Hanoi development fund looks to more efficient operation

Politburo member and Secretary of the Hanoi Party’s Committee Hoang Trung Hai speaks at the event (Photo: VNA)

The HADIF had a working session with Politburo member and Secretary of the Hanoi Party’s Committee Hoang Trung Hai in Hanoi on May 14, reviewing its performance in 2018 and the first four months of 2019 and initiating works in the rest months of the year.

Hai hailed the HADIF’s capital mobilization and use over the past time, saying it contributed to the capital city’s socio-economic development success.

He noted the fund’s continuous important role in assisting Hanoi to accomplish its set economic growth and social security goals, asking its board of directors and staff to work harder together to improve the fund’s operation efficiency.

Apart from speeding up the administrative reform, the HADIF should consult the municipal authority mechanisms and policies that would unblock difficulties for businesses and speed up the disbursement of its loans.

HADIF Director General Chu Nguyen Thanh reported that the fund was formed by merging the former city development investment fund, the city land development fund, the Hanoi environment protection fund and the municipal technology and science development fund and its current staff numbers 146.

It has a fund of 2.46 trillion VND and used nearly 690 billion VND of them to lend safe water, electricity, education, and resettlement housing projects.

The fund has organized six conferences to seek to diversify its borrowers. It has worked with over 50 projects on healthcare, education, safe water supply, social housing, infrastructure and industrial zones for capital lending, and signed four lending agreements worth nearly 1.4 trillion VND.

It has outlined plans on mobilizing capital for investment and loans in the fields directed by the municipal authority along with coordinating with departments and sectors to consult the authority the more efficient ways of mobilizing and using capital.

Chairman of the Hanoi People’s Committee Nguyen Duc Chung signed Decision No.06/2018/QD-UBND approving the organization charters and operation of Hanoi Development Investment Fund.

Under the Decision, the fund is a financial institution belonging to the Hanoi People's Committee tasked with investment development and financial investment in accordance with Decree No.37/2013/ND-CP dated August 28, 2007 by the Government on the organization and operation of the local Development Investment Fund.

HADIF was reorganized by Decision No.418/QD-UBND dated January 21, 2017 by the Hanoi People's Committee for the purposes of receiving budget capital, mobilizing medium- term and long-term capital from organizations and individuals in the country and abroad. It aims to lend as well as invest in projects and enterprises to develop Hanoi’s infrastructure and socio-economic development.

VNA