CHARITY FUND FOUNDING ASSETS SHALL NOT CONTAIN MORE THAN 50% FOREIGN CONTRIBUTION
The Government promulgates the Decree No. 93/2019/ND-CP on organization and operation of social funds and charity funds on November 25, 2019.
To be specific: for fund established by Vietnam citizen or organization must ensure assets contributed for establishment of funds converted into Vietnam dong as follow: For nation funds operating nationwide or in more than one province: VND 6.5 billion (previous regulation require VND 05 billion only); For funds operating within a province: VND 1.3 billion; For funds operating within a district: VND 130 million; For funds operating within a commune: VND 25 million.
In addition, this Decree supplement regulation on prohibited in establishment and operation of a fund such as: using the state budget, using or supporting the use of properties assigned by the state budget or originating from the state budget to contribute assets to establish funds.
Especially, foreign citizens and organizations may contribute their assets with Vietnamese citizens and organizations to establish a fund in Vietnam. However, assets contributed for establishment of funds by foreign individuals and organization must not exceed 50% contributed for establishment of funds as prescribed in this Decree. Besides, in case assets contributed for establishment of funds include other assets exclude Vietnam dong then the amount of Vietnam dong must ensure at least 50% general value of assets.
This Decree takes effect on January 15, 2019.
