Vietnam: Decision on approval for the sponsorship must have time for implementation

16:52, 18/11/2020

This is a notable content of the Circular No. 08/2020/TT-BKHĐT on guidelines for receipt of sponsorships, contributions and trusts by small and medium enterprises (SMEs) development fund, issued by the Ministry of Planning and Investment of Vietnam on November 13, 2020.

Documentation on contribution of small and medium enterprises development fund in Vietnam must be made public / Vietnam: Sponsorships of small and medium enterprises development fund shall be appraised under simplified procedure

Specifically, according to Article 10 of the Circular No. 08/2020/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, the approval for a sponsorship, contribution, or trust following the appraisal shall be carried out as follows:

- The Minister of Planning and Investment shall have discretion to approve the foreign repayable contribution or trust. If the repayable contribution or trust is ineligible for receipt requirements, the Ministry of Planning and Investment shall send such a notice to the contributor or trustor.

- The President of the Member Assembly shall have discretion to approve the domestic sponsorship, contribution, or trust. If the sponsorship, contribution, or trust is ineligible for receipt requirements, the Fund shall send such a notice to the sponsor, contributor or trustor.

Besides, this Article also stipulates that the document or decision on approval for the sponsorship, contribution, or trust shall at least contain:

- Name of the sponsorship, contribution, or trust;

- The recipient of the sponsorship, contribution, or trust: The SME development fund; name of the sponsor, contributor, or trustor (corporate or individual);

- Objectives and expected primary results of the sponsorship, contribution, or trust;

- Time and place;

- Total value and capital structure of the sponsorship, contribution, or trust.

Note: The document or decision on approval for the sponsorship, contribution, or trust (original) and specific documentation bearing the fan stamp and relevant documents shall be sent to 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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