Establishment of Hai Duong Cooperative Development Support Fund

According to the Provincial Cooperative Union, the capital demand for production and business development of the collective economic sector and cooperatives in the province is currently more than 200 billion VND/year.

At the 23rd Session, the 17th Provincial People's Council passed a Resolution approving the policy of establishing the Cooperative Development Support Fund of Hai Duong province.

According to the resolution, the charter capital of the Hai Duong Province Cooperative Development Support Fund is 20 billion VND, allocated from the provincial budget. The Fund has legal status, a seal, and is allowed to open accounts at the State Treasury, the Vietnam Bank for Social Policies, and commercial banks legally operating in Hai Duong Province. The Cooperative Development Support Fund is a non-budgetary state financial fund operating under the model of a single-member limited liability company with 100% of the charter capital held by the State.

In the 2024-2030 period, the provincial budget will supplement capital on the basis of balancing capital sources to suit the actual situation in the locality. The activities of the Cooperative Development Support Fund include lending, receiving trust and entrusting.

According to the Provincial Cooperative Union, the capital demand for production and business development of the collective economic sector and cooperatives in the province is currently more than 200 billion VND/year, while the self-financing capacity of cooperatives is only less than 20% and about 10% of cooperatives can borrow capital from the Vietnam Cooperative Development Support Fund.

See details of the resolution here

MINH NGUYEN

Source: https://baohaiduong.vn/thanh-lap-quy-ho-tro-phat-trien-hop-tac-xa-hai-duong-387969.html