Vietnam: The term of office of the Management Board of the local investment and development fund shall not exceed 5 years

According to the Decree No. 147/2020/NĐ-CP of the Vietnam Government, 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 People's Committee of the province shall decide on the number of members and the operating term of the Management Council on the principle that the number of members of the Fund Management Council is odd; decide the planning, appointment, re-appointment, resignation, dismissal, transfer, rotation, commendation, discipline, severance and retirement of the Chairman, Vice Chairman and members of the Board of Directors Fund Manager.

Thus, criteria and conditions for appointment and reappointment of Chairman of the Fund Management Council 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 5 years' experience as a manager or executive officer in one of the fields of economics, finance, banking, business administration, law, accounting or auditing.

- Not being the spouse, biological father, adoptive father, biological mother, adoptive mother, biological child, adopted child, sibling, brother-in-law, sister-in-law of the fund manager.

- Other standards and conditions as required by the management of the People's Committee of the province specified in the Charter of organization and operation of the Fund.

Besides, the Vice President and members of the Fund Management Council must have a university degree or higher, have management capacity and experience in one of the fields of economics, finance, banking, business administration, law, accounting and auditing. Specific criteria and conditions of the Vice President and members of the Fund Management Council are specified in the Fund's Charter on organization and operation.

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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