Land Development Fund set up by People’s Committee of HCMC

The People’s Committee of Ho Chi Minh City has decided to set up a Land Development Fund to meet various socio-economic targets.
 
The fund will receive capital from land use, land lease, land auction, and advance on site clearance, compensation and resettlement in various projects. It has already mobilized approximately VND3 trillion (US$142 million).
 
The People’s Committee will consider changes, expenses and distribution during its operation on proposals given by the fund’s Chairman and Board of Governors.
 
The fund will run as a financial organization on the principle of integrity and not solely for profits, remaining an autonomous legal entity. It will have its own official stamp and an account in the State Treasury and Commercial Credit Institutions to operate as per regulations.
 

By Nhung Nguyen – Translated by Uyen Phuong

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