Vietnam: From what age can children keep their own lucky money? Is lucky money considered children’s own property?
From what age can children keep lucky money?
Pursuant to Clause 1, Article 76 of the 2014 Law on Marriage and Family of Vietnam stipulating management of children’s own property in Vietnam as follows:
Management of children’s own property in Vietnam
1. Children aged full 15 or older may themselves manage or ask their parents to manage their own property.
2. Property of children who are under 15 or children who have lost their civil act capacity shall be managed by their parents. Parents may authorize other persons to manage their children’s own property. Unless otherwise agreed by parents and children, children’s own property managed by their parents or other persons shall be given to them when they are full 15 years or older or have fully restored their civil act capacity.
3. Parents shall not manage their children’s own property when their children are under the guardianship of other persons as prescribed by the Civil Code; or when the persons giving or bequeathing under testament property to their children have designated other persons to manage such property, or in other cases as prescribed by law.
4. In case parents are managing property of their minor children or adult children who have lost their civil act capacity and their children are assigned to other guardians, the children’s property shall be delivered to the guardians for management under the Civil Code.
At the same time, based on Article 77 of the 2014 Law on Marriage and Family of Vietnam stipulating as follows:
Disposition of property of minor children or adult children who have lost their civil act capacity
1. Parents or guardians who manage under-15 children’s own property have the right to dispose of such property in the interests of the children and shall take into account the children’s desire if they are full 9 years or older.
2. Children aged between full 15 and under 18 have the right to dispose of their own property other than real estate, movable assets with registered ownership and use rights or property used for business activities the disposal of which is subject to written consent of their parents or guardians.
3. Guardians of adult children who have lost their civil act capacity may dispose of the latter’s own property.
According to the above regulations, the age to keep lucky money for children is regulated as follows:
- Children from 15 years old can manage their lucky money by themselves or ask their parents
- Children under 15 years old or have lost their civil act capacity, the lucky money is managed by their parents
Children from full 15 years old to under 18 years old have the right to dispose of their own property
- For children from full 9 years old and above - under 15 years old, parents must consider their children's wishes when deciding their own property.
In short:
- Children from the age of 15 will have the right to keep their own lucky money and decide for themselves how to use the lucky money;
- If the child is 9 years old, the lucky money is still kept by the parents, but if the parents want to use it, they must ask the child's wishes
- Children aged 9 and under, parents can keep and use lucky money for the benefit of their children.
Vietnam: From what age can children keep their own lucky money? Is lucky money considered children’s own property? (Image from the Internet)
Is lucky money considered children’s own property?
Pursuant to Article 75 of the 2014 Law on Marriage and Family of Vietnam stipulating as follows:
Children’s right to have their own property
1. Children have the right to have their own property which includes property separately inherited by or given to them, incomes from their work, yields and profits arising from their own property and other lawful incomes. Property created from children’s own property is also their own property.
2. If they have incomes, children who are full 15 years or older and live with their parents have the obligation to attend to the family’s common life and make contributions to meeting the family’s essential needs.
3. Adult children have the obligation to contribute their incomes to meeting the family’s essential needs according to Clause 4, Article 70 of this Law.
Thus, have the right to have their own property which includes property separately inherited by or given to them, incomes from their work, yields and profits arising from their own property and other lawful incomes.
Therefore, lucky money is the property that the child is given, so the lucky money is the child's own property and the children have the right to have that own property.
What is the penalty upon parents for forcing their children to give them lucky money?
Pursuant to Article 58 of Decree 144/2021/ND-CP stipulating as follows:
Acts of economic violence
A fine of from VND 20.000.000 to VND 30.000.000 shall be imposed for any of the following violations:
1. Seizing private property of family member;
2. Forcing family members to overwork or do heavy and dangerous work, exposure to toxic substances or do other work in contradiction with regulations of law on labor;
3. Forcing family members to beg or wander for a living.
Thus, parents who force their children to give them lucky money can be fined from VND 20,000,000 to VND 30,000,000 for appropriating private property of family members.
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