Hanoi People’s Committee Approves Proposal for Land Development Fund
The Hanoi People’s Committee has recently approved a proposal for the establishment of the Land Development Fund and issued its charter. According to the proposal, the Hanoi Land Development Fund is a state financial fund outside the national budget, managed directly by the Hanoi People’s Committee.
The fund has its own legal entity, seal, and accounts at the State Treasury and state-owned commercial banks. Its headquarters are located at 2, Phan Chu Trinh, Cua Nam Ward.
With a charter capital of over VND 5,900 billion, the fund’s sources include surplus sources and surplus capital, supplemented by the city’s budget and the fund’s revenue and expenditure differences. Other legal sources include domestic and foreign aid and sponsorship as stipulated by law.
Hanoi’s urban development
The fund will be utilized to provide financial support for compensation, site clearance, resettlement, and land fund creation in accordance with urban, industrial, commercial, and infrastructure development plans.
Specifically, the Hanoi Land Development Fund undertakes seven key tasks: providing capital for site clearance, infrastructure development, and resettlement; capital preservation and growth; monitoring and inspecting capital usage; recovering advanced capital; and providing regular reports to the Hanoi People’s Committee. The fund is also authorized to establish operating procedures and handle violations related to the misuse of capital.
The fund’s organizational structure comprises a Management Board, including a Chairman, Vice Chairman, and members; a Supervisory Board, with a Chief and members; and an Operational Management Body, consisting of a Director, Deputy Director, Chief Accountant, and professional departments, which is the Executive Board of the Hanoi Investment and Development Fund.
Operating on the principles of capital preservation and growth, transparency, efficiency, and non-profit-seeking, the fund is responsible for periodic evaluations and proposing charter adjustments to the Hanoi People’s Committee for approval, following appraisals by the Department of Home Affairs.
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