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CIRCULAR

ON GUIDELINES FOR RECEIPT OF SPONSORSHIPS, CONTRIBUTIONS AND TRUSTS BY SMES DEVELOPMENT FUND

Pursuant to the Law on Assistance for Small and Medium-Sized Enterprises;

Pursuant to the Government's Decree No. 86/2017/ND-CP dated July 25, 2017 on functions, tasks, powers and organizational structure of the Ministry of Planning and Investment;

Pursuant to the Government’s Decree No. 39/2019/ND-CP dated May 10, 2019 on organization and operation of SMEs development fund;

At the request of the President of the Member Assembly of SMEs development fund;

The Minister of Planning and Investment promulgates a Circular on guidelines for receipt of sponsorships, contributions, and trusts by SMEs development fund.

Chapter I

GENERAL PROVISIONS

Article 1. Scope and regulated entities

1. This Circular set forth receipt of sponsorships, contributions, and trusts from domestic organizations and individuals and repayable contributions and trusts from foreign organizations and individuals to the SMEs development fund (hereinafter referred to as the Fund).

The receipt of sponsorships and non-repayable contributions from foreign organizations and individuals to the Fund shall comply with the law regarding grant aid not in the form of official development assistance of foreign agencies, organizations, and individuals for Vietnam.

2. This Circular applies to:

a) SMEs development fund;

b) Organizations and individuals with regard to the receipt of sponsorships, contributions, and trusts to the Fund as prescribed herein.

Article 2. Interpretation of terms

For the purpose of this Circular, these terms below shall be construed as follows:

1. "sponsorship" means a non-repayable support in cash or in kind not funded by the state budget with conditions and objectives, specific eligible entities of an organization or individual (sponsors) to the Fund to carry out activities to support SMEs specified in Clause 1, Article 20 of the Law on support of small and medium-sized enterprises (SMEs) and Clause 1 Article 36 of the Government's Decree No. 39/2019/ND-CP of May 10, 2019 on the organization and operation of the Fund (hereinafter referred to as Decree No. 39/2019/ND-CP).

2. “non-repayable contribution" means a non-repayable contribution in cash or in kind of an organization or individual (contributor) to the Fund for the implementation of activities of supporting SMEs specified in Clause 1, Article 20 of the Law on SMEs support and Clause 1, Article 36 of Decree No. 39/2019/ND-CP.

3. “repayable contribution" means a contribution in cash or in-kind of a contributor to the Fund for the implementation of activities of supporting SMEs specified in Clause 1, Article 20 of the Law on SMEs support and Clause 1, Article 36 of Decree No. 39/2019/ND-CP that the Fund must repay any or all of the contribution and/or profit earned from the contribution.

4. "trust" means that an organization or individual (the trustor) gives the Fund (the trustee) a sum of money to carry out activities to support SMEs specified in Clause 1, Article 20 of the Law on SME Support and Clause 1, Article 36 of Decree No. 39/2019/ND-CP. The trustor shall take any risk and the trustee may receive a sum of trust fee.

Article 3. Rules and objectives of receipt of sponsorships, contributions, and trusts

1. The Fund may receive sponsorships, contributions and trusts to carry out the activities as prescribed in clause 1 Article 20 of the Law on SMEs support and Clause 1, Article 36 of Decree No. 39/2019/ND-CP.

2. The receipt of sponsorships, contributions, and trusts by the Fund shall comply with regulations and laws of Vietnam and international treaties to which Vietnam is a signatory. The receipt of trusts and contributions shall ensure the repayment capacity of the Fund.

3. The sponsorships, contributions, trusts to the Fund shall be made in a voluntary, public, and transparent manner.

4. The Fund may not receive any sponsorships, contributions, trusts that causes harms to national interests, security and defense, violations of the law on anti-corruption, money laundering, terrorist financing and illegal activities.

5. The sponsors, contributors, and trustors shall ensure and take personal liability for origin and legality of the sponsorships, contributions, trusts.

Article 4. Methods of receipt of sponsorships, contributions, and trusts

1. Sponsorships, contributions in cash: The sponsor or contributor shall transfer a sum of sponsorship or contribution in VND or foreign currency to an account of the Fund opened at a commercial bank.

2. Sponsorships, contributions in kind:

a) The sponsor or contributor shall hand over to the Fund machinery, equipment, means of transport, land, construction works, and other valuable items.

b) The value of the in-kind sponsorship or contribution to the Fund shall be converted into a sum of money in VND, and stated in documentation of sponsorship or contribution.

As for property valued at least VND 500 million on the market, the Fund must engage a valuation organization. The property shall be valued within 6 months to the submission of the application for sponsorship or contribution.

3. As for repayable contributions: The Fund shall make repayments as agreed upon between the parties.

4. As for trusts: The trustor shall transfer a sum of trust in VND or US Dollar to an account of the Fund opened at a commercial bank.

The Fund shall make repayments to the trustor as agreed upon between the parties.

Chapter II

RECEIPT OF SPONSORSHIPS, CONTRIBUTIONS AND TRUSTS

Article 5. Power to approve sponsorships, contributions, trusts

1. The Minister of Planning and Investment shall have discretion to approve repayable contributions and trusts of foreign organizations and individuals.

2. The President of the Member Assembly of SMEs Fund (hereinafter referred to as the President of the Member Assembly) shall have discretion to approve sponsorships, contributions and trusts of domestic organizations and individuals.

Article 6. Preparation of documentation on sponsorships, contributions and trusts

1. As for an amount of repayable contribution or trust at the discretion and approval of the Minister of Planning and Investment:

a) The Fund shall prepare documentation on receipt of the contribution or trust.

b) The Fund shall cooperate with domestic organizations and the contributor, trustor in the course of preparing the documentation.

2. As for an amount of sponsorship, contribution or trust at the discretion and approval of the President of Member Assembly, the Fund shall cooperate with domestic organizations and the sponsor, contributor, or trustor in the course of preparing the documentation.

3. The Fund shall initiate the process, ensure schedule, quality and contents of the documentation on sponsorship, contribution, or trust.

Article 7. Contents of documentation on sponsorship, contribution or trust

Documentation on sponsorship, contribution or trust shall at least contain the following:

1. The context and necessity of receiving the sponsorship, contribution, or trust, clearly stating the issues that the sponsorship, contribution, or trust will be used to solve.

2. Long-term (if any) and short-term objectives of the sponsorship, contribution, or trust.

3. Expected primary results of using the sponsorship, contribution, or trust, and metrics that measure those results.

4. Time and place to provide the sponsorship, contribution, or trust.

5. Commitments, conditions for the sponsorship, contribution of the sponsor, contributor, the trust of the trustor; obligations and commitments of the Fund in using the sponsorship, contribution, or trust.

6. Total value and capital structure of the sponsorship, contribution, or trust.

7. Counterpart fund and sources of funds (if any).

8. Methods of initiating, managing and using the sponsorship, contribution, or trust.

9. Master plan and blueprint of the use of the sponsorship, contribution, or trust (where necessary).

10. Plan for supervision and assessment of the result of using the sponsorship, contribution, or trust (where necessary).

11. Efficiency, feasibility to apply implementation results to practice and sustainability of the use of the sponsorship, contribution, or trust.

Article 8. Appraisal of sponsorships, contributions, trusts

1. The documentation on sponsorship, contribution, or trust must be appraised in providing evidence to support the approval, conclusion and implementation.

2. The Ministry of Planning and Investment shall designate an affiliate to appraise the repayable contribution or trust (appraising agency) in a case at the discretion and approval of the Minister of Planning and Investment.

3. The Fund shall appraise and approve the sponsorship, contribution, or trust at the discretion and approval of the President of Member Assembly.

4. The appraising agency may seek consultation from specialized units, consultancies and independent consultants in appraising the documentation on sponsorship, contribution, or trust.

5. An application for appraisal of sponsorship, contribution, or trust includes:

a) An application form for appraisal of sponsorship, contribution, or trust documentation made by the Fund.

b) A document made by the sponsor, contributor or trustee which expresses the consent to the terms and conditions of the sponsorship, contribution, or trust.

c) Draft instrument of sponsorships, contributions, trusts and draft agreement on specific sponsorship, contribution, or trust (if required to replace instruments of sponsorship, contribution, or trust signed thereafter).

In case of domestic sponsors, contributors or trustors, the instruments shall be made in Vietnamese. In case of foreign sponsors, contributors or trustors, the instruments shall be made in at least 2 languages, Vietnamese and a foreign language.

d) Memorandums made with the sponsors, contributors or trustors.

dd) Copy of certificate of registration/business registration and/or copy of a valid document on legal status (if the sponsor, contributor, or trustor is a corporate), or copy of ID card/passport/citizen identity card (if the sponsor, contributor, or trustor is an individual).

e) Confirmation or certification of the value of the sponsored or contributed property issued by a legal and qualified valuation organization accredited by Vietnam (if any).

