In June 2023, a milestone achievement marked the culmination of strategic collaboration between the Ministry of Planning and Investment (MPI) in Vietnam and DGRV. With DGRV’s steadfast support, the amendment to the Cooperative Law included relevant provisions for external and internal audits, introducing a new phase of transparency and accountability within cooperatives.
Before, the landscape of audit practices within cooperatives in Vietnam was notably sparse. Unlike businesses, which had long embraced internal and external audits, cooperatives operated without specific regulatory frameworks for such practices. Many cooperative leaders had apprehensions, associating audits with state scrutiny and the potential for punitive measures due to perceived mismanagement.
Since 2003, DGRV is promoting cooperative audit awareness and proficiency in Vietnam. Through concerted efforts, DGRV collaborates with local partners within the Cooperative Alliance system to conduct a pilot audit program encompassing 109 cooperatives. These initiatives, supported financially and technically by the WINGS project, laid the groundwork for subsequent endeavors.
The collaborative journey extended beyond local partnerships, as DGRV engaged with legal authorities, notably the MPI, from 2019 to 2023. Drawing on experiences from neighboring countries and providing conceptual inputs for legislative drafts, DGRV played an instrumental role in shaping the Cooperative Law amendment. The inclusion of an important chapter regulating external and internal cooperative audits, underscored the significance of DGRV’s contributions.
Participants of a Study Tour from DGRV Philippines to the Project in Vietnam. How to improve cooperative audit und what lessons learned come along with it were main topics of the exchange.
Looking ahead, DGRV remains committed to facilitating the widespread adoption of cooperative audit practices in accordance with the new regulatory framework. Collaborative efforts with the MPI will focus on developing criteria for auditing large cooperatives, ensuring comprehensive coverage and adherence to standards. The introduction of cooperative audit regulations represents a testament to the power of strategic collaboration and visionary leadership, paving the way for a more transparent, accountable, and thriving cooperative ecosystem in Vietnam.
A Project Story of the Month / DGRV Vietnam
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