Decree 138: 06 powers of local Development Investment Funds in Vietnam

Decree 138: 06 powers of local Development Investment Funds in Vietnam (Internet image)

Article 34 of Decree 138/2007/ND-CP stipulates 06 powers of local Development Investment Funds as follows:

1. To carry out activities in line with their operation objectives and scope in accordance with this Decree.

2. To select efficient projects in conformity with provincial-level Peoples Committees investment plans and structures in order to decide on investment. Special cases shall be decided by provincial-level Peoples Committees.

3. To recruit, arrange, employ and train laborers in accordance with law.

4. To refuse individuals or organizations request for supply of the Funds information or other resources if such request contravenes laws or their organization and operation charters.

5. To contact local functional branches and relevant units in order to seek and formulate investment projects.

6. To invite and receive foreign investment and business partners; send their officials and employees for overseas working missions, study tours or field surveys according to law.

In addition, this Decree also clearly stipulates the responsibilities of local Development Investment Funds in Vietnam as follows:

- To make investment under investment plans and structures approved by provincial-level Peoples Committees in each period in conformity with socio-economic development strategies and plans approved by provincial-level Peoples Councils.

- To use investment capital for proper purposes.

- To implement accounting, statistical and financial reporting regimes in accordance with law.

- To submit to inspection and examination by competent state management agencies according to law; to supply data on, and publicize, their financial situation in accordance with law.

- To buy asset insurance, risk insurance and insurance of other kinds according to law.

- To strictly observe laws and other regulations related to their operation.

More details can be found in Decree 138/2007/ND-CP which comes into force from September 19, 2007.

Ty Na

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