Methods of receipt of sponsorships of small and medium enterprises in Vietnam

16:15, 16/11/2020

Recently, the Ministry of Planning and Investment of Vietnam has issued the Circular No. 08/2020/TT-BKHĐT on guidelines for receipt of sponsorships, contributions and trusts by small and medium enterprises (SMEs) development fund.

According to Article 4 of the Circular No. 08/2020/TT-BKHĐT of the Ministry of Planning and Investment of Vietnam, methods of receipt of sponsorships, contributions, and trusts are prescribed as follows:

- Sponsorships, contributions in cash: The sponsor or contributor shall transfer a sum of sponsorship or contribution in VND or foreign currency to an account of the Fund opened at a commercial bank.

- Sponsorships, contributions in kind: The sponsor or contributor shall hand over to the Fund machinery, equipment, means of transport, land, construction works, and other valuable items.

- As for repayable contributions: The Fund shall make repayments as agreed upon between the parties.

- As for trusts: The trustee shall transfer a sum of trust in VND or US Dollar to an account of the Fund opened at a commercial bank.

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.

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