Decree No. 93/2019/ND-CP the organization and operation of social funds and charity funds

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Decree No. 93/2019/ND-CP dated November 25, 2019 of the Government on the organization and operation of social funds and charity funds
Issuing body: GovernmentEffective date:
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Official number:93/2019/ND-CPSigner:Nguyen Xuan Phuc
Type:DecreeExpiry date:Updating
Issuing date:25/11/2019Effect status:
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Fields:Finance - Banking , Organizational structure

SUMMARY

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.
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Effect status: Known
TTXVN

THE GOVERNMENT

 

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 93/2019/ND-CP

 

Hanoi, November 25, 2019

 

DECREE

On the organization and operation of social funds and charity funds[1]

 

Pursuant to the June 19, 2015 Law on Organization of the Government;

Pursuant to the November 24, 2015 Civil Code;

At the proposal of the Minister of Home Affairs;

The Government promulgates the Decree on the organization and operation of social funds and charity funds.

 

Chapter I

GENERAL PROVISIONS

Article 1. Scope of regulation

This Decree prescribes the organization and operation of social funds and charity funds, and the state management of social funds and charity funds (below collectively referred to as funds) established and operating in Vietnam.

Article 2. Subjects of application

This Decree applies to related Vietnamese citizens and organizations and foreign individuals and organizations.

Article 3. Purposes of organization and operation of funds

Funds shall be organized and operate for not-for-profit purposes of supporting and promoting the development of culture, education, health, physical training and sports, science, technology, community, and charity and humanitarian activities.

Article 4. Interpretation of terms

In this Decree, the terms below are construed as follows:

1. Fund means a non-governmental organization established from assets voluntarily contributed by individuals and organizations or under a testament or through a donation of assets, having organization and operation purposes specified in Article 3 of this Decree, and granted an establishment license and a charter recognition paper by a competent state agency.

2. Social fund means a fund organized and operating for not-for-profit purposes of supporting and promoting the development of culture, education, health, physical training and sports, science, and agricultural and rural development activities.

3. Charity fund means a fund organized and operating for not-for-profit purposes of supporting the remediation of incidents caused by natural disasters, fires, epidemics or accidents, and helping persons falling in difficult or disadvantaged circumstances in need of social assistance.

4. Not-for-profit purpose means that profits earned in the operation of a fund are not to be divided but are used only for the activities specified in the fund’s recognized charter.

5. Assets include objects, money, valuable papers and property rights as defined in the Civil Code.

6. Contribution of assets means transfer of lawful ownership rights over assets by an individual or organization to a fund in the form of contract, donation, or testament of the asset bequeather or in another form prescribed by law. Such assets will become the fund’s assets and be used for the purposes specified in Article 3 of this Decree.

Article 5. Principles of organization and operation of funds

1. Being established and operating for not-for-profit purposes.

2. Voluntariness, autonomy, self-financing and accountability before law with their own assets.

3. Being organized and operating in accordance with law and charters recognized by a competent state agency.

4. Making their organization, operation, revenues and expenditures, and assets public and transparent.

5. Not dividing assets.

Article 6. State policies toward funds

 

[1] Công Báo Nos 927-928 (5/12/2019)

 

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