Founders of social, charity funds must be Vietnamese
Founders of social funds, charity funds� must be Vietnamese organizations or individuals, according to a decree recently issued by the Government.
Foreign citizens and organizations are allowed to contribute assets, along with Vietnamese peers to establish funds in Vietnam.
A Vietnamese fund�s founding board must ensure that the assets they contribute to it must be equivalent to at least VND5 billion (if the fund operates nationwide or inter-provincial), VND1 billion (provincial level), VND100 million (district level), or VND20 million (at communal level).
For a fund established by Vietnamese and foreign individuals and organizations, the founding board must ensure that the assets they contribute to it must be equivalent to at least VND7 billion (for funds operate nationwide), VND3 billion (provincial level), VND1 billion (district level) or VND500 million (communal level).
The decree will come into force from June 1, 2012.