On April 12, the Government issued Decree No. 30/2012/ND-CP on the organization and operation of social funds and charity funds.
These funds must be organized and operate on a not-for-profit basis for promoting culture, education, healthcare, physical training and sports, scientific, charity, humanitarian and community development activities.
Such a fund may be established if meeting the following conditions: having an application for an establishment license; having appropriate operation purposes; having a fund founding member or fund founding committee composed of at least three members.
The fund founding committee is obliged to file a dossier of application for a fund establishment license with a competent state agency and assure the contribution of assets for the establishment of the fund valued at least VND 5 billion for a fund operating nationwide or in many provinces; VND 1 billion, within a province; VND 100 million, within a district; and VND 20 million, within a commune.
A fund’s assets are used to finance public services, scientific research subjects and target programs or schemes approved by the State; programs and projects for charity or humanitarian purposes, for promoting culture, education, healthcare, sports and physical training and science or for other societal purposes in accordance with the charter of the fund.
This new regulation takes effect on June 1, and replaces Decree No. 148/2007/ND-CP of September 25, 2007.-