Nexia
STT
Dynamic Cities Integrated Development Project
- Hai Duong city, Hai Duong province
Audited Financial Statements
Under Financing Agreement No. 6429-VN between the
International Development Association and the Government
of the Socialist Republic of Vietnam
Year ended 31 December 2022
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429-VN between the International Development Association and
the Government of the Socialist Republic of Vietnam
Contents
STATEMENT OF THE PROJECT MANAGEMENT UNIT...........................................2
INDEPENDENT AUDITORS' REPORT ....................................................................5
STATEMENT OF FINANCIAL POSITION .............................................................. 11
STATEMENT OF FUNDS AND EXPENDITURES ....................................................12
STATEMENT OF SOURCES AND USES OF FUNDS...............................................13
STATEMENT OF DESIGNATED ACCOUNT........................................................... 14
SOE WITHDRAWAL SCHEDULE - ACCOUNT NO. 46010371488998......................15
NOTES TO THE FINANCIAL STATEMENTS........................................................16
1
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and
the Government of the Socialist Republic of Vietnam
STATEMENT OF THE PROJECT MANAGEMENT UNIT
The Project Management Unit of Dynamic Cities Integrated Development Project - Hai Duong city, Hai
Duong province ("the Project Management Unit") was assigned by Hai Duong city People's Committee as
the Owner Representative for the Dynamic Cities Integrated Development Project - Hai Duong city, Hai
Duong province ("the Project") using the World Bank's credits, and the counterpart funds from the
Government of Vietnam. The Project Management Unit of Dynamic Cities Integrated Development Project
- Hai Duong city, Hai Duong province is responsible for the Financial Statements of the Dynamic Cities
Integrated Development Project - Hai Duong city, Hai Duong province ("the Project") for the year ended
31 December 2022.
The Project
The Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province, financed by
the World Bank's credits, was approved under Official Letter No. 4850/VPCP-QHQT dated 11 May 2017 by
the Government Office for the project proposal; Decision No. 1427/QD-TTg dated 26t' October 2018 by
the Prime Minister for the project investment policy, and amended Decision No. 601/QD-TTg dated 4'
May 2020. The Project was granted under Financing Agreement No. 6429-VN dated 29 November 2019
between the International Development Association and the Government of the Socialist Republic of
Vietnam. Tie Project was approved by the President of the People's Committee of Hai Duong province
for the feasibility study report under Decision No. 967/QD-UBND dated 22 March 2019, and amended
Decision No. 3582/QD-UBND dated 1 December 2021.
The Project has been granted with credits from the World Bank through the International Development
Association ("IDA") under Financing Agreement No. 6429-VN dated 29 November 2019, with the total
amount of USD59,120,000, and counterpart funds of the Government of the Socialist Republic of Vietnam
for six (6) years from 2019 to 2025.
The objective of the Project is to increase access to urban infrastructure and to improve integrated urban
planning in The Project Cities.
The Project consists of the following parts:
Part 1: Structural Investments - Rehabilitation and Construction of Resilient Urban Infrastructure
Supporting selected city-level investments in urban infrastructure, including: (a) urban drainage,
including, inter a la, construction of new drains, dredging and embankment of ditches, streams,
lakes and channels; (b) urban environmental sanitation, including, inter alia, rehabilitation and
construction of sewer collection networks and construction of wastewater treatment plants; (c)
urban transport, including, inter alia, rehabilitation and construction of strategic urban roads and
bridges; and (d) urban amenities and public spaces, including resettlement sites.
Part 2: Non-Structural Investments - Technical Assistance and Implementation Support
Providirg:
(a) Analytical and techncal support for institutional capacity strengthening for: (i) the deve opment
or update of integrated strategic urban development plans; and (ii) the development of public
transport development strategies and plans; and
(b) Pro-ect implementation support, including: (i) development of technical designs for structural
investments under the Project; and (ii) construction supervision and management, ndependent
monitoring of environmental and social safeguards, independent financial audits, and monitoring
and evaluation.
