Vietnamese localities authorized to set up Local Development Investment Funds

Nhat Minh

Dec 24, 2020 / 09:08 AM

The Decree governing the establishment and operation of the Local Development Investment Funds was signed by the Prime Minister on December 18.

Pime Minister Nguyen Xuan Phuc has allowed cities and provinces nationwide to establish Local Development Investment Funds (LDIF), which are off-budget under the form of fund raising, lending, investment, trust and fiduciary.

The Decree governing the establishment and operation of the Local Development Investment Funds was signed by the Prime Minister on December 18. Photo: Cong Hung

According to the Decree No.147 issued by the Prime Minister recently, the Local Development Investment Funds are non-profit organizations, performing the function of lending and investing locally according to the provisions of the cecree.

The provincial People's Committee represent the State ownership of the Funds.

The funds will mobilize medium and long-term capital from domestic and foreign organizations according to the provisions of this Decree and relevant laws; performs lending to projects on the investment portfolio provided by this Decree.

The funds will also invest in projects, contribute capital and purchase shares of economic organizations.

The decree takes effect from February 5, 2021 and replaces Decree No. 138 dated August 28, 2007 on the organization and operation of the LDIF, and the Decree. No. 37 dated April 22, 2013 amending and supplementing a number of articles of Decree No. 138.

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