Procedures for establishment of the land development funds in Vietnam from August 1, 2024

Procedures for establishment of the land development fundssin Vietnam from August 1, 2024 (Photo from the Internet)

Procedures for establishment of the land development funds in Vietnam from August 1, 2024

Article 3 of Decree 104/2024/ND-CP stipulates the procedures for the establishment of the land development funds in Vietnam from August 1, 2024, as follows:

(1) The provincial People's Committee or centrally run city (hereinafter referred to as the provincial level) decides to establish the land development funds.

(2) Based on the actual situation in the locality, if necessary to establish the land development funds, the provincial People's Committee assigns a specialized agency under the provincial People's Committee to preside and cooperate with the local functional agencies to prepare a dossier requesting the establishment of the land development funds and submit it to the provincial People's Committee. The dossier includes:

- The submission of the specialized agency under the provincial People's Committee requesting the establishment of the land development funds: 01 original copy.

- The scheme for the establishment of the land development funds prepared by the specialized agency under the provincial People's Committee: 01 original copy. The main contents of the scheme for the establishment of the land development funds include:

+ Objectives, necessity, and feasibility of establishing the land development funds, the impact of establishing the land development funds on the local socio-economic development;

+ Name and main office location of the land development funds;

+ Legal status, legal personality, functions, operational principles, and the legal representative of the land development funds;

+ Duties and powers of the land development funds;

+ Projected operating capital of the land development funds including: charter capital provided by the state budget (level of charter capital) and other legally mobilized capital as per the law; the progress of providing charter capital from the state budget and the progress of mobilizing other legal capital;

+ A specific explanation of the organizational structure and operational model of the land development funds as per the provisions in Articles 8, 9, 10, 11, and 12 of Decree 104/2024/ND-CP;

+ Projected number, composition, operating policies (full-time, part-time) of the Management Board, Supervisory Board, and Executive Agency of the land development funds; projected key personnel of the land development funds (including: Chairman, Vice-Chairman of the Management Board; Head of the Supervisory Board; Director) meeting the standards and conditions specified in Articles 9, 10, and 11 of Decree 104/2024/ND-CP and the draft Charter on the organization and operation of the land development funds;

+ Management of charter capital and other legally mobilized capital of the land development funds;

+ Authority, process for developing, aggregating, and approving the Plan to advance capital from the land development funds; authority, process for deciding to advance capital from the land development funds; sanctions for handling violations in the use and repayment of advanced capital;

+ Financial regime of the land development funds.

- Draft Charter on the organization and operation of the land development funds with contents as stipulated in Clause 1, Article 4 of Decree 104/2024/ND-CP.

- Comprehensive report, explanation, and acceptance of opinions from relevant agencies (if any): 01 original copy.

- Opinions from relevant agencies (if any): 01 copy.

(3) Within 30 days from the date of receiving a complete dossier as specified in (2), the provincial People's Committee reviews and submits the scheme to the Provincial People's Council for consideration and approval.

(4) Within 30 days from the date the scheme is approved by the Provincial People's Council, the provincial People's Committee is responsible for:

- Approving the scheme for the establishment of the land development funds and issuing the Decision to establish the land development funds.

- Issuing the Charter on the organization and operation of the land development funds.

- Notifying the Ministry of Finance in writing about the establishment of the land development funds.

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