Cooperative members can be foreigners

On November 20th, the National Assembly passed the Law on Cooperatives 2012.

One of the interesting new points which is foreigners legally residing in Vietnam now can become a member of the cooperative. Accordingly, the Government shall stipulate the conditions and procedures for becoming a member of the cooperative for Vietnamese legal entities and foreign individuals who are legally residing in Vietnam.

Moreover, according to the new Law on Cooperatives, member’s capital contribution in accordance with the charter, but not more than 20% of the charter capital of the cooperative.

Furthermore, the organizational structure of cooperatives fundamental changes through regulations on congress members, the board, the director (general director) and the control or controller…

The 2012 Cooperative Law comes into force from the date of July 1st 2013.