Under the decree, the Fund for Natural Disaster Prevention and Control is an off-budget state financial fund with legal status and its own seal. The fund’s accounts were opened at the State Treasury and commercial banks legally operating in Vietnam.
The National Fund will be managed by the Ministry of Agriculture and Rural Development. Meanwhile, Chairmen of the People's Committees of the provinces and centrally run cities will decide on the establishment of provincial funds.
The Fund for Natural Disaster Prevention and Control operates under the model as a one-member limited liability company in which 100% of its charter capital is held by the State.
The fund will support natural disaster prevention and control activities that have not received investment from the State budget. In addition, the fund must conduct the report and accounting in accordance with this decree and relevant laws as well as comply with the inspection, examination and audit by competent state agencies according to the provisions of the law.
The fund’s manager must publicly announce the operation regulations and results and report on its implementation in accordance with the provisions of this decree and relevant laws.
The Central Fund’s Management Council consists of no more than nine members. The Minister of Agriculture and Rural Development will take the role of President of the Fund.
