Lao Cai: Establishment of a Farmers Support Fund to contribute to rural economic development

Recently, the Chairman of Lao Cai Provincial People's Committee issued a Decision to establish the Provincial Farmers Support Fund, with the goal of supporting farmer members in building and replicating effective production and business models.

According to the Decision, the Lao Cai Provincial Farmers Support Fund is a non-budgetary state financial fund, under the Lao Cai Provincial Farmers' Association, operating not for profit, preserving and developing capital; performing functions and tasks as prescribed in Decree No. 37/2023/ND-CP dated June 24, 2023 of the Government on the establishment, organization and operation of the Farmers Support Fund.

The Provincial Farmers Support Fund has legal status, charter capital, seal, and is allowed to open accounts at the State Treasury, the Social Policy Bank, and commercial banks legally operating in Lao Cai province in accordance with the law.

The operating principles of the Provincial Farmers Support Fund are: Financial autonomy, not for profit, public, transparent, capital preservation and development. Limited liability within the scope of the Provincial Farmers Support Fund's equity capital. Properly perform the assigned functions and tasks according to the provisions of law.

The objective of the Provincial Farmers Support Fund is to support farmer members in building and replicating effective production and business models, contributing to increasing income and improving the material and spiritual life of farmers. Creating resources, conditions and tools to unite and gather farmers into the Association, contributing to building an increasingly strong Association and farmers' movement, which is an important political foundation contributing to building a clean and strong Party and government.

Aquaculture model of Lao Cai farmers

The Provincial Farmers' Support Fund has the following functions and tasks: Advising the Executive Committee and Standing Committee of the Lao Cai Provincial Farmers' Association on building, managing and developing the Farmers' Support Fund in the province; Receiving and managing the charter capital allocated from the state budget according to the law; Mobilizing sources of support, sponsorship and non-refundable aid for the activities of the Provincial Farmers' Support Fund; Lending capital to farmer members to build and replicate production and business models; Receiving loan entrustment from domestic and foreign organizations and individuals according to the law; Performing other tasks assigned by competent authorities according to the law.

The Provincial Farmers Support Fund is responsible for complying with the provisions of Decree No. 37/2023/ND-CP and legal provisions related to the activities of the Farmers Support Fund; Implementing regulations on the establishment, implementation, settlement, and audit of the state budget for the state budget capital at the Provincial Farmers Support Fund; Subject to inspection, examination, and audit by competent state management agencies; Providing data and publicly announcing the financial situation according to the provisions of Decree No. 37/2023/ND-CP and relevant laws.

Tea growing model of people in Ta Cu Ty commune, Lao Cai province

Regarding authority, to organize activities in accordance with the objectives and scope of activities of the Provincial Farmers Support Fund; To select loan options that meet the conditions for lending according to the provisions of Decree No. 37/2023/ND-CP; To select, arrange, train and employ labor according to the provisions of the Charter on organization and operation of the Provincial Farmers Support Fund and relevant legal provisions; To refuse requests for information or use of resources of the Provincial Farmers Support Fund if such requests are contrary to the provisions of law and contrary to the Charter on organization and operation of the Farmers Support Fund; To contact and coordinate with relevant authorities, units and individuals to mobilize legal capital sources to finance the activities of the Farmers Support Fund.

Regarding the organizational structure, the Provincial Farmers Support Fund includes: Fund Management Board; Fund Control Board; Fund Executive Board including: Director, Deputy Director, Chief Accountant and support staff.

The fund has a charter capital of 66.2 billion VND, expected to reach 126.5 billion VND by 2030. The establishment of the Lao Cai Provincial Farmers Support Fund contributes to improving the effectiveness of production support, economic development, helping local farmers stabilize their lives and gradually become rich.

Source: https://phunuvietnam.vn/lao-cai-thanh-lap-quy-ho-tro-nong-dan-gop-phan-phat-trien-kinh-te-nong-thon-20250822115643223.htm