2
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and
the Government of the Soclalst Republic of Vietnam
STATEMENT OF THE PROJECT MANAGEMENT UNIT (CONTINUED)
The total investment of the entire Project is VND1,774,584 million, equivalent to USD78,870,419, in
which, IDA loan is VND1,330,166 million, equivalent to USD59,118,507; and the counterpart funds
from the Government of the Socialist Republic of Vietnam is VND444,418 million, equivalent to
USD19,751,192.
The Project Management Unit
The Project Management Unit of Dynamic Cities Integrated Development Project - Hai Duong city,
Hai Duong province was established by the Project Responsible Party - Hai Duong city People's
Committee under Decision No. 1318/QD-UBND dated 5 April 2019 and amended according to
Decision No. 743/QD-UBND dated 30 March 2020.
Members of the Project Management Unit responsible for the project management during the year
ended 31 December 2022 and at the date of this report are as follows:
Mr. Tran Ho Dang Project Manager (from 26/8/2022)
Mr. Truong Manh Long Director (up to 30/6/2022)
Mr. Nguyen Dinh Khanh Deputy Director
Ms. Tran Thi Hue Accountant in-charge (from 1/6/2023)
Ms. Le Quynh Mai Accountant in-charge (from 15/4/2022 to 15/4/2023)
Ms. Pham Thu Huong Chief accountant (up to 15/4/2022)
Auditors
The accompanying Financial Statements for the year ended 31 December 2022 have been audited
by NEXIA STT Co., Ltd.
Responsibility of the Project Management Unit in respect of the Financial Statements
The Project Management Unit is responsible for the Financial Statements which give a true and fair
view of the financial position and of its funds and expenditures, sources and uses of funds,
operations of the Designated Account and total funds withdrawn for the year ended 31 December
2022. In preparing the Financial Statements, the Project Management Unit was required to select
suitable accounting policies and then apply them consistently.
The Project Management Unit was responsible for ensuring that proper accounting records were
kept which enabled the Financial Statements to be prepared in compliance with the basis of
accounting set out in Note 2 to the Financial Statements. The Project Management Unit was also
responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Project Management Unit assumed the responsibility to provide, and has provided, the auditors
with all accounting records, supporting and other documents, minutes, any pertinent information
and explanations, either orally or by written confirmation, necessary for the audit.
3
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Fnancing Agreement No. 6429- VN between the International Development Association and
the Government of the Socialist RepublIc of Vietnam
STATEMENT OF THE PROJECT MANAGEMENT UNIT (CONTINUED)
Approval of the Financial Statements
We hereby approve the accompanying Financial Statements of the Dynamic Cities Integrated
Development Project - Hai Duong city, Hai Duong province on page 11 to 23 which give a true and
fair view of the financial position and its funds and expenditures, the sources and uses of funds,
operations of the designated account and total funds withdrawn for the year ended 31 December
2022 in accordance with the accounting policies as described in Note 2 to the Financial Statements
and withdrawals have been adequately reconciled to the Statements of Expenditures prepared by
the Project during the year, and such Statements of Expenditures were adequately supported by
payment records. The Financial Statements were prepared in compliance with the Applicable
Provisions o' the Agreement and other guidance from the World Bank.
O0"behalf of thi Project
Mr. Tran Ho Dang
Project Manager
Hai Duong, 23 June 2023
4
INDEPENDENT AUDITORS' REPORT
On the Project Financial Statements
To: The Project Management Unit of Dynamic cities integrated development project
- Hai Duong city, Hai Duong province"
Audit opinion
We have audited the accompanying Statement of Financial Position as at 31 December 2022, the
Statement of Funds and Expenditures, the Statement of Sources and Uses of Funds, the Statement
of Designated Account, and the SOE Withdrawal Schedules for the year then ended (collectively
referred to as the "Financial Statements"), and a summary of significant accounting policies and
other explanatory information of the Dynamic Cities Integrated Development Project - Hai Duong
city, Hai Duong province ("the Project") implemented by the World Bank's credits through the
International Development Association ("IDA") and counterpart funds.
