenses recorded as operational costs of the cooperative fund must comply with the matching principle between revenue and expenses, and have valid invoices and supporting documents as required by law. Cooperative fund expenditures must be recorded and accounted for in accordance with Vietnamese accounting standards and relevant laws for the purpose of preparing and presenting financial statements.

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 shall develop and submit to the Fund Chairman for issuance an internal expenditure regulation, which includes appropriate expenditure limits for each phase to ensure compliance with legal requirements;

b) For cooperative funds operating under a cooperative model: the Chairman of the Board of Management shall issue the internal expenditure regulation of the fund after the General Assembly approves and adopts the regulation;

c) For expenditures not in accordance with established procedures, not settled, or exceeding the limits set forth in the internal expenditure regulation, the fund must clearly identify the responsibility of the relevant organizations and individuals and propose a compensation plan to the competent authority for decision.

3. Determination of expenses of the fund 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 entrusting and receiving entrustment activities;

d) Provisions for loan risks according to Clause 28 of Decree No. 45/2021/NĐ-CP;

đ) Purchase of risk insurance and other types of business insurance 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 include: Depreciation of fixed assets; rental of fixed assets; maintenance, repair, and operation costs of assets; purchase and supply costs of tools and equipment; asset insurance costs, inspection fees for means of transport 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 workers:

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 costs; transaction attire costs; female worker costs, overtime costs, regular health check-up costs, and other costs for workers in accordance with the law 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 workers shall be applied according to the Law on Cooperatives, the Charter and Operation Regulations of the Fund, and the Wage and Salary Regulations for Management Personnel and Workers of the Fund approved by the Members' Congress;

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

d) Allowance costs for兼任职务的职衔（如有）；

đ) Other management costs as prescribed by law.

4. Costs as stipulated at point i clause 2 Article 42 of Decree No. 45/2021/NĐ-CP.

5. Provision costs for inventory write-downs, doubtful debts, asset losses, financial investments, and other provisions shall be applied according to the law 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 the law 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 funds as prescribed;

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

d) Penalty costs due to violation of economic contracts;

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

e) Social work costs as prescribed by tax laws;

g) Membership fee costs 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. The cost standards stipulated in clauses 1, 2, 3, and 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 law applicable to single-member limited liability companies held 100% by the State. In cases where the law has no provisions or does not control expenditure levels, the cooperative fund shall base its internal expenditure regulations on its financial capacity, decide on expenditures ensuring economy and efficiency, and bear responsibility before the law;

b) For cooperative funds operating under the cooperative model: Implementation shall be carried out according to the Law on Cooperatives and guiding documents. In cases where the law has no provisions or does not control expenditure levels, the cooperative fund shall base its internal expenditure regulations on its financial capacity, decide on expenditures ensuring economy and efficiency, and bear responsibility before the law.

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, and financial system violation penalties attributable to individual responsibility.

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 set forth in this Circular and other relevant legal regulations.

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 Financial Disclosure System

1. The Cooperative Fund implements the reporting system as stipulated 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 regime 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 using the form attached as Appendix Ia to this Circular;

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

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

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

4. Financial Disclosure:

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

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

Article 12. Annual Financial Plan Preparation

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

a) Annual financial plan preparation: The Cooperative Fund is responsible for preparing the annual financial plan for approval by the Federation of Cooperatives at the same level using 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 receiving the approval of the provincial People's Committee and sends 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) Annual financial plan preparation: The Cooperative Fund is responsible for preparing the annual financial plan for approval by the General Assembly of Members using 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 implementation by the Cooperative Fund.

Chapter III

SOME CONTENTS ON ASSESSING THE EFFECTIVENESS OF OPERATIONS AND RATING COOPERATIVE FUNDS

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 Clause 1, Article 45 of Decree No. 45/2021/NĐ-CP and shall be determined as follows:

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

c) Indicator 3: Annual financial results are the difference between total revenue and total expenses incurred during the year being evaluated, 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, delays, or fails to implement. Violations include actions by the Fund, individuals under the name of the Fund, or managers of the Fund causing 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 Clause 2, Article 45 of Decree No. 45/2021/NĐ-CP.

Article 14. Method for Classifying Cooperative Funds

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

1. Indicator 1: Loan growth rate

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

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

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

b) The cooperative fund is classified as Type B when the actual indicator 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 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 for tax evasion; or is not reminded in writing by the owner representative agency/financial agency more than once about submitting reports for financial oversight, 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 one violation 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 oversight, 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 two or more different violations 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 three or more times by the owner representative agency/financial agency about submitting reports for financial oversight, 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 the Fund's tasks related to compliance with laws on investment, management, and use of capital, obligations to the state budget, and regulations on financial reporting systems and reports for financial oversight as concluded by competent agencies. The classification of the Fund is only counted 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 criteria classified as Class C, including at least two criteria classified as Class A or higher and none classified as Class C.

2. The Fund is classified as Class C if there are two criteria not classified as Class A and the remaining criteria 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 reports 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, as well as the evaluation and classification of managers and supervisors of the Cooperative Fund, to ensure 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-making according to Articles 46 and 50 of Government Decree No. 45/2021/NĐ-CP.

2. Based on the dissolution plan for the current Cooperative Fund and the establishment plan for the new Cooperative 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 dissolution procedures, financial handling, and documentation follow the legal regulations concerning the dissolution of a limited liability company 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-level Cooperative Union for review, and submit to the competent authority for decision-making according to Articles 46 and 50 of Government Decree No. 45/2021/NĐ-CP.

2. Based on the dissolution plan for the current Cooperative Fund and the establishment plan for the new Cooperative 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 dissolution procedures, financial handling, and documentation follow the legal regulations concerning the dissolution of cooperatives as 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. Fulfill 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. Fulfill the responsibilities 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 as prescribed in this Circular.

3. Direct the Department of Planning and Investment to guide Cooperative Funds on re-registering the Certificate of Establishment of Cooperative Funds according to 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. Fulfill 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 for transitioning the operation model of the Cooperative Fund as prescribed in 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 Fund for Development of Cooperatives.

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, relevant agencies and units are requested to report to the Ministry of Finance for guidance in accordance with the law.