Vietnam: 11 duties and powers of the local development investment fund Management Council

According to Article 10 of the Decree No. 147/2020/NĐ-CP of the Vietnam Government, duties and powers of the Management Board of the local investment and development fund include:

- Receive, manage and use the Fund's capital in accordance with the law and the Fund's Charter on organization and operation; preserve and develop the Fund's capital.

- Approve the 5-year operation plan and annual financial plan of the local development investment fund for submission to the provincial People's Committee for approval.

- Issue or amend the regulations on professional activities and other regulations as prescribed in the Fund's Charter on organization and operation.

- Supervising and inspecting the executive apparatus of the local development investment fund in the observance of policies and laws and the implementation of decisions of the Management Council.

- Approve the list of investment and lending sectors and the minimum lending interest rate of the local development investment fund for submission to the provincial People's Committee for decision in accordance with this Decree.

- Decide on lending and investment activities, capital mobilization plans and risk handling within its competence.

- Approving the financial statements, distributing the difference between revenues and expenditures, and setting aside annual funds of the Local Development Investment Fund after obtaining the appraisal opinion of the Supervisory Board for submission to the Provincial People's Committee for approval.

- Submit to the provincial People's Committee for a decision to amend and supplement the charter of organization and operation of the local development investment fund.

- Decide the planning, appointment, re-appointment, resignation, dismissal, transfer, rotation, commendation, discipline, severance, retirement for the titles according to the competence  with organization and operation of the Fund.

- Promulgating or amending the Regulation on operation, assigning tasks to members of the Fund Management Council.

- Other tasks and powers as prescribed in the charter of organization and operation of the local development investment fund.

More details at the Decree No. 147/2020/NĐ-CP of the Vietnam Government, effective from February 05, 2021.

Ty Na

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