In our opinion, in all material respects:
a) The Statement of Financial Position, the Statement of Funds and Expenditures, and the
Statement of Sources and Uses of Funds give a true and fair view of the financial position of
the Project as at 31 December 2022 and of its funds and expenditures, sources and uses of
funds for the year then ended, in conformity with the accounting policies described in Note 2
to the Financial Statements;
b) The Statement of Designated Account and the SOE Withdrawal Schedules give a true and fair
view of the designated account balance as at 31 December 2022 and of operations of the
designated account, and of the funds withdrawn for the year then ended in conformity with
the accounting policies described in Note 2 to the Financial Statements; and
c) the Statements of Expenditures and Summary Sheets are fully prepared and maintained with
adequate supporting documents to support for the replenishment requests submitted to the
World Bank. Funds disbursed through the statements of expenditures and summary sheets are
utilized for purposes defined in Financing Agreement No. 6429-VN
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our
responsibilities under those standards are further described in the Auditors' Responsiblities for the
Audit of the Financial Statements section of our report. We are independent of the Project in
accordance with the ethical requirements that are relevant to our audit of the Financial Statements
in accordance with International Ethics Standards, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
........
Nexia
STT
Responsibilities of the Project Management Unit for the Financial Statements
The Project Management Unit is responsible for the preparation and fair presentation of the
Financial Statements in accordance with Note 2 and for such internal control as management
determines is necessary to enable the preparation of Financial Statements that is free from material
misstatement, whether due to fraud or error.
Auditors' 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 auditors'
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 the Financial Statements.
A further description of the auditors' responsibilities for the audit of the Financial Statements are
incuded in Appendix I of this auditors' report. This description, which is represented at page 24,
forms part of our auditors' report.
NEXIA STT Co., Ltd.
Nguyen Viet Nga
Deputy Gerieral Director
Audit Practicing Registration Certificate
No. 2041-2023-225-1
Audit report No.: 147/2023/HN-AUD/WB DL Hai Duong
Ha Noi, 28 June 2023
Han.-O ffice
1@Nexia
STT
Hcch m nh Ct~ Of'c
INDEPENDENT AUDITORS' REPORT
On Compliance with the Applicable Laws, Regulations, Procurement Procedures
and Other Provisions of Grant Agreements
To: The Project Management Unit of Dynamic cities integrated development project
- Hai Duong city, Hai Duong province
Audit opinion
We have audited the Compliance with the Applicable Laws, Regulations, Procurement Procedures
and Other Provisions of Financing Agreement No. 6429-VN of the Dynamic Cities Integrated
Development Project - Hai Duong city, Hai Duong province ("the Project") implemented by the
World Bank's credits through International Development Association ("IDA"), and counterpart funds
for the year ended 31 December 2022.
In our opinion, the Project was, in all material respects, in compliance with the applicable laws,
regulations, the procurement procedures and other provisions of Financing Agreement No. 6429-VN
that could have a direct and material effect on the Project's Financial Statements for the year ended
31 December 2022.
Basis for Opinion
We conducted our engagement in accordance with International Standards on Assurance
Engagements 3000, "Assurance Engagements other than Audits or Reviews of Historical Financial
Information", issued by the International Auditing and Assurance Standards Board. Our
responsibility is to express an opinion on the Project's compliance with the requirements, based on
our procedures. We are independent of the Project in accordance with the ethical requirements that
are relevant to our audit of the compliance with the applicable laws, regulations and other
provisions, and we have fulfilled our other ethical responsibilities in accordance with these
requiremerts. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Responsibilities of the Project Management Unit
The Project Management Unit is responsible for compliance with the Applicable Laws, Regulations,
Procurement Procedures and Other Provisions of Financing Agreement No. 6429-VN that could have
a direct and material effect on the Project's Financial Statements for the year ended 31 December
2022.
ANexica
@ STT
Auditors' Responsibilities
Our responsibility is to express an opinion on the Project's compliance with the requirements, based
on our procedures. We conducted our engagement in accordance with International Standards on
Assurance Engagements 3000, "Assurance Engagements other than Audits or Reviews of Historical
Financial Information", issued by the International Auditing and Assurance Standards Board. That
standard requires that we comply with ethical requirements, 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 regulatory and contractual
requirements at the Project involves performing procedures to obtain evidence about whether the
Project's activities are free of material noncompliance with the requirements. The procedures
selected depend on the auditor's judgment, including the assessment of risks that the Project does
not comply with the requirements and whether such noncompliance could have a direct and
material effect on the Project's Financial Statements. Our procedures included testing the
compliance with the requirements that we consider necessary to provide reasonable assurance that
the requirements are complied by the Project.
