National Assembly deputies vote in favour of the amended Law on Cooperatives on Tuesday morning at the fifth session of the 15th National Assembly.—VNA/VNS Photo Doãn Tấn

HÀ NỘI — The National Assembly passed the amended Law on Cooperatives and the Resolution on the investment policy of the road project from National Highway 27C to Provincial Road DT.656, connecting Khánh Hòa Province and two provinces of Lâm Đồng and Ninh Thuận on Tuesday morning during the fifth session of the 15th National Assembly.

More than 94 per cent of National Assembly deputies voted in favour of the amended Law on Cooperatives.

The amended Law on Cooperatives, which consists of 12 chapters with 115 articles, is set to take effect on July 1, 2024.

The amended law provides the State's policies on the development of cooperative groups, cooperatives and cooperative unions; members of cooperatives; and their establishment and administration.

One of the new points under the amended law is that it has supplemented the State's policies on developing cooperative groups, cooperatives and cooperative unions.

The amended law supplemented policies on replicating cooperative models; promoting collective economic examples; supporting cooperative groups, cooperatives and cooperative unions to form raw material areas, produce, and consume products, apply and certify standards for market development; supporting the formation of products, goods and services of local origin, which are characterised by economic, cultural and local advantages.

The amended law also added regulations on investing and developing infrastructure and equipment for cooperative groups, cooperatives and cooperative unions to serve production and business activities, social security, and environmental protection adapting to climate change; funding for investment, building infrastructure associated with the formation of production chains, providing processing services and consuming products of cooperative groups, cooperatives and cooperative unions.

The amended law also provided regulations on conditions for economic organisations with foreign investment capital; individuals, who are foreign investors, to become members of cooperatives and unions of cooperatives, conditions on the number of members, and conditions on maximum capital contribution in cooperatives and cooperative unions.

The amended law abolishes regulations on the transfer of capital contributions of members in cooperatives and unions of cooperatives to ensure that it reflects their true nature and avoids buying and selling capital contributions similar to joint stock and limited liability companies.

NA adopts road resolution

Also on Tuesday morning, more than 95 per cent of National Assembly deputies approved the Resolution on the investment policy of the road project from National Highway 27C to Provincial Road DT.656, connecting Khánh Hòa Province and two provinces of Lâm Đồng and Ninh Thuận.

The project aims to concretise the development goals of Khánh Hòa Province according to Resolution No.09-NQ/TW dated January 28, 2022, of the Politburo; complete the traffic system connecting the two mountainous districts of Khánh Sơn and Khánh Vĩnh according to the traffic system planning of the province; create conditions for socio-economic development of these two districts and the province; and increases the ability to connect traffic and inter-regional freight with Ninh Thuận and Lâm Đồng provinces.

It also aims to strengthen national defence and security in the region, and effectively serve the patrol, control, management and protection of forests.

The 56.9-km road is scheduled to have investment of more than VNĐ1.9 trillion (US$80.9 million) from both the State budget and local budget. As planned, the State budget will spend about VNĐ1 trillion ($42.5 million) on the project.

The project, which will be implemented under the form of public investment, is set to begin this year and finish in 2027.

Chairman of the People's Committee of Khánh Hòa was assigned to make decisions related to the project investment, complying with the provisions of the law on public investment and relevant provisions of law for projects managed by the province. — VNS