Increase the charter capital of the Nghe An Land Development Fund to 1,000 billion VND.

The Nghe An Provincial People's Council voted on the above content in a Resolution approving the charter capital level of the Nghe An Land Development Fund at its 25th session.

Accordingly, the Nghe An Provincial People's Council approved the charter capital of the Nghe An Land Development Fund at 1,000 billion VND, to be allocated from the local budget's development investment expenditure.

The Fund's charter capital as of November 2024 was VND 800 billion. An additional VND 200 billion will be allocated to the Fund in 2025.

The Nghe An Land Development Fund is a state-owned financial institution, directly under the People's Committee of Nghe An province; it operates under the financial mechanism for public service units with revenue, partially self-financing its recurrent expenditures.

The Fund has legal personality, operates independently, has its own seal, and is authorized to open accounts at the Provincial State Treasury and credit institutions to conduct its operations in accordance with the law.

The fund's functions include receiving capital from the State budget upon its establishment and supplementing it periodically annually, as well as receiving other sources of capital to provide advance funding and support in the areas of compensation, assistance, and resettlement; creating and developing land funds to serve the socio-economic development of the locality.

Government Decree 104/2024/ND-CP stipulates that the Land Development Fund is a non-budgetary state financial fund, directly under the Provincial People's Committee, established by the Provincial People's Committee, operating independently of the State budget, not for profit, and aiming to preserve and develop capital.

The operating capital of the Land Development Fund is used to provide advance funding to project investors using state budget funds, and to state-owned units and organizations responsible for compensation, support, and resettlement, in accordance with land law and housing law (excluding investment projects funded by sources other than the state budget).

Simultaneously, provide funding to land development organizations to create and develop resettlement land funds, and to create land funds for auctioning land use rights to contribute to the State budget. Provide funding to organizations assigned to implement land support policies for ethnic minorities and provide funding for other tasks as prescribed by law.