For this trick, you will need a 40mm grenade pouch. These are available as military surplus for under $5. They really don't seem to fit anything well, besides 40mm grenades, which is why they are so cheap. The one I have here I believe I purchased for $1-$2.
If you look at the bottom of it, you will see that it is partially open. This is why it is not good at holding anything other than 40mm grenades.
In order to make it useful for carrying a hatchet, we need to open it all the way. Simply take a razor blade and cut the stitching that partially closes it. Here is the amount of stitching that needs to be cut outlined in red. This needs to be cut on both sides.
And finally, here is the pouch carrying a hatchet.
This could also hold a shovel or other similar tools with handles.
This is a simple, cheap, and effective way to carry a hatchet on a MOLLE pack. I hope that at least a few people out there will find this useful on future expeditions.