6. The application for appraisal of sponsorships, contributions, trusts shall be made in 8 sets, at least 1 set of original. Documents in foreign languages shall enclose with Vietnamese translations.

7. Main contents of an appraisal report:

a) The compliance with applicable regulations and laws of the data, arguments, calculations and proposals stated in the appraised documentation.

b) The feasibility of the sponsorship, contribution, or trust.

c) The reasonableness of the use of the sponsorship, contribution, or trust for the activities of the Fund.

d) Inadequacies, issues, approaches, actions taken, agencies in charge and time limit for actions.

dd) Commitments in case of changes to the policies, variations in procedures for receipt and use of the sponsorship, contribution, or trust, requirements and conditions of the sponsor, contributor, or trustee (if any).

e) Capacity for initiation and management (including the financial capacity) of the Fund.

f) Efficiency, feasibility to apply implementation results to practice and sustainability of the use of the sponsorship, contribution, or trust.

g) Opinions that reach a consensus and remain in conflicts between the parties.

h) Proposals for the Fund to receive and use the sponsorship, contribution, or trust.

i) Time limit for completing the documentation on the sponsorship, contribution, or trust.

k) Information about the operation registration/business registration and legal status (if the sponsor, contributor, or trustor is a corporate), or valid information about the individual (if the sponsor, contributor, or trustor is an individual) in Vietnam.

8. In the course of the appraisal, the appraising agency may request the competent authority to seek consultation from relevant agencies. The agencies involved in the appraisal shall take legal liability for the appraisal contents under their scope of management.

9. Process and time limit for appraisal of a repayable contribution or trust at the discretion and approval of the Minister of Planning and Investment

a) Process for appraisal of a repayable contribution or trust:

Step 1: The appraising agency shall verify if the appraisal application is valid as prescribed in clause 5 Article 8 hereof;

Step 2: Seek consultation from relevant agencies

After receiving a valid and complete application, the Ministry of Planning and Investment shall forward the application and a consultation request to relevant ministries, agencies, units about the contribution or trust.

Step 3: Appraise

If the application is invalid and incomplete, the appraising agency shall request the Fund to make appropriate modification or completion and take the above-mentioned steps.

If the application is valid and complete, the appraising agency shall carry out the appraisal as follows:

- If the repayable contribution or trust has clear and adequate contents and receives no objection from the agencies from whom the consultation is sought, the appraising agency shall send an appraisal report, an appraisal record, and consultation responses to the Minister for approving the receipt of the repayable contribution or trust;

- If the foregoing method is not reasonably practicable, the appraising agency shall hold an appraisal meeting. Attendees of the appraisal meeting include representatives of the appraising agency, the agencies from whom the consultation is sought and relevant entities, representatives of the SME development fund.

If the appraisal meeting ratifies the application for approval for the repayable contribution or trust, the appraising agency shall file an appraisal report and an appraisal record with the Minister of Planning and Investment.

If the appraisal meeting does not ratify the application for approval for the repayable contribution or trust, the appraising agency shall request the Fund to make appropriate modification and completion as required and take the above-mentioned steps.

b) The time limit for appraisal of the repayable contribution or trust is 20 days after receiving a valid and complete application.

10. Process for appraisal of sponsorship, contribution, or trust at the discretion and approval of the President of Member Assembly:

a) Process for appraisal of a sponsorship, contribution, or trust:

Step 1: The Fund shall verify if the appraisal application is valid as prescribed in clause 5 Article 8 hereof;

Step 2: Seek consultation from relevant agencies

After receiving a valid and complete application, the Fund shall forward the application and a consultation request to relevant affiliates of the Ministry of Planning and Investment about the sponsorship, contribution, or trust.

Step 3: Appraise

If the application is invalid or incomplete, the Fund shall make appropriate modification or completion and take the above-mentioned steps.

If the application is valid and complete, the Fund shall carry out the appraisal as follows:

- If the sponsorship, contribution, or trust has clear and adequate contents and receives no objection from the agencies from whom the consultation is sought, the Fund shall send an appraisal report, an appraisal record, and consultation responses to seek approval for the receipt of the sponsorship, contribution, or trust;

- If the foregoing method is not reasonably practicable, the Fund shall hold an appraisal meeting, composed of representatives of the Fund, agencies from whom the consultation is sought and relevant entities. The Fund shall complete the appraisal report and appraisal record.

b) The time limit for appraisal of the sponsorship, contribution, or trust is 20 days after receiving a valid and complete application.

