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

Nghe An Provincial People's Council voted on the above content in the Resolution approving the charter capital of Nghe An Land Development Fund at the recent 25th Session.

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

The Fund's charter capital granted until November 2024 is VND 800 billion. The additional charter capital granted to the Fund in 2025 is VND 200 billion.

Nghe An Land Development Fund is a State financial organization, under the People's Committee of Nghe An province; operating under the financial mechanism for public service units with revenue, self-guaranteeing a part of regular expenses.

The Fund has legal status, independent accounting, its own seal, and is allowed to open accounts at the Provincial State Treasury and credit institutions to operate in accordance with the provisions of law.

The Fund has the function of receiving capital from the State budget allocated at the beginning of its establishment and supplementing it periodically every year, receiving other capital sources to advance capital and support expenditures in the fields of compensation, support and resettlement; creating land funds and developing land funds to serve the socio-economic development of the locality.

Decree 104/2024/ND-CP of the Government stipulates: Land development fund is a non-budgetary state financial fund, under the Provincial People's Committee, established by decision of the Provincial People's Committee, operating independently from the State budget, not for profit, preserving and developing capital.

The operating capital of the Land Development Fund is used to advance capital to project investors using State budget capital, State units and organizations performing compensation, support and resettlement tasks to carry out compensation, support and resettlement in accordance with the provisions of the law on land and the law on housing (except for investment projects using capital sources other than the State budget).

At the same time, provide capital for land fund development organizations to create and develop resettlement land funds, create land funds to organize land use rights auctions to pay to the State budget. Provide capital for organizations assigned to implement land support policies for ethnic minorities and provide capital to perform other tasks as prescribed by law.