Hoa Binh development fund established

7/20/2017 - 2:08:53 PM

(HBO)- The Hoa Binh provincial People’s Committee announced its decision to set up a provincial development fund on July 18. Deputy Secretary of the provincial Party Committee and Chairman of the provincial People’s Committee Nguyen Van Quang chaired the announcement conference. The event was attended by Vice Chairman of the local People’s Committee Bui Van Khanh and representatives from relevant departments, branches and agencies.

Under the decision, Vice Chairman Bui Van Khanh was elected as chairman of the fund management council, Vice Director of the Lien Viet Post joint Stock Commercial Bank’s Hoa Binh branch Pham Van Giau as director of the fund for five years. The development fund, a state financial organisation in the locality, has legal status and is allowed to open an account at the State Treasury and other legal commercial banks. Managed by the provincial People’s Committee, the fund will be used in financial investment and development investment.

Photo: Chairman of the provincial People’s Committee Nguyen Van Quang presents the decision on the fund establishment to Vice Chairman Bui Van Khanh, chairman of the fund management council.

The fund’s organisation includes a management council and a supervisory board, running as a non-profit bank for social policies on the basis of financial independence. With an initial chartered capital of 100 billion VND (4.4 million USD), the fund is responsible for mobilising medium and long-term capital from both domestic and foreign organisations and individuals in line with legal regulations. It can make direct investments in projects and financial contributions, entrust investment, distribute investment capital, issue local bonds to mobilise resource for local budget and organise activities of credit guarantee funds, among others.

Photo: Chairman of the provincial People’s Committee Nguyen Van Quang presents the decision on the appointment of Pham Van Giau, Vice Director of the Lien Viet Post joint Stock Commercial Bank’s, as director of the fund.

Speaking at the event, Chairman Nguyen Van Quang asked the fund to fulfill its functions of managing, mobilising and using the capital in an effective way to support local infrastructure development, attract investment and address difficulties in investment in environment protection.

On behalf of the fund management council, Vice Chairman Bui Van Khanh promised to run the fund smoothly in accordance with current regulations and make good use of the capital, serving the province’s socio-economic development./.

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