Regulations on Comptrollers of Small and Medium Enterprises Development Fund in Vietnam

Regulations on Comptrollers of Small and Medium Enterprises Development Fund in Vietnam (Internet image)

1. What is the Small and Medium Enterprise Development Fund?

According to Clause 1, Article 2 of Decree 39/2019/ND-CP, the small and medium enterprise development fund is an out-of-budget state financial fund operating for not-for-profit purposes which is established by the Prime Minister.

2. Regulations on Comptrollers of Small and Medium Enterprises Development Fund in Vietnam

Comptrollers of Small and Medium Enterprises Development Fund according to Article 9 of Decree 39/2019/ND-CP as follows:

- The Fund shall have 01 Comptroller appointed by the Minister of Planning and Investment. Comptroller shall hold office for 05 years and may be reappointed.

- Standards and requirements for being appointed as the Comptroller

+ Have a university degree or higher, with at least 3 years' experience as a manager and executive in the fields of economy, finance, banking, business administration, law, accounting and audit;

+ Not a spouse, natural father, adoptive father, natural mother, adoptive mother, blood child, adopted child, natural sibling, elder brother-in-law, younger brother-in-law, elder sister-in-law, younger sister-in-law of the Fund’s manager;

+ Not being dually appointed as the Director or the General Director of another enterprise;

+ Not a public official or servant working for state agencies, political organizations, socio-political organizations or not a manager or executive of other enterprise;

- Rights and obligations of the Comptroller

+ Oversee the implementation of the annual and 5-year business strategy and plan of the Fund;

+ Oversee the implementation of rights and obligations of the Members’ Board and the Director of the Fund upon the request of the Ministry of Planning and Investment;

+ Consider assessing the current status of finance and operations of the Fund, the current conditions of operation and validity of internal management rules of the Fund;

+ Supervise the implementation of major investment projects, other purchase, sale and economic transactions on a large scale of the Fund at the request of the Ministry of Planning and Investment;

+ Prepare and send evaluation reports and recommendations on the issues specified at points a, b, c and d of this clause to the Ministry of Planning and Investment and the Members' Board.

- Responsibilities of the Comptroller

+ Comply with laws and decisions of the Ministry of Planning and Investment and professional ethics in implementing the rights and obligations stipulated in this Decree;

+ Implement the rights and obligations assigned in an honest, discreet and best manner to protect the interests of the State and the legitimate interests of the parties involved in the Fund;

+ Bear personal responsibility when abusing the Fund’s reputation to commit violations against law.

- Working regime of the Comptroller

+ The Comptroller shall work full-time at the Fund;

+ The Comptroller must perform planned on an independent and proactive manner;

+ Comptroller shall assume responsibility for developing the work plan and reporting on the level of fulfillment of duties to the Ministry of Planning and Investment.

- Salaries and remunerations of the Comptroller

+ The Comptroller shall be entitled to salary and remuneration according to the results of control, performance and efficiency of the Fund;

+ Ministry of Planning and Investment shall decide the pay rate and pay salaries and remunerations to the Comptroller based on the level of fulfillment of the tasks and the provisions of law;

+ Working costs of the Comptroller shall be included in costs of management of the Fund in accordance with law.

3. Assistant apparatus of the Small and Medium Enterprise Development Fund

The assisting apparatus of the Small and Medium Enterprises Development Fund according to Article 12 of Decree 39/2019/ND-CP is as follows:

The assistant apparatus of the Fund shall be composed of Deputy Directors, specialized divisions, branches and representative office (hereinafter referred to as specialized affiliates).

- Deputy Directors

+ Deputy Directors shall assist the Director in performing assigned duties and bear responsibility to the Director or before law for assigned or fiduciary duties. The Deputy Director shall be appointed or hired according to the personnel plan, dismissed, discharged, rewarded or disciplined upon the Director’s request. The Deputy Director shall be appointed to hold office for 5 years and may be reappointed;

+ The number of Deputy Directors shall not be greater than 03 persons;

+ Standards and requirements for being appointed as Deputy Directors shall be subject to provisions laid down in points b, c, d and dd of clause 5 of Article 7 of Decree 39/2019/ND-CP;

- Specialized affiliates shall have the function of counseling and assisting the Members’ Board and the Director to manage and supervise the Fund.

Quoc Dat

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