Regulations on the land bank development center in Vietnam from August 1, 2024

Regulations on the land bank development center in Vietnam from August 1, 2024 (Internet image)

On July 30, 2024, the Government of Vietnam issued Decree 102/2024/ND-CP detailing the implementation of some provisions of the Land Law 2024.

Regulations on the land bank development center in Vietnam from August 1, 2024

According to Article 14 of Decree 102/2024/ND-CP regarding the land bank development center:

* Functions and Tasks of the land bank development center

The land bank development center is a land fund development organization, a public service provider established by the provincial People's Committee, and it reports directly to the provincial People's Committee. Based on actual local conditions, the provincial People's Committee decides to establish the land bank development center under the district People's Committee.

The land bank development center has legal status, a separate seal; it can open accounts for operation according to legal regulations.

* Tasks of the land bank development center

- Managing land funds as stipulated in Clause 1, Article 113 of the Land Law 2024;

- Developing and implementing projects to create land funds to organize land use rights auctions;

- Developing and implementing compensation, support, and resettlement plans when the State recovers land; developing land fund projects to allocate land for the implementation of land policies for ethnic minorities; establishing land price brackets; determining specific land prices as required by competent state agencies;

- Organizing the implementation of investment and development of resettlement land funds to serve state land recovery and local socio-economic development;

- Organizing land use rights auctions according to legal regulations;

- Developing lists and organizing short-term leasing of land plots managed but not yet allocated or leased;

- Providing services related to compensation, support, and resettlement when the State recovers land and other land management services;

- Collaborating, affiliating, and partnering with economic organizations and individuals to perform assigned tasks according to regulations on state asset management and usage, regulations on autonomy for public service providers, and other relevant laws;

- Signing contracts to hire organizations and individuals as consultants or to perform assigned tasks according to legal regulations;

- Managing public employees, workers, finances, and assets under the land bank development center as prescribed by law; reporting policies according to regulations in assigned fields.

* The organizational structure, apparatus, and autonomy mechanism of the land bank development center shall comply with legal provisions regarding public service providers.

* Financial Sources of the land bank development center

- Funds allocated from the state budget for public service providers;

- Revenue from service activities, including:

The cost of organizing compensation, support, and resettlement when the State recovers land and the management cost of construction investment projects as prescribed by law.

The management and exploitation costs of the recovered, created, and developed land fund; the management and exploitation costs of the housing and land fund constructed for resettlement as approved by competent state agencies.

Revenue from auction dossiers of land use rights, the cost of organizing land use rights auctions as prescribed by law and specific regulations of the provincial People's Committee.

Interest earned from joint venture and affiliation activities; interest on deposits at credit institutions.

Revenue from signed service contracts and according to legal regulations.

Revenue from short-term leasing of land funds.

Revenue from other service activities as prescribed by law;

- Capital allocated from the state budget, advances from the Land Development Fund or Investment Development Fund, other financial funds entrusted to perform tasks as decided by the provincial People's Committee;

- Loans from credit institutions;

- Capital from joint ventures and partnerships to implement approved programs, plans, projects, and proposals;

- Aid, grants, and other sources according to legal regulations in Vietnam.

* Expenditures and other contents related to the operation of the land bank development center shall be carried out according to legal provisions for public service providers and other relevant laws.

* The provincial People's Committee shall issue coordination regulations to implement the functions, tasks, and powers between the provincial land bank development center, the district land bank development center, and land management, financial agencies and other related agencies and units at the local level as per the principle specified in Clause 6, Article 13 of Decree 102/2024/ND-CP.

More details can be found in Decree 102/2024/ND-CP which comes into force in Vietnam from August 1, 2024, except as provided in Clause 2 and Clause 3, Article 252 of Decree 102/2024/ND-CP.

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