NEXIA STT Co., Ltd.
Nguyen Viet Nga
Deputy General Director
Audit Practicing Registration Certificate
No. 2041-2023-225-1
Audit report No.: 147/2023/HN-AUD/WB DL Hai Duong
Hanoi, 28 June 2023
Nexia
STT
Hochirn nh C ty O fce
INDEPENDENT AUDITORS' REPORT
On 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 of internal control over financial reporting
To: The Project Management Unit of Dynamic cities integrated development project
- Hai Duong city, Hai Duong Province
Audit Opinion
We have audited, in accordance with the International Standards on Auditing, the Financial
Statements of the Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong
province ("the Project") implemented by the World Bank's credits through the International
Development Association ("IDA"), and counterpart funds for the year ended 31 December 2022 and
issued the auditors' report thereon expressing an unqualified opinion on the Audited 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 of internal control over financial reporting.
In our opinion, the Project has maintained, in all material respects, effective internal control over
compliance with requirements that could have a direct and material financial effect on the Financial
Statements as well as of internal control over financial reporting for the year ended 31 December
2022.
Basis of Opinion
We conducted our engagement in accordance with International Standards on Assurance
Engagements 3000. Our responsibility is to express an opinion on the effectiveness of internal control
over compliance with requirements that could have a direct and material effect on the Financial
Statements as well as internal control over financial reporting based on our examination. We are
independent of the Project in accordance with the ethical requirements that are relevant to the audit
to evaluate the effectiveness of internal controls on the compliance of the requirements that may
directly and materially affect the financial statements as well as internal control purposes in
preparation of financial statements, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Responsibilities of the Project Management Unit
The Project Management Unit is responsible for designing and maintaining effective internal control
over comp liance with requirements that could have a direct and material effect on the Financial
Statements as well as over financial reporting for the purpose of properly preparing and presenting
the financial statements so as to minimize errors and frauds; and take responsibility for its assertions
as to the effectiveness of such internal control.
Nexia
Auditors' Responsibilities
Our responsibility is to express an opinion on the effectiveness of internal control over compliance
with requirements that could have a direct and material effect on the Financial Statements as well as
internal control over financial reporting based on our examination.
Our examination was conducted in accordance with International Standard on Assurance
Engagement 3000, accordingly, included obtaining an understanding of internal control over
compliance with requirements that could have a direct and material effect on the Financial
Statements as well as of internal control over financial reporting, testing, and evaluating the design
and operating effectiveness of the internal control, and performing such other procedures as we
considered necessary in the circumstances to obtain sufficient appropriate evidence on which to base
our opinion.
Because of inherent limitations of internal control over financial reporting, including the possibility of
collusion cr 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. Also, 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.
NEXIA STT Co., Ltd.
Nguyen Viet Nga
Deputy General Director
Audit Practicing Registration Certificate
No. 2041-2023-225-1
Audit report No.: 147/2023/HN-AUD/WB DL Hai Duong
Hanoi, 28 June 2023
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT PROJECT -
HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and
the Government of the Socialist Republic of Vietnam
STATEMENT OF FINANCIAL POSITION
As at 31 December 2022
As at As at
Note 31/12/2022 31/12/2021
VND VND
ASSETS
Current assets 170,310,857,342 50,196,551,318
Cash at bank - Designated account 3 660,957,549 10,729,378,003
Advances to contractors/suppliers 4 169,649,899,793 39,467,173,315
TOTAL ASSETS 170,310,857,342 50,196,551,318
RESOURCES
Liabilities 137,349,270,790 11,121,085,758
Payables to contractors/suppliers 5 134,168,135,990 9,963,231,460
Other payables 6 3,181,134,800 1,157,854,298
