Promulgation of Decree 104/2024/ND-CP on Regulations on the Land Development Fund
Promulgation of Decree 104/2024/ND-CP regulating the Land Development Fund?
On July 31, 2024, the Government of Vietnam promulgated Decree 104/2024/ND-CP detailing the organization, operation, and financial mechanism of the Land Development Fund.
At Clause 1, Article 4 of Decree 104/2024/ND-CP, it is stipulated that the Charter for the organization and operation of the Land Development Fund includes the following main contents:
- Name and location of the headquarters- Legal status, legal capacity, function, principles of operation, legal representative- Operating capital of the Land Development Fund (charter capital, other legally mobilized capital)- Duties and powers of the Land Development Fund- Organizational structure and operating model of the Land Development Fund- Quantity, composition, duties, and powers of the Management Council, Supervisory Board, Executive Office; working policies of the Management Council- Standards, conditions for appointment, re-appointment for the positions of the specialized function of the Management Council, the positions of the specialized Supervisory Board, Director, Deputy Director, Chief Accountant of the Fund. Recruitment, planning, appointment, re-appointment, resignation, dismissal, transfer, rotation, commendation, discipline, resignation, retirement for the specialized positions of the Land Development Fund.- Management of charter capital and other legally mobilized capital of the Land Development Fund at the State Treasury, state-owned commercial banks in the area.- Authority, process for planning, consolidating, approving the Fund's disbursement plan; authority to decide on the Fund's disbursement; sanctions for handling violations in the use, repayment of loans.- Financing regime, asset management, accounting, and auditing.- Relationship and responsibility between the Management Council, Supervisory Board, and Director in managing and operating the Land Development Fund, between the Fund and relevant state management agencies, organizations receiving loans, trustee management organization of the Land Development Fund.- Other contents to meet the management needs of the Land Development Fund.
Promulgation of Decree 104/2024/ND-CP regulating the Land Development Fund? (Image from the Internet)
What are the duties of the Land Development Fund?
Based on Article 6 of Decree 104/2024/ND-CP, the duties of the Land Development Fund are regulated as follows:
Duties of the Land Development Fund
- Manage, preserve, and develop capital.
- Perform disbursement tasks according to decisions of competent authorities; collect the disbursed funds as prescribed.
- Comply with legal regulations on financial management, asset management, accounting, auditing, and other related regulations.
- Decide to stop, recover disbursed funds when finding that the borrowing organization violates regulations on the use of disbursed funds or delays repayment of loans....
Thus, the duties of the Land Development Fund are as follows:
- Manage, preserve, and develop capital.- Perform disbursement tasks according to decisions of competent authorities; collect the disbursed funds as prescribed.- Comply with legal regulations on financial management, asset management, accounting, auditing, and other related regulations.- Decide to stop, recover disbursed funds when finding that the borrowing organization violates regulations on the use of disbursed funds or delays repayment of loans.- Inspect the use of disbursed funds and collect the funds as prescribed in Clause 7, Article 16, Decree 104/2024/ND-CP.- Determine the management cost of disbursed funds as prescribed in Article 17, Decree 104/2024/ND-CP.- Implement periodic reporting policies as required; make ad-hoc reports on the situation of capital management and use of the Land Development Fund at the request of the competent authority.- Perform other duties as prescribed in Decree 104/2024/ND-CP and related laws.
What are the powers of the Land Development Fund?
Based on Article 7 of Decree 104/2024/ND-CP, the powers of the Land Development Fund are regulated as follows:
- Organize, manage, and operate activities of the Land Development Fund in accordance with the assigned objectives and tasks.- Issue regulations, operational processes to manage activities of the Land Development Fund.- Inspect compliance with the purposes of using the disbursed funds for the project, tasks funded by the Land Development Fund.- Handle violations of organizations and individuals in the management, use, and repayment of disbursed funds according to the authority or report to competent authorities for handling.- Other powers as prescribed.
