Vietnam: How is the local development investment fund organized?

According to Article 9 of the Decree No. 147/2020/NĐ-CP of the Vietnam’s Government, the organizational structure of the Local Development Investment Fund includes:

- Board of Management.

- Board of Supervisors.

- The Executive Board consists of the Fund's Director, the Fund's Deputy Directors, the Chief Accountant and the assisting apparatus.

The number of members of the above 03 departments is specified from Article 10 to Article 14 of this Decree. To be specific:

- The Management Board of the Local Development Investment Fund has a maximum of 5 people, including the Chairman, Vice Chairman and members. The term of office of the Fund Management Board shall not exceed 5 years. The Director of the Local Development Investment Fund may concurrently be the Vice Chairman or a member of the Fund Management Council. Other members of the Management Board may act concurrently but may not concurrently hold any other management positions at the Fund.

- The Supervisory Board has a maximum of 03 members, including 01 head of the Supervisory Board in charge of activities of the Supervisory Board. The number of members of the Control Board shall be decided by the provincial People's Committee based on the size, nature and actual operation of the Fund.

- The Director of the Local Development Investment Fund is the legal representative of the Fund and is responsible to the People's Committee of the province, the Management Council and the law for the entire operation of the Fund.

- The Deputy Director of the Local Development Investment Fund is responsible for assisting the Fund Director in managing the Fund's operations as assigned and authorized; take responsibility before the Director and before the law for the assigned and authorized tasks.

- The Chief Accountant of the Local Development Investment Fund is responsible for organizing the accounting work of the Fund, assisting the Management Board and the Fund's Director in supervising the Fund's finances in accordance with the provisions of the law on finance and accounting; be responsible before the Management Board, the Fund's Director and before the law for the performance of assigned or authorized tasks and powers.

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

Le Thanh

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