Vietnam: Who has the power to approve sponsorships, contributions, trusts of small and medium enterprises development fund?

According to the Circular No. 08/2020/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, there are 02 subjects having the power to approve sponsorships, contributions, trusts, including:

1. The Minister of Planning and Investment shall have discretion to approve repayable contributions and trusts of foreign organizations and individuals.

2. The President of the Member Assembly of SMEs Fund (hereinafter referred to as the President of the Member Assembly) shall have discretion to approve sponsorships, contributions and trusts of domestic organizations and individuals.

Besides, the preparation of documentation on sponsorships, contributions and trusts is guided as follows:

- As for an amount of repayable contribution or trust at the discretion and approval of the Minister of Planning and Investment:

The Fund shall prepare documentation on receipt of the contribution or trust.

The Fund shall cooperate with domestic organizations and the contributor, trustor in the course of preparing the documentation.

- As for an amount of sponsorship, contribution or trust at the discretion and approval of the President of Member Assembly, the Fund shall cooperate with domestic organizations and the sponsor, contributor, or trustor in the course of preparing the documentation.

- The Fund shall initiate the process, ensure schedule, quality and contents of the documentation on sponsorship, contribution, or trust.

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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