On November 25, 2019, the Government issued Decree 93/2019 / ND-CP on the organization and operation of social funds and charity funds. This Decree takes effect from January 15, 2020.
Fund means a non-governmental organization that voluntarily contributes a portion of assets to an individual or organization for establishment or establishment through a will, donation or donation of assets to establish a fund, for the purpose of organization and operation. , approved by the competent state authority for establishment license and charter approval.
Accordingly, the conditions for licensing a fund establishment include:
1. Operating purposes: The Fund is organized and operates to support and encourage the development of culture, education, health, physical training, sports, science, technology, community and words. philanthropy, not for profit.
2. Having founders establishing a security fund is provided for as follows:
a) Founding members must be Vietnamese citizens and organizations;
b) For citizens: Having full civil act capacity and no criminal record;
c) For organizations: Being legally established, having a charter or document defining the functions and tasks of the organization; there is a resolution of the leadership collective or a decision of the competent head about the participation in the establishment of the fund; decide to appoint a representative of the organization to participate in the founding of the fund; in cases where Vietnamese organizations have foreign investment, the representative of the founding organization of the fund must be a Vietnamese citizen;
d) Contributing legal assets to establish a fund:
– Vietnamese Dong;
– Assets converted into Vietnam dong (including: Artifacts, foreign currencies, valuable papers, other property rights). For assets being head offices, equipment and technologies, they must be valued by lawfully established valuation organizations, the time of asset valuation shall not exceed 06 months up to the time of submission of fund establishment dossiers;
– In case the properties contributed to the establishment of the fund include other properties, excluding Vietnam dong, the amount of Vietnam dong must ensure at least 50% of the total value of assets.
e) Founding members of a fund establishment who are under the management of a competent authority must obtain a written approval of the competent authority in accordance with the provisions on decentralization of personnel management before sending the application file to State agencies competent to grant establishment licenses and recognize fund charter.
3. The Founding Committee has sufficient assets to contribute to the fund’s establishment
4. A dossier of establishment of a security fund according to regulations.
This Decree provides for the organization, operation and state management of social funds and charity funds established and operating in Vietnam.