Vietnam: The head of the Control Board of the local development investment fund must have at least 03 years' experience

Specifically, according to the Decree No. 147/2020/NĐ-CP of the Vietnam Government, the Control Board of the local development investment fund helps the Provincial People's Committee and the Fund Management Council to control the organization and exercise of the owner's rights and the management and administration at the Fund. The Control Board has a maximum of 03 members, including 01 head of the Control Board in charge of activities of the Control Board. (Note: The number of members of the Control Board shall be decided by the People's Committee of the province based on the size, nature and actual operation of the Fund)

According to the Decree No. 147/2020/NĐ-CP, criteria and conditions for appointment and reappointment of Head of Control Board of the local development investment fund are as follows:

- Being a Vietnamese citizen, permanently residing in Vietnam, having full civil act capacity.

- Having a university degree or higher, having at least 03 years' experience in one of the fields of accounting, auditing, finance or banking.

- Other criteria and conditions as required by the management of the provincial People's Committee specified in the Fund's charter on organization and operation.

Besides, provincial-level People's Committees shall decide on the planning, appointment, re-appointment, resignation, relief from duty, transfer, rotation, commendation, discipline, severance and retirement of the Head of the Fund Control Board. The planning, appointment, re-appointment, resignation, relief from duty, transfer, rotation, commendation, discipline, severance and retirement of the Head of the Fund Control Board in accordance with the provisions of the Charter of the organization and activities of the local development investment fund.

Moreover, the Control Board has the following duties and powers:

- Inspect and supervise the observance of policies, regimes, the Charter on organization and operation and operational regulations, in order to ensure the operational efficiency and safety of assets of the local development investment fund.

- Inspect and supervise the legitimacy, honesty and prudence of the Management Council and the Fund's Director in the management and administration of the local development investment fund.

- Appraise reports on operations, financial statements, distribution of revenue and expenditure differences and the setting up of funds, and report on the performance of salaries and bonuses in accordance with law.

- Make an implementation plan; periodic or irregular reports on supervision and inspection; perform other tasks assigned by the Management Council and the People's Committee of the province.

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

Ty Na

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE