THE PROJECT MANAGEMENT UNIT OF WATERWAY NORTHERN DELTA TRANSPORT DEVELOPMENT PROJECT Credit Agreement IDA No. 6028 - VN (Parts A and C) AUDITED FINANCIAL STATEMENTS The period from 01 January 2023 to 30 October 2023 Northern Delta Transport Development Project Credit Agreement IDA No. 6028 - VN (Parts A and C) CONTENTS Page PART I INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS Report of the Project Management Unit 3 Independent Auditors' Report on the Financial statements 4-5 Audited Financial statements Statement of Funds and Expenditures 6 Statement of Funds Balance 7 Statement of Designated Account 8 Statement of Withdrawals and Reconciliation of Funds 9 Notes to the Financial statements 10-14 PART II INDEPENDENT AUDITORS' REPORT ON 15-16 THE INTERNAL CONTROL SYSTEM PART 11 INDEPENDENT AUDITORS' REPORT ON 17-18 THE COMPLIANCE PART IV MANAGEMENT LETTER 19-21 2 Northern Delta Transport Development Project Credit Agreement IDA No. 6028 - VN (Parts A and C) REPORT OF THE PROJECT MANAGEMENT UNIT The Project Management Unit of Waterway ("the Project Management Unit" or "PMU-W) presents this report and the Financial Statements of the Northern Delta Transport Development Project (Parts A and C) ("the Project") for the period from 01 January 2023 to 30 October 2023. The Project The Project is implemented under the Credit Agreement IDA No. 6028 - VN dated 23 June 2017 ("the Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank. The Project Management Unit Members of the Project Management Unit in the period and to the reporting date are: Mr. Duong Thanh Hung Director Mr. Tran Quoc Bao Deputy Director Mr. Nguyen Xuan Lam Deputy Director Mr. Luu Viet Khoa Deputy Director Ms. Nguyen Thi Thanh Huyen Head of Finance & Accounting department Auditors The auditors of AASC Limited have taken the audit of financial statements of the Project. Responsibilities of the Project Management Unit The Project Management Unit is responsible for preparing the project financial statements, including Statement of Funds and Expenditures, Statement of Funds balance, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds, which comply with the accounting policies described in the attached Notes to the Financial Statements. The Project Management Unit assures that the accounting policies are appropriately selected and consistently applied. The Project Management Unit assures that the accounting records were fully maintained to prepare the financial statements in accordance with the applied accounting policies and to disclose, with reasonable accuracy at any time, the financial position of the Project- The Project Management Unit is also responsible for maintaining an effective internal control as management determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and comply with relevant laws, regulations ancofevprovisions of the Credit agreement that could have a direct and material financial effect on the Project*flnancial statements. On behalf ofthe Project Management Unit Duong Thanh Hung Director Hanoi, 15 December 2023 3 aasc No.: 151223.007/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS To: The Project Management Unit of Waterway The Northern Delta Transport Development Project (Parts A and C) Opinion We have audited the accompanying financial statements of Northern Delta Transport Development Project (Parts A and C) ("the Project") which comprise Statement of Funds balance as at 30 October 2023, Statement of Funds and Expenditures, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds, and Notes to the Financial Statements for the period from 01 January 2023 to 30 October 2023, including a summary of significant accounting policies. In our opinion: The accompanying financial statements give a true and fair view of the financial position of the Project, including the balance of the Designated Account as at 30 October 2023, funds received and expenditures incurred, movements of the Designated Account for the period from 01101/2023 to 30/10/2023 in accordance with the basis of the principal accounting policies described in the Notes to the Financial Statements and the provisions of the Credit Agreement IDA No. 6028 - VN; > In addition, with respect to Statements of Expenditure, adequate supporting documents have been fully maintained to support to the replenishment requests submitted to the World Bank. The expenditures are eligible and in right purposes of the Credit Agreement IDA No. 6028 - VN. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Project Management Unit in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Project Management Unit for the Financial Statements The Project Management Unit is responsible for the preparation of the financial statements in accordance with the principal accounting policies described in Notes to the Financial Statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. T:(84) 24 3824 1990 I F:(84) 24 3825 3973 I 1 Le Phung Hieu, Hanoi, Vietnam L AASC AUDITING FIRM 4 As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control; Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management; > Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Project to cease to continue as a going concern; Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Project Management Unit regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. AASC Limited Do Manh Cuong Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No.: 0744-2023-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 15 December 2023 5 И t*� � г М М О G 1+ О ч.+ � С3 М (f7 �Л � 1'+ f Q �Ia N С�': О С'? N г{'i © С4 SЧ г �� �� z О CL) Q ц1 С5 аб М'� 'г'� I� f�7 � L ��� и7 aQ Q s� N г7э S3� гЛ i.47 G� М у q� о � V О N сЛ с9 �] сУэ N 1�. а-/ � �� г_ сУ5_ Q� cD �_ сУэ С�7_ д� д0 �Ь? .w � � О tS3 [9 С CJ 1` г N h- О д1 �� U� СО � г г С4 С? N CV '� О О �� Q С7 т� ��� L�Ci О�О г О? С� �++- г С � г tV � Сл7 г_ �`': R3 � г г г т'" С .� LL � 9} _ Z} � N � tиg Г` � О 1�- Cf3 ,© iSJ О О .4 -� О� О_ М b О � N ©�_ !' � М_ f1} С� lf1 �� Сб �- � Cf7 г О I� Q? `S3 � �� С7 � � N l�_ С3? "� С5 r N G N Ci7 QC� С3? CD 'е1' � •Q М � с+'? 't'� � CU О (� С7 д' кэ � й] д' � М <--` ti' t4 С3 iV О � b' �' С%7 Q С�+7 г� �" tf С? ', �• `� '� д' 'b. С7 Cfl Cri О? 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Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Parts A and C) The period ended 30 October 2023 STATEMENT OF FUNDS BALANCE As at 30 October 2023 Note 30110/2023 31/12/2022 VND VND Surplus (Deficit)/Surplus as at begining (18,974,783,493) 217,642,307,587 Surplus/(Deficit) in the period 35,054,357,303 (236,617,091,080) Surplus/(Deficit) as at closing 16,079,573,810 (18,974,783,493) Represented by., Current assets 18,465,304,502 38,707,560,307 Cash in bank 5 16,785,943,502 20,444,917,492 Advances to contractors 7 1,679,361,000 18,262,642,815 Current liabilities 2,385,730,692 57,682,343,800 Payables to contractors 8 2,385,730,692 57,682,343,800 Net worth 16,079,673,810 (1 8,974,78L493L 7 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Parts A and C) The period ended 30 October 2023 STATEMENT OF DESIGNATED ACCOUNT For the period: from 01/01/2023 to 30/10/2023 Account holder: The Project Management Unit of Waterway Account No: 1200208011115 Bank: Vietnam Bank for Agriculture and Rural Development Transaction Center Address No. 2 Lang Ha, Ba Dinh District, Hanoi Credit Agreement IDA No.: 6028 - VN PART A: ACTIVITIES Note USD USD Opening balance 873,341.20 Add: - Total amounts deposited by the World Bank 18,200,000.00 - Overseas bank charges 60.00 18,200,060.00 Deduct: Total amounts withdrawn (18,385,593.64) Closing balance (* 687,807.56 PART B: RECONCILIATION 1. Amount advanced by the World Bank 2,543,315.64 2. Add: Amount supplemented by the World Bank 18,200,000.00 3. Deduct: Amount recovered by the World Bank (20,055,508.08) 4. Present outstanding amount advanced to 687,807.56 5. Closing balance 687,807.56 6. 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I.C) СЛ N ч�- �1 г'д` � б'3 iC? � L�fl l!7 0�0 � � � ��, �� � � �6 г О Г С3 [V N о�- tr1 [V Г О т Г о г cV Q СЧ CV '4 tб tC Q � � � � � � ш Q ¢�т � � � �� ййсФtз��шшсис�с°tз�°titir"'�-°г�°аооов L' ��с�тэ а � Q F с� I Q сС � 7+ � О[[ � � Q с+э �ry м .Сг � Q�, ,� т ц J `- �` С'D �S `а= � 'С4 1ti � �" �% N Z = CL CS3 е- �00 � � � GJ tf3 М � Cif r � � М � � б� О _% N С:7 I � � �' � * uh О (� О � � Z � � � � С � О И � s Q� И ,� _t? р � ц � :4 t� R©_ � И О Ш� � � W ....� F" С i И 3�[л С,� �.. � � еб @ 3 И s с.� �, n. п3 Ш f�jy й Qy � � � f] � [Л U � � U � � (U © � С Q � � .� � �... c�U Ш q} � U L Q � ('�"L3 ? сз т� Rs � С� г С? © � � +., ш U С.3 'С.� �L J © � � � .*✓ I- а �' . � tз со Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 -VN PartAandC) The period ended 30 October 2023 7. Advances to contractors 30/10/2023 31/12/2022 VND VND Civil Works 1,679,361,000 18,262,642,815 Entech Vietnam Trade Construction JSC 1,679,361,000 1,962,858,000 Waterway Construction Consultants JSC - 7,620,248,877 Lilama 10 JSC - 5,171,497,599 Huyen Minh Construction Corporation - 2,798,027,697 HJC Group Investment - Construction JSC - 710,010,642 1,679,361,000 182262,642,815 Bidding package "Relocating and returning the clean water pipeline system under the subproject site clearance of Day - Ninh Co canal, Wb6 project" - Nghia Hung District People's Committee (Nghia Hung PPMU) is financed by Counterpart fund. 8. Payables to contractors 30/1012023 31/12/2022 VND VND Civil Works 2,317,229,826 53,656,708,633 Phu Xuan Construction and Consultant JSC 1,770,453.417 22,801,025,066 HUD1 Investment and Construction JSC - 2,166,749,174 Lilama 10 JSC 546,776,409 - Viet Nam Agricultural of Construction JSC - 468,162,083 Thanglong Construction JSC - 4,283,318,074 Hai Duong-Rural Development and Dike Stone - 11,226,678,823 Construction JSC Hanoi Construction Investment JSC - 1,853,886 809 Truong LoG Construction Project JSC - 6,001,739,295 575 Construction Investment and Construction JSC - 3,775,104,009 Hong Ha Company - 1,080,045,300 Consultant's services 68,500,866 4,025,635,167 VIPO Trading and Investment Consultant JSC - 3,833,194,613 Thanh Nam Investment Consultancy and Electric - 79,614,500 Construction JSC Others 68,500,866 112,826,054 2,385,730,692 57,682,343,800 Paid to the contractor on 31 October 2023 by Counterpart fund. 9. Subsequent events There have been no significant events occurring after the reporting date, which would require adjustments or disclosures to be made in the financial statements. 10. Corresponding figures The corresponding figures are the financial statements for the period ended 31 December 2022 which were audited by AASC Limited. 