Vietnam: The small and medium enterprise development fund shall have legal personality

15:30, 15/05/2019

On May 10, 2019, the Government of Vietnam issued Decree No. 39/2019/NĐ-CP on organization and operation of the small and medium enterprise development fund.

According to Decree No. 39/2019/NĐ-CP of Vietnam’s Government, the small and medium enterprise development fund shall have the legal status and legal personality as follows:

- Small and medium enterprise development fund is an out-of-budget state financial fund operating for not-for-profit purposes which is established by the Prime Minister.

- The Fund shall adopt the operational structure of a single-member limited company whose chartered capital is wholly owned by the State.

- The Fund shall have legal personality, chartered capital, independent financial report and seal and may open an account at the State Treasury and other commercial banks operating legally in Vietnam in accordance with law.

- The Ministry of Planning and Investment shall be authorized to play its role as and implement its rights and obligations of an agency representing the state owner of the fund.

- The Fund’s main office shall be located in Hanoi capital.

View relevant provisions at Decree No. 39/2019/NĐ-CP of Vietnam’s Government, effective from July 01, 2019.

- Thanh Lam -

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