On September 17, information from the People's Committee of Lao Cai province, the province has approved the Project to establish a Venture Capital Fund.
According to the decision, the establishment, organization and operation of the Fund must comply with legal regulations on science, technology and innovation, enterprises, management and investment of state capital in enterprises and related regulations.
Lao Cai Provincial Venture Capital Fund is organized and operates according to the enterprise model.
The use of state capital in the Fund must ensure the correct objectives, scope, authority, order, procedures and principles of state capital management as prescribed.
The capital level and state capital sources participating in the charter capital of the Fund are implemented according to Resolution No. 46 of the Provincial People's Council and decisions of competent authorities.
The Provincial People's Committee assigned the Department of Science and Technology to be the focal agency to advise on the implementation of the Project; coordinate with the Department of Finance, the Department of Home Affairs and relevant agencies to select competent founding members, develop the Charter, organizational plan and operation of the Fund.
The Department of Finance is assigned to advise on the management, investment and use of state capital participating in charter capital; appraise financial contents, capital sources, capital contribution plans and management of state capital.
Notably, the province stipulates that capital contribution, capital transfer or allocation and use of state capital for the Fund will only be carried out after fully completing the conditions and procedures for establishment, business registration, charter approval and procedures for investment, management, and use of state capital.
In case of arising content that has not been regulated, has different understandings or risks affecting the safety and efficiency of state capital, the presiding agency must temporarily not implement it and promptly report to the Provincial People's Committee, the Chairman of the Provincial People's Committee for consideration and direction.