Article 9. Appraisal of sponsorships, contributions, trusts under simplified procedure

1. A sponsorship, contribution, or trust shall be appraised under simplified procedure in any of the following cases:

a) A repayable contribution or trust valued at up to VND 10 billion shall be at the discretion and approval of the Minister of Planning and Investment;

b) A sponsorship, contribution, or trust valued at up to VND 1 billion shall be at the discretion and approval of the Fund.

2. Appraisal application and process under simplified procedure of a repayable contribution or trust at the discretion and approval of the Minister of Planning and Investment:

a) The appraisal application of a repayable contribution or trust includes the documents specified in clause 5 Article 8 hereof;

b) The simplified appraisal process:

Step 1: The appraising agency shall verify if the appraisal application is valid as prescribed in point a clause 2 hereof;

Step 2: Appraise

If the application is unsatisfactory, the appraising agency shall request the Fund to make appropriate modification or completion and take the above-mentioned steps.

If the application is valid and complete, the appraising agency shall carry out the appraisal and send an appraisal report and appraisal record to the Minister of Planning and Investment.

The time limit for appraisal of the sponsorship, contribution, or trust is 10 days after receiving a valid and complete application.

Where necessary, the Minister of Planning and Investment shall seek consultation from relevant agencies.

3. Appraisal application and process under simplified procedure of a sponsorship, contribution, or trust at the discretion and approval of the President of Member Assembly:

a) The appraisal application of a sponsorship, contribution, or trust includes the documents specified in clause 5 Article 8 hereof;

b) The simplified appraisal process:

Step 1: The appraising agency shall verify if the appraisal application is valid as prescribed in point a clause 3 hereof;

Step 2: Appraise

If the application is invalid or incomplete, the Fund shall make appropriate modification or completion and take the above-mentioned steps.

If the application is valid and complete, the Fund shall carry out the appraisal and complete an appraisal report and appraisal record.

The time limit for appraisal of the sponsorship, contribution, or trust is 10 days after receiving a valid and complete application.

Where necessary, the President of Member Assembly shall seek consultation from relevant agencies.

Article 10. Approval for sponsorships, contributions, trusts

1. The approval for a sponsorship, contribution, or trust following the appraisal shall be carried out as follows:

a) The Minister of Planning and Investment shall have discretion to approve the foreign repayable contribution or trust. If the repayable contribution or trust is ineligible for receipt requirements, the Ministry of Planning and Investment shall send such a notice to the contributor or trustor.

b) The President of Member Assembly shall have discretion to approve the domestic sponsorship, contribution, or trust. If the sponsorship, contribution, or trust is ineligible for receipt requirements, the Fund shall send such a notice to the sponsor, contributor or trustor.

2. The document or decision on approval for the sponsorship, contribution, or trust shall at least contain:

a) Name of the sponsorship, contribution, or trust;

b) The recipient of the sponsorship, contribution, or trust: The SME development fund; name of the sponsor, contributor, or trustor (corporate or individual);

c) Objectives and expected primary results of the sponsorship, contribution, or trust;

d) Time and place;

dd) Total value and capital structure of the sponsorship, contribution, or trust.

3. The document or decision on approval for the sponsorship, contribution, or trust (original) and specific documentation bearing the fan stamp and relevant documents shall be sent to relevant agencies.

Article 11. Conclusion of documentation on sponsorship, contribution or trust

1. The conclusion of documentation on the sponsorship, contribution, or trust shall only be done if the documentation on the sponsorship, contribution, or trust has been approved by the competent authorities and the Fund has sent an official notice to the sponsor, contributor, or trustor.

2. The President of Member Assembly shall conclude the documentation on the sponsorship, contribution, or trust with the sponsor, contributor, or trustor as prescribed in clause 1 Article 8 of Decree No. 39/2019/ND-CP and this Circular.

3. Information disclosure: No later than 10 days after concluding the documentation on sponsorship, contribution, or trust, the Fund shall publish information on its website and at the Fund's headquarters.