13 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) The period ended 30 October 2023 11. Approval of the Financial Statements The firnanciI sttements were approved by the PMU-W for issuance on 15 December2023. Duong Thanh Hung Nguyen Thi Thanh Huyen Director Head of Finance & Accounting department Hanoi, 15 December 2023 14 aasc No.: 151223.007/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL SYSTEM To: The Project Management Unit of Waterway The Northern Delta Transport Development Project (Parts A and C) We have audited, in accordance with International Standards on Auditing, the financial statements of the Northern Delta Transport Development Project (Parts A and C) ("the Project") for the period from 01 January 2023 to 30 October 2023 and issued the auditors' report thereon dated 15 December 2023 expressing an opinion on those financial statements. In connection with our audit of the financial statements, we also examined the effectiveness of internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as the internal control over financial reporting for the period from 01 January 2023 to 30 October 2023. Responsibilities of the Project Management Unit The Project Management Unit is responsible for maintaining an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as the internal control over financial reporting. Auditor's Responsibility Our responsibility is to express an opinion on the effectiveness of internal control based on our examination. Our examination was conducted in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised). That standard requires that we comply with ethical requirements and plan and perform our procedures to obtain reasonable assurance about whether, in all material respects, the Project has maintained an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as internal control over financial reporting. Our examination included obtaining an understanding, testing, and evaluating the design and operating effectiveness of the internal control, and performing other procedures as we considered necessary in the circumstances to obtain sufficient appropriate evidence to provide a basis for our opinion. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to be prevented or detected on a regular basis. In addition, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T:(84) 24 3824 1990 I F:(84) 24 3825 3973 I 1 Le Phung Heu, Hanoi, Vietnam S *2.. AASCAUDITING FIRM 15 Auditors' opinion In our opinion, the Project has maintained an effective internal control over misstatements that could have a direct and material financial effect on the Project financial statements for the period from 01 January 2023 to 30 October 2023. AASC Limited Dop Nanh Cupg Nguyen Pham Hung DeputyG eral Director Auditor in-charge CPA Registered No.: 0744-2023-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 15 December 2023 16 aasc No.: 151223.007/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE To: The Project Management Unit of Waterway The Northern Delta Transport Development Project (Parts A and C) We have audited, in accordance with the international Standards on Auditing, the financial statements of the Northern Delta Transport Development Project (Parts A and C) ("the Project") for the period from 01 January 2023 to 30 October 2023 and issued the auditors' report thereon dated 15 December 2023 expressing an opinion on those financial statements. In connection with the audit of the financial statements, we also performed procedures on the Project's compliance with the Credit Agreement IDA No. 6028 - VN dated 23 June 2017, law and regulations that have a direct and material effect on the Project's financial statements for the period from 01 January 2023 to 30 October 2023 ("the Requirements"). Responsibilities of the Project Management Unit The Project Management Unit is responsible for complying with the Requirements applicable to the Project. Auditor's Responsibility Our responsibility is to express an opinion on the Project's compliance with the Requirements based on our procedures. We limited our tests of compliance to the Requirements, and we did not test compliance with all laws and regulations applicable to the Project. We performed our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised). That standard requires that we comply with ethical requirements and plan and perform our procedures to obtain reasonable assurance about whether, in all material respects, the Project has complied with the Requirements. An assurance engagement to report on the compliance with the Requirements at the Project involves performing procedures to obtain evidence about whether the Project's activities are free of material non-compliance with the Requirements, including obtaining an understanding of the internal control relevant to the Project's compliance with the Requirements. The procedures selected depend on the auditors' judgment, including the assessment of risks that the Project does not comply with the Requirements and whether such non-compliance could have a direct and material financial effect on the Project's financial statements. Our procedures included testing the compliance with the Requirements we consider necessary to provide a reasonable assurance that the Requirements are complied by the Project. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T:(84) 24 3824 1990 I F:(84) 24 3825 3973 I 1 Le Phung Hieu, Hanoi, Vietnam - AASC AUDITING FIRM 17 Auditors' opinion In our opinion, the Project has complied with the Requirements that could have a direct and material financial effect on the Project's financial statements for the period from 01 January 2023 to 30 October 2023. AA$C-Limited .Do Manh Cudng Nguyen Pham Hung epuy Geperl Director Auditor in-charge CPA Registered No.: 0744-2023-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 15 December 2023