Meeting of the Management Board of the Provincial Development Investment Fund and the Provincial Land Development Fund

Wednesday, April 17, 2024 | 14:55:02

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On the morning of April 17th, Mr. Nguyen Quang Hung, Member of the Standing Committee of the Provincial Party Committee, Permanent Vice Chairman of the Provincial People's Committee, and Chairman of the Management Board of the Provincial Investment and Development Fund and the Provincial Land Development Fund, chaired a meeting of the Provincial People's Committee to hear reports from the Management Boards of the Provincial Investment and Development Fund and the Provincial Land Development Fund on the results of operations in the first quarter of 2024 and the direction and tasks for the second quarter of 2024.

Comrade Nguyen Quang Hung, Member of the Standing Committee of the Provincial Party Committee, Permanent Vice Chairman of the Provincial People's Committee, Chairman of the Management Board of the Provincial Investment and Development Fund and the Provincial Development Fund, delivered a speech at the meeting.

Despite numerous challenges, the Fund's management board has closely followed the fund's resolution to implement assigned tasks. The Fund has recovered the due counterpart funding for two projects, repaying the provincial Development Fund 8,120.5 million VND; and advanced funds for land clearance for one project totaling 4,233.1 million VND. The Fund has submitted a proposal to the competent authority for approval of a loan for a project within the fund's investment lending portfolio with a loan limit of 7,350 million VND, bringing the total loan limit to 43,850 million VND. It has also successfully recovered 1,500 million VND in advance payments to cement suppliers to repay the provincial budget. By the end of the first quarter of 2024, the fund had repaid 127,700/140,658.8 million VND to the provincial budget.

In the first quarter of 2024, the operational management agency of the Development Fund and the entrusted unit actively urged the recovery of counterpart funds for two projects, totaling VND 8,120.5 million. Based on this, they balanced the funds and advised the Provincial Development Fund Management Board to issue a decision to advance funds to the Tien Hai District People's Committee for land clearance work for the Bac Dong Dam residential area infrastructure project (Tien Hai town), totaling VND 4,233.1 million. The entire VND 4,233.1 million counterpart fund was disbursed promptly after the Fund Management Board's decision, achieving 100% of the plan.

At the meeting, representatives from the Provincial Development Investment Fund's management agency also reported on the proposal for approval of the revenue and expenditure difference settlement and fund allocation for 2023, and the approval of the 2023 performance ranking report; the Provincial Development Investment Fund reported on the proposal for approval of the fund's regular revenue and expenditure settlement for 2023.

A representative from the Provincial Development Investment Fund presented a report at the meeting.

Concluding the meeting, the Standing Vice Chairman of the Provincial People's Committee, Chairman of the Management Board of the Provincial Investment and Development Fund and the Provincial Development Fund requested that the Provincial Investment and Development Fund and the Provincial Development Fund continue to closely follow the directives of the Provincial People's Committee and the Fund Management Board; be flexible in management and implementation to promptly serve the socio-economic development tasks of the province.

Regarding the tasks for the second quarter, the comrade requested that the Provincial Development Investment Fund strengthen its efforts in seeking investment loan projects, improve loan appraisal to accurately and honestly assess the effectiveness of projects and the repayment capacity of borrowers; strengthen loan recovery efforts, and implement appropriate and flexible solutions to ensure effective loan recovery. The Provincial Development Investment Fund should continue to promote the recovery of counterpart funds from projects that have reached their maturity date; closely coordinate with relevant levels, sectors, and entrusted units in recovering counterpart funds, especially for projects that have been allocated investment capital from the 2024 budget.

Ngan Huyen

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