Article 12. Receipt of sponsorships, contributions and trusts

1. As for sponsorships, contributions and trusts in cash:

a) The Fund shall set up separate accounting books to keep track of the sums of sponsorships, contributions and trusts;

b) The Fund shall open an account at commercial bank to receive sponsorships, contributions and trusts transferred;

2. Sponsorships, contributions in kind:

a) The Fund shall perform certain procedures for receiving and preparing premises and warehouses for preservation of sponsorships and contributions in kind to ensure convenience and quickness. The Fund shall set up separate accounting books to keep track of sponsorships, contributions and trusts in kind.

b) In case of sponsorship and contribution in form of a “turnkey” basic construction work: The sponsor or contributor shall complete and send the documentation and proof in respect of the construction work to the Fund in order to do the accounting according to the value of the construction work handed over;

c) In case of sponsorship of equipment, machinery: The sponsor or contributor shall provide technical specifications to the Fund as per applicable law.

Article 13. Amendments to documentation or the decision on approval for the sponsorship, contribution, or trust

1. As for a repayable contribution or trust at the discretion and approval of the Minister of Planning and Investment:

a) The amendments shall be made upon any change of the long-term (if any) and short-term objectives, methods of initiation, management and use, expected primary results and place of the approved repayable contribution or trust or any amendment to the schedule leads to 24 months behind the approved schedule shall be reported to the Minister of Planning and Investment for consideration.

b) No later than 10 days after receiving such a request for amendments, the appraising agency shall request the Minister of Planning and Investment to decide the amendments to the repayable contribution or trust.

2. As for a sponsorship, contribution, or trust at the discretion and approval of the President of Member Assembly:

a) Regarding any amendment to the sponsorship, contribution, or trust which makes it falling under the discretion and approval of the Minister of Planning and Investment, the appraising agency shall cooperate with the Fund in reporting it to the Minister of Planning and Investment for consideration.

b) Any amendments not specified in point a clause 2 hereof shall be at the discretion of the President of Member Assembly.

c) No later than 10 business days after approving an amendment to the sponsorship, contribution, or trust, the President of Member Assembly shall make a decision on an amendment to the sponsorship, contribution, or trust.

Chapter III

IMPLEMENTATION

Article 14. Responsibilities of the Ministry of Planning and Investment

1. Designate an appraising agency to appraise applications for appraisal of repayable contributions or trusts at the discretion and approval of the Minister of Planning and Investment.

2. Provide guidelines for and make amendments to this Circular.

Article 15. Responsibilities of the SME development fund

1. Receive sponsorships, contributions, or trusts following the rules and objectives prescribed in Article 3 hereof.

2. Receive sponsorships, contributions, or trusts under the methods prescribed in Article 4 hereof.

3. Prepare documentation on sponsorships, contributions, or trusts as assigned by the Minister of Planning and Investment; ensure schedule, quality and contents of the documentation on sponsorships, contributions, or trusts.

4. Cooperate with domestic organizations and sponsors, trustors in preparing the documentation on sponsorships, contributions, or trusts.

5. Appraise documentation on receipt of sponsorships, contributions, trusts at the discretion and approval of the President of Member Assembly.

6. Send decisions on approval for sponsorships, contributions, trusts and relevant documents to relevant entities as prescribed in clause 2 Article 10 hereof.

7. Propose the Minister of Planning and Investment to make amendments to sponsorships, contributions, trusts as prescribed in point a clause 1 and point a clause 2 Article 13 hereof.

8. Propose the Minister of Planning and Investment to make amendments to this Circular.

Article 16. Responsibilities of relevant organizations and individuals

1. The sponsors, contributors, trustors shall ensure and take personal liability for origin and legality of the sponsorships, contributions, trusts.

2. The agencies involved in the appraisal shall take legal liability for the appraisal contents under their scope of management.

Article 17. Commendation and actions against violations

1. Sponsors who make positive contributions to the development in supporting SMEs shall be awarded commendation by the Fund according to its competence or proposed to competent authorities for commendation in accordance with the Law on Emulation and Commendation.

2. Units, organizations and individuals that carry out the process of receiving, managing and using sponsorships, contributions, and trusts in accordance with the provisions of this Circular shall, depending on the severity of their violations, be administratively handled or prosecuted for criminal liability according to the provisions of law.

Article 18. Entry into force

1. This Circular comes into force as of January 15, 2021.

2. Difficulties that arise during the implementation of this Circular should be reported to the Ministry of Planning and Investment  for consideration.