Tasks and powers of the Management Council of the local Development Investment Funds in Vietnam

Tasks and powers of the Management Council of the local Development Investment Funds in Vietnam (Internet image)

Specifically, Decree 138/2007/ND-CP stipulates that  the Management Council is composed of up to 7 members. The provincial-level Peoples Committee shall, based on practical conditions, decide on the number of members of the Management Council on the principle that it must be an odd number. The tasks and powers of the Management Council in Vietnam include:

- To consider and approve operation orientations, capital raising plans, investment plans, and long-term and annual financial plans for submission to provincial-level Peoples Committee presidents for approval; to verify and approve finalization reports of the local Development Investment Fund.

- To supervise and inspect the administration apparatus of the local Development Investment Fund in the observance of policies and laws and the implementation of its decisions.

- To consider and approve interest-rate brackets for providing investment loans and submit them to the provincial-level Peoples Committee president for approval.

- To consider and decide on investment in projects falling within its competence.

- To submit to the provincial-level Peoples Committee for decision amendments to the organization and operation charter of the local Development Investment Fund in accordance with practical requirements and current provisions of law.

- To consider and settle complaints lodged by organizations or individuals involved in the operation of the local Development Investment Fund in accordance with law.

- To submit to the provincial-level Peoples Committee president the appointment, relief from office or dismissal of the head of the Control Board of the local Development Investment Fund; decide on other members of the Control Board at the proposal of the Control Boards head.

- To promulgate its operation regulation and assign tasks to its members.

- To promulgate professional regulations of the local Development Investment Fund at the proposal of the Funds director.

- Other powers defined in the organization and operation charter of the local Development Investment Fund.

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

Ty Na

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