Vietnam’s Circular 08: Receipt of sponsorships, contributions and trusts by small and medium enterprises development fund

According to the Circular No. 08/2020/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, receipt of sponsorships, contributions and trusts by small and medium enterprises (SMEs) development fund is carried out as follows:

1. As for sponsorships, contributions and trusts in cash:

- The Fund shall set up separate accounting books to keep track of the sums of sponsorships, contributions and trusts;

- The Fund shall open an account at commercial bank to receive sponsorships, contributions and trusts transferred;

2. Sponsorships, contributions in kind:

- The Fund shall perform certain procedures for receiving and preparing premises and warehouses for preservation of sponsorships and contributions in kind to ensure convenience and quickness. The Fund shall set up separate accounting books to keep track of sponsorships, contributions and trusts in kind.

- In case of sponsorship and contribution in form of a “turnkey” basic construction work: The sponsor or contributor shall complete and send the documentation and proof in respect of the construction work to the Fund in order to do the accounting according to the value of the construction work handed over;

- In case of sponsorship of equipment, machinery: The sponsor or contributor shall provide technical specifications to the Fund as per applicable law.

Besides, conclusion of documentation on sponsorship, contribution or trust shall be carried out as follows:

- The conclusion of documentation on the sponsorship, contribution, or trust shall only be done if the documentation on the sponsorship, contribution, or trust has been approved by the competent authorities and the Fund has sent an official notice to the sponsor, contributor, or trustor.

- The President of Member Assembly shall conclude the documentation on the sponsorship, contribution, or trust with the sponsor, contributor, or trustor as prescribed in clause 1 Article 8 of Decree No. 39/2019/ND-CP and Circular No. 08/2020/TT-BKHĐT.

- Information disclosure: No later than 10 days after concluding the documentation on sponsorship, contribution, or trust, the Fund shall publish information on its website and at the Fund's headquarters.

View more details at the Circular No. 08/2020/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, effective from January 15, 2021.

Thuy Tram

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