What are the sources of income of the Vietnam Chamber of Commerce and Industry (VCCI)?

What are the sources of income of the Vietnam Chamber of Commerce and Industry (VCCI)? - Image from Internet

The sources of income of the Vietnam Chamber of Commerce and Industry (VCCI) are regulated by Article 6 of Circular 133/2015/TT-BTC, which guides the financial management mechanism of the Vietnam Chamber of Commerce and Industry, issued by the Minister of Finance.

According to this Circular, the sources of income of VCCI do not include the income from the Taiwan-focused Committee.

1. Income from promotion activities

1.1. Sources of income:

a) Membership fees and association fees paid by members.

b) Income from promotion activities listed in Clause 1.2 of Article 6 of this Circular. This includes the fees for issuing C/O certificates at the rates set by the Ministry of Finance, or at the rates of government support in case of a policy of suspending fees.

c) Contributions, donations, gifts in cash and in kind from individuals and organizations for promotion activities; income from foreign aid (according to projects or individual aid).

d) Support from the state budget for the implementation of promotion activities.

e) Other legal sources according to the law from promotion activities.

1.2. Promotion activities carried out by VCCI:

a) Activities of a promotional nature within the functions and tasks stipulated in the Charter of VCCI, including the activity of issuing certificates of origin for Vietnamese export goods (issuing C/O) according to the tasks assigned by the competent authority.

b) Organizing the reception of foreign businessmen and organizations to Vietnam to seek investment opportunities and promote trade.

c) Leading the establishment and organization of the activities of the Vietnam Business Forum, the Vietnam Business Council with businesses of other countries according to the tasks assigned by the Government.

d) Organizing business delegations to accompany the leaders of the Party and the State on overseas trips to expand international relations in trade, investment and tourism.

dd) Implementing programs, projects, and topics according to the plan approved by the competent state agency.

e) Other promotion activities that are consistent with the functions and tasks stipulated in the Charter of VCCI and the tasks assigned by the competent authorities.

2. Revenue from business and service activities:

a) Revenue from the sale of goods; publishing books, magazines; advertising activities.

b) Income from the sale of samples of C/O certificates, fees for services of notarizing other necessary documents in business, confirming force majeure cases. The price of C/O samples and the fees for notarization and confirmation are decided and taken responsibility by the Chairman of VCCI according to the principle of fully compensating for the arising costs; at the same time, the price of C/O samples must not exceed the fees of the functional agencies currently providing similar services.

c) Other income from business and service activities that are consistent with the functions and tasks stipulated in the Charter of VCCI.

3. Revenue from financial activities includes:

a) Amounts arising from the operation of renting offices and other properties in accordance with the law.

b) Bank interest, interest due to exchange rate differences according to current regulations.

c) Other revenue from financial activities in accordance with the law.

4. Other income: Amounts from the sale of tools and equipment that have fully allocated their value, are damaged or no longer needed; income from the liquidation, sale of fixed assets (excluding state assets specified in paragraph 1.a of Article 5 of this Circular), insurance money received, accounts payable that are now lost are recorded as an increase in income, fines from customers for breach of contract and other income in accordance with the law

The above is advice on the sources of income of the Vietnam Chamber of Commerce and Industry (VCCI). For more detailed information, you should refer to Circular 133/2015/TT-BTC. We hope that our advice will help to resolve your concerns.

Best regards!