Fund balance 32,961,586,552 39,075,465,560
Fund balance, end of the year/period 32,961,586,552 39,075,465,560
TOTAL RESOURCES 170,310,857,342 50,196,551,318
Prepared by: d by
------Trar-Ho Dang
Le Quynh Mai Troject ang
Accountant in-charge (until 15/4/2023) project Manager
Hai Duong, 28 June 2023
The accompanying notes form an integral part of the Financial Statements
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT PROJECT -
HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and
the Government of the Socialist Republic of Vietnam
STATEMENT OF FUNDS AND EXPENDITURES
Year ended 31 December 2022
Accumulated Accumulated
Year ended from 11/5/2017 from 11/5/2017
Note 31/12/2022 to 31/12/2021 to 31/12/2022
VND VND VND
Funds
Funds received from the 7 177,338,630,182 46,016,970,462 223,355,600,644
World Bank
Counterpart funds 8 28,735,930,909 68,913,295,552 97,649,226,461
206,074,561,091 114,930,266,014 321,004,827,105
Expenditures
1. Part I:
Construction of 9 199,980,234,434 8,638,451,880 208,618,686,314
Infrastructure and
urban transport
2. Part II: Technical
Assistance and 10 5,731,953,547 55,752,814,329 61,484,767,876
Implementation
Support
3 Other expenses 11 6,178,700,310 10,746,710,006 16,925,410,316
211,890,888,291 75,137,976,215 287,028,864,506
(Deficit)/surplus of
funds against (5,816,327,200) 39,792,289,799 33,975,962,599
expenditures during
the year/period
Foreign exchange differences 12 (297,551,808) (716,824,239) (1,014,376,047)
Fund balance, beginning of 39,075,465,560
the year/period
Fund balance, end of the 32,961,586,552 39,075,465,560 32,961,586,552
year/period
Prepared by: pve&b
Le Quynh Ma Tran Ho Dang
Accountant in-charge (until 15/4/2023) Project Manager
Hai Duong, 23 June 2023
The accompanying notes form an integral part of the Financial Statements 12
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HAT DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT PROJECT -
HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under FInancing Agreement No. 6429- VN betiveen the Internatlonal Development As5ociatlon and
the Government of the Sociali5t Republic of Vietnam
STATEMENT OF DESIGNATED ACCOUNT
Year ended 31 December 2022
Account No. 46010371-ISS998
Account hokler., Project Ma,-7agomef it Unit of dynainic cities integrated development project - Hai Duon-q city, Hai Duong
pro vince
Bank: Joint 5tock Commercial Bank for Investment and Development of Vletnam - Hal Duong branch
Address: No. 2 Le 777anh Nghl, Phafn Ngu Lao ward. Hal Duong city, Hai Duong Province
Flnaocing&reementAlo: 6429-VN
Part A - Account activities Note USD
Balance as at 1 January 2022 463,953.04
Add:
Total amounts advanced Lo the Designated Account 7 2,060,860.00
Deduct:
Total amounts withdrawn (2,496,902.16)
Balance as at 31 December 2022 3 27,910.88
Part B - Account reconciliation
Amounts advanced from the World Bank 1,989,837.00
Add:
Amounts replenished from the World Bank 2,060,860.00
Deduct:
Amounts recovered by the World Bank (3,909,783.53)
Outstanding amounts advanced to the Designated Account 140,913.47
as at 31 December 2022
Balance of the Designated Account as at 31 December 2022 3 27,910.88
Add:
AmourLs withdrawn and not yet claimed 13 113,002.59
Total advances to the Designated Account as at 31 140,913.47
December 2022
Prepared by: A pproxed by:
Tran Ho Dang
Le Quynh Mai
Accountant in-charge (until 151412023) Project Manager
Hai Duong, 28 June 2023
The accompanying notes form an integral patt of the F03176,31 Statement5 14
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HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Ducing city, Hai Duong province
Under Finandng Agreement No. 6429- VN between the Internattonal Development ASSOCidt(On and
the Government of the Soclalist Republic of Vietnam
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2022
Project background
The Project "Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province",
financed by the World Bank's credits, was approved under Official Letter No. 4850/VPCP-QHQT
dated 11 May 2017 by the Government Office for the project proposal; Decision No. 1427/QD-TTg
dated 26 October 2018 by the Prime Minister for the project investment policy, and amended
Decision No. 601/QD-TTg dated 4 May 2020. The Project was granted under Financial Agreement
No. 6429-VN dated 29 November 2019 between the International Development Association and the
Government of the Socialist Republic of Vietnam. The Project was approved by the President of the
People's Committee of Hai Ducing province for the feasibility study report under Decision No.
967/QD-UBND dated 22 March 2019, and amended Decision No. 3582/QD-UBND dated 1 December
2021,
The Project has been granted with credits from the World Bank through the International
Development Association ("IDA") under Financing Agreement No. 6429-VN dated 29 November
2019, with the total amount of USD59, 120,000, and counterpart funds of the Government of the
Socialist Republic of Vietnam for six (6) years from 2019 to 2025.
The objective of the Project is to increase access to urban infrastructure and to improve integrated
urban planning in the Project Cities
The Project consists of the following parts:
Part 1: Structural Investments - Rehabilitation and Construction of Resilient Urban
Infrastructure
Supporting selected city-level investments in urban infrastructure, including: a) urban drainage,
including, inter alia, construction of new drains, dredging and embankment of ditches, !streams,
lakes and channels; (b) urban environmental sanitation, including, inter alia, rehabilitation and
construction of sewer collection networks and construction of wastewater treatment plants; (c)
urban transport, including, inter alia, rehabilitation and construction of strategic urban roads
and bridges; and (d) urban amenities and public spaces, including resettlement sites.
Part 2: Non-Structural Investments - Technical Assistance and Implementation Support
Providing:
(a) Analytical and technical support for institutional capacity strengthening for: (l) the
development or update of integrated strategic urban development plans; and (ii) the
development of public transport development strategies and plans; and (Iii) the development
of asset management plans with corresponding financial resources to operate and maintain
the public investment property; and
(b) Project implementation support, including: (j) development of technical designs for structural
investments under the Project; and (ii) construction supervision and management,
independent monitoring of environmental and social safeguards, independent financial
audi-s, and monitoring and evaluation.
16
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and
the Government of the Sociallst Republic of Vietnam
The total investment of the entire Project is VND1,774,584 million, equivalent to USD78,870,419, in
which, IDA loan is VND1,330,166 million, equivalent to USD59,118,507; and the counterpart funds
from the Government of the Socialist Republic of Vietnam is VND444,418 million, equivalent to
USD19,75-,192.
2. Summary of significant accounting policies
The significant accounting policies, which have been adopted by the Project Management Unit in
the preparation of the Financial Statements, are as follows:
Reporting currency
The Statement of Financial Position, the Statement of Funds and Expenditures and the Statement of
Sources and Uses of Funds are expressed in Vietnam Dong ("VND"). The Statement of Designated
Account and SOE Withdrawal Schedule are expressed in United States Dollar ("USD"), in considering
the requirements of the World Bank.
Basis of preparation of the Financial Statements
The Financial Statements are prepared and presented by the Project, in accordance with
requiremen3s of the World Bank (WB), complied with Circular No. 79/2019ITT-BTC dated 14111
November 2019 ("Circular 79") issued by the Ministry of Finance ("MOF") guiding the accounting
regime app icable to public investment project management boards.
The accounting policies have been consistently applied by the Project during the year and are
consistent with those used in the previous period.
Funds
IDA funds are recorded when credited to the Designated Account of the Project or when direct
payments to contractors/suppliers are actually incurred.
The counterpart funds of the Vietnamese Government are recorded when payments are made
directly from the Vietnamese Government to contractors/ suppliers of the Project or when received.
Expenditures
Expenditures financed by IDA are recorded when the obligation to pay them arises rather than when
actually paid.
Expenditures financed by the counterpart funds are recorded when they are approved by the State
Treasury except for expenditures for contractors/suppliers on completion of contracts, and advances
to staffs, advances to contractors/suppliers.
Overall management expenses are recognized and paid in accordance with their corresponding
annual budget allocated to the Project.
Fiscal year
The fiscal year is from 1 January to 31 December.
17
HAI DUONG CITY PEOPLES COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and
the Govenment of the Socialst Republic of Vietnam
Foreign exchange difference
Funds fromn the World Bank received in United States Dollars ("USD") are converted into Vietnam
Dong ("VND") using the exchange rate announced by the Ministry of Finance in the month of fund
receipts.
Transactions incurred in the period via the Designated Account are converted into VND using
exchange -ates ruled by the Project bank at the transaction dates for expenditures denominated in
VND. Transactions incurred in the period denominated in USD are converted into Vietnam Dong
using exchange rates ruled at the date of receipt of funds using the first-in first-out method.
Foreign exchange differences are taken up in the Statement of Funds and Expenditures.
Designated Account
Designated Account is a deposit account in USD opened at the Joint Stock Commercial Bank for
Investment and Development of Vietnam - Hai Duong Branch, which was held by the Project
Managemneit Unit for settlements of the Project',s activities. Payments made via the Designated
Account are for eligible expenditures of the Project in accordance with provisions of Financing
Agreement No. 6429-VN dated 29 November 2019.
3. Cash at bank - Designated account
This represented the Designated Account balance of the Project Management Unit of the Dynamic
cities integ7ated development project - Hai Duong city, Hai Duong province at the Joint Stock
Commercia Bank for Investment and Development of Vietnam - Hai Duong Branch, which was
converted into Vietnam Dong ("VND") as at 31 December 2022 using the exchange rate of December
2022. The original currency balance of this account as at 31 December 2022 was USD27,910.88
(31/12/2021-: USD463,953.04)
18
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HAI DUONG CITY PEOPLE'S COMMfITEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities integrated Development Project - Hai Duong city, Hai Duong province
Under FInancing Agreement No. 6429- VN between tl7e _Tnternatlonal Development A55oclation and
the Gover,7ment of the Sociali5t Repubhi- of Vietnam
6. Other payables
These represented payables to the World Bank as at 31 December 2022 for its loan commitment costs
and interest expenses incurred during 2022 with amounts of USD44,699.21, equivalent to
VNDi,058,521,992; and USD89,633.58, equivalent to VND2,122,612,808, respectively. These costs will
be paid from the counterpart funds of the Project.
7. Funds received from the World Bank
Detail of funds received from Lhe World Bank for the year ended 31 December 2022 are as follows:
As at 31/12/2022
Receipts under withdrawal applications Original
No Date amount Equivalent to
USD VND
05-Hai Duong 13/6/2022 1,921,000.00 44,436,572,000
15-Hai Duong 28/11/2022 139,860.00 3,294,961,740
Total funds advanced to the Designated account 2,060,860.00 47,731,533,740 (a)
Year ended 31112/2022
Direct payments under withdrawal applications original
amount Equivalent to
No Date USD VND
10-Hai Duong 15/11/2022 299,935.59 7,103,374,545
11-Hai Duang 14/11/2022 206,602.50 4,894,000,000
08-Hai Duong 23/li/2022 2,232,015.79 52,840,741,818
12-Hai Duong 22/11/2022 270,906.18 6,413,703,636
14-Hai Duong 292,923.22 6,934,957,273
22/11/2022
13-Hai Duong 22/11/2022 744,526.29 17,626,660,000
16-Hai Duong 1/12/2022 1,179,111.04 27,906,020,988
17-Hai Duong 13/12/2022 248,875-10 5,887,638,182
Total direct payments from World Bank 5,474,895,71 129,607, 096,442 (b)
Total (a) anc (b) 7,535,755,71 177,338,630,182
Withdrawal applications No. 19-Hai Duong and No. 20-Hai Duong were prepared by the Project
Management Unit on 20 December 2022 and approved by the World Bank for direct payments to
contractors on 9 3anuary 2023.
8. Counterpart funds
Counterpart funds are funds from the Government of the Socialist Republic of Vietnam to grant a
portion of the construction costs, project management activities, a portion of other expenses (include
interest expenses and loan commitment costs), compensation expenditures for site clearance, and
part of contingency cost.
21
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HAI DUONG CITY PEOPLE'S COMMITTFF
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT
PROJECT - HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International DeveloPment A55oclatlon and
the Government of the Sociallst Republic of Vietnam
11. Other expenses
Yearended Accumulated to
31/12/2022 31/12/2022
VND VND
Expenses for demining mines 703,568,000
Loan interest expenses 6,178,700,310 16,221,842,316
6,178,700,310 16,925,410,316
Expenses for demining mines and loan interest expenses were fully paid from the counterpart funds
of the Project.
12. Foreign exchange differences
These