Regulations on the organizational charter and operation of the Land Development Fund in Vietnam

Regulations on the organizational charter and operation of the Land Development Fund in Vietnam (Image from the internet)

Regulations on the organizational charter and operation of the Land Development Fund in Vietnam

According to Article 4 Decree 104/2024/ND-CP, the organizational charter and operation of the Land Development Fund in Vietnam includes the following main contents:

- Name and location of the headquarters.

- Legal status, legal personality, function, principles of operation, and legal representative.

- Operating capital of the Land Development Fund (charter capital, other lawful mobilized capital).

- Duties and powers of the Land Development Fund.

- Organizational structure and operational model of the Land Development Fund.

- Number, composition, duties, and powers of the Management Board, Supervisory Board, Executive Office; working policies of the Management Board.

- Standards, conditions for appointment, reappointment for positions within the Management Board of specialized operations, positions within the Supervisory Board of specialized operations, Director, Deputy Director, Chief Accountant of the Fund. Recruitment, planning, appointment, reappointment, resignation, dismissal, transfer, rotation, commendation, discipline, resignation, and retirement for specialized positions of the Land Development Fund.

- Management of charter capital and other lawful mobilized capital of the Land Development Fund at the State Treasury, commercial banks with state-controlled capital in the locality.

- Authority, process of preparing, consolidating, and approving the Plan for Funding from the Land Development Fund; authority to decide on fund allocation from the Land Development Fund; sanctions for violations in the use, repayment of the allocated funds.

- Financial regime, asset management, accounting, and auditing.

- Relationship and responsibility between the Management Board, Supervisory Board, and Director in the management and operation of the Land Development Fund, between the Fund and related state management agencies, organizations receiving fund allocation, and organizations entrusted with fund management.

- Other contents to meet the management requirements of the Land Development Fund.

Amendments and additions to the organizational charter and operation of the Land Development Fund are made by the Management Board of the Fund and submitted to the provincial People's Committee for decision.

In case of changes in the charter capital, operating model of the Land Development Fund, the provincial People's Committee must report to the provincial People's Council for approval before making a decision.

07 duties of the Land Development Fund under the new regulations in Vietnam

According to Article 6 Decree 104/2024/ND-CP, the duties of the Land Development Fund in Vietnam are as follows:

(1) Manage, preserve, and develop capital.

(2) Perform funding tasks as decided by authorized agencies and individuals; reclaim allocated capital according to regulations.

(3) Comply with legal regulations on financial, asset management, accounting, auditing, and other related regulations.

(4) Decide to suspend, reclaim allocated capital when detecting that the organization receiving funding violates regulations on the use of allocated capital or delays in repaying the allocated capital.

(5) Inspect the use of allocated capital and reclaim capital as stipulated in Clause 7 Article 16 Decree 104/2024/ND-CP; determine management costs of allocated capital according to Article 17 Decree 104/2024/ND-CP.

(6) Perform regular reporting policies as per regulations; submit ad-hoc reports on the management and usage of operating capital of the Land Development Fund upon request from authorized agencies and individuals.

(7) Perform other duties as regulated in Decree 104/2024/ND-CP and related laws.

05 powers of the Land Development Fund in Vietnam

(1) Organize management and operation of the Land Development Fund according to the set objectives and assigned tasks.

(2) Issue regulations and operational procedures to manage the activities of the Land Development Fund.

(3) Inspect the compliance with the usage purposes of the funded projects and tasks funded by the Land Development Fund.

(4) Handle or report to authorized agencies or individuals for handling violations of organizations and individuals in managing, using, and repaying allocated capital.

(5) Other powers as stipulated in Decree 104/2024/ND-CP and related laws.

(Article 7 Decree 104/2024/ND-CP)

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