Regulations on the managing body of land development funds in Vietnam from August 1, 2024

Regulations on the managing body of land development funds in Vietnam from August 1, 2024

Article 11 of the Decree 104/2024/ND-CP stipulates the managing body of land development funds in Vietnam as follows:

- The managing body of land development funds in Vietnam comprises: a Director, no more than 02 Deputy Directors; Chief Accountant and no more than 03 departments (performing administrative functions and the Fund's operations). The departments of the executive agency are proposed by the Board of Management for the Provincial People’s Committee to review and decide. The Director of the Fund is the legal representative of the Land Development Fund, responsible to the Provincial People's Committee, the Board of Management, and the law for all activities of the Land Development Fund. The Deputy Director of the Fund is responsible for assisting the Director in managing the Fund’s activities as assigned and authorized; accountable to the Director and the law for the assigned and authorized tasks.

- The managing body of land development funds in Vietnam operates either on a full-time or part-time basis.

- Staffing in the case of a full-time executive agency consists of public employees.

- Recruitment, planning, appointment, reappointment, resignation, dismissal, mobilization, transfer, commendation, discipline, retirement concerning the Director, Deputy Directors, Chief Accountant, and other positions in the executive agency are carried out according to the organization's regulations and operation charter of the Land Development Fund and relevant laws.

- Duties and powers of the executive agency:

+ Organize and manage the activities of the Fund in accordance with Decree 104/2024/ND-CP, the organization and operation charter of the Fund, decisions of the Provincial People’s Committee, Chairman of the Provincial People’s Committee, and the resolutions and decisions of the Board of Management of the Fund.

+ Propose the issuance of business regulations, procedures, and other regulations as stated in the organization and operation charter of the Fund to the Board of Management.

+ Compile and develop the Fund's capital deployment plan to present to the Board of Management according to Decree 104/2024/ND-CP.

+ Directly manage the Fund’s operational funds and assets.

+ Perform other rights and duties as stipulated in Decree 104/2024/ND-CP, the organization and operation charter of the Fund, and legal provisions.

More details can be found in Decree 104/2024/ND-CP which takes effect in Vietnam from August 1, 2024.

Decision 40/2010/QD-TTg on the issuance of the sample regulation on management and use of the Land Development Fund will cease to be in effect from the date Decree 104/2024/ND-CP comes into effect in Vietnam.

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