National Assembly Chairman Vương Đình Huệ chairs the NA Standing Committee's discussions on the draft revised Cooperative Law on Friday in Hà Nội. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — National Assembly (NA) Chairman Vương Đình Huệ chaired a discussion on the draft Cooperative Law (revised), which will receive the final consideration from the NA Standing Committee before being submitted to the legislature's upcoming fifth session for approval.

Huệ underlined that although the contribution proportion of cooperatives to the country’s GDP is not very high, this is an important economic sector that has a close attachment to the nation's socio-economic development in general, especially in agricultural and new-style rural development.

According to Chairman of the NA Economic Committee Vũ Hồng Thanh, relevant parties have reached a consensus on many issues of the bill, including those in internal credit activities and cooperative audit, but there are still many issues with different opinions, including the name of the law, as well as issues related to Cooperative Federation, representative organisation and Cooperative Alliance.

Participants agreed to keep the name of the bill unchanged as the Cooperative Law (revised) as well as the regulations of internal credit not for profit but for the purpose of capital preservation.

The most important thing is that policies to encourage cooperative development must be feasible, accessible and easy to come to life, especially preferential policies on land, credit, tax, and social insurance, they said.

Participants also pointed out difficulties in forming internal auditing bodies of cooperatives.

Concluding the discussion, Huệ asked the NA Economic Committee and the Ministry of Planning and Investment as well as relevant agencies to come up with a single option to submit to the NA and NA Standing Committee.

He also asked Deputy Prime Minister Trần Lưu Quang to consult the Government again to soon agree on major issues raised at the discussion. — VNS