Vietnam: Sponsorships of small and medium enterprises development fund shall be appraised under simplified procedure

Specifically, according to Article 9 of  the Circular No. 08/2020/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, appraisal of sponsorships, contributions, trusts of small and medium enterprises (SMEs) development fund under simplified procedure is prescribed as follows:

* A sponsorship, contribution, or trust shall be appraised under simplified procedure in any of the following cases:

- A repayable contribution or trust valued at up to VND 10 billion shall be at the discretion and approval of the Minister of Planning and Investment;

- A sponsorship, contribution, or trust valued at up to VND 1 billion shall be at the discretion and approval of the Fund.

* Appraisal application and process under simplified procedure of a repayable contribution or trust at the discretion and approval of the Minister of Planning and Investment:

- The appraisal application of a repayable contribution or trust includes the documents specified in clause 5 Article 8 hereof;

- The simplified appraisal process:

Step 1: The appraising agency shall verify if the appraisal application is valid as prescribed in point a clause 2 hereof;

Step 2: Appraise

If the application is unsatisfactory, the appraising agency shall request the Fund to make appropriate modification or completion and take the above-mentioned steps. If the application is valid and complete, the appraising agency shall carry out the appraisal and send an appraisal report and appraisal record to the Minister of Planning and Investment.

Note: The time limit for appraisal of the sponsorship, contribution, or trust is 10 days after receiving a valid and complete application. Where necessary, the Minister of Planning and Investment shall seek consultation from relevant agencies.

* Appraisal application and process under simplified procedure of a sponsorship, contribution, or trust at the discretion and approval of the President of Member Assembly:

- The appraisal application of a sponsorship, contribution, or trust includes the documents specified in clause 5 Article 8 hereof;

- The simplified appraisal process:

Step 1: The appraising agency shall verify if the appraisal application is valid as prescribed in point a clause 3 hereof;

Step 2: Appraise

If the application is invalid or incomplete, the Fund shall make appropriate modification or completion and take the above-mentioned steps. If the application is valid and complete, the Fund shall carry out the appraisal and complete an appraisal report and appraisal record.

Note: The time limit for appraisal of the sponsorship, contribution, or trust is 10 days after receiving a valid and complete application. Where necessary, the President of the Member Assembly shall seek consultation from relevant agencies.

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.

Le Vy

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