Powers and obligations of the Fund to support low-income households for economic development in Vietnam

Powers and obligations of the Fund to support low-income households for economic development in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

What is the Fund to support low-income households for economic development?

The fund to support low-income households for economic development is the Social Fund, operates not for profit with the aim of minimizing risks and improving and enhancing living conditions and business skills for households, especially poor households or households facing many difficulties and risks in economic development in rural, mountainous, and extremely difficult areas.

Carrying out activities to support the economic development of Vietnamese households through research, testing, and application of scientific and technological advances, experience, and production models and business development skills for community development, promoting the important role of the household economy in international economic integration, and contributing to the process of industrialization, modernization, and socio-economic development of the country.

(Article 2 of the Charter of the Fund to support low-income households for economic development in 2023)

Powers and obligations of the Fund to support low-income households for economic development in Vietnam

Specifically, Article 6 of the Charter of the Fund to support low-income households for economic development in 2023 stipulates the powers and obligations of the Fund to support low-income households for economic development in Vietnam as follows:

(1) Regarding powers

- Organize and operate according to the law and the Fund's Charter as recognized by the Minister of Home Affairs;

- Mobilizing donations and sponsorships for the Fund; Receive assets sponsored, donated or in other forms by domestic and foreign individuals and organizations in accordance with the Fund's purposes and provisions of law. Organize activities according to the provisions of law and the Fund's Charter to preserve and grow Fund assets;

- Establish a legal entity under the Fund in accordance with the principles and purposes of the Fund and according to the provisions of law to perform a number of tasks of the Fund according to the provisions of the Fund's Charter;

- Have the right to complain according to the provisions of the law;

- The Fund may coordinate with individuals and organizations to mobilize donations and sponsorship for the Fund or to implement specific schemes and projects of the Fund according to the provisions of law;

- Coordinate with localities, organizations, and individuals that need assistance to develop and implement funding projects according to the Fund's operating purposes.

(2) Regarding obligations

- The Fund operates in any field and must be under the management of the state agency in charge of that industry and field; it can only receive and mobilize funding within the scope of operations according to the Fund's Charter;

- Make grants according to the requests of authorized individuals and organizations in accordance with the Fund's purposes;

- Store and be responsible for providing complete records, documents, and materials on the Fund's assets, finances, resolutions, and minutes of the Fund's activities to competent state agencies according to the provisions of law;

- Use assets and finances economically and effectively according to the Fund's purposes; pay taxes, fees, and charges and implement accounting, auditing, and statistical regimes according to the provisions of law; must register for a tax code and declare taxes according to the provisions of tax law;

- Subject to inspection, examination, and supervision by state agencies, sponsoring organizations, individuals, and the community according to the provisions of the law, responsible for resolving complaints and denunciations within the Fund and reporting settlement results to competent state agencies;

- Every year, the Fund is responsible for publicizing contributions in the mass media before March 31;

- When changing the headquarters or Director of the Fund, the Fund must report in writing to the competent authority granting the Fund establishment license;

- Every year, the fund must report its organizational, operational and financial status to the agency that grants the Establishment License and recognizes the Fund's Charter, State financial management agency at the same level as the agency competent to issue the Fund establishment license, the agency managing the sectors and fields of operation of the Fund and report to the Provincial People's Committee where the Fund is headquartered before December 31;

- Implement decisions of competent state agencies related to the organization and operations of the Fund and other obligations according to the provisions of law and the Fund's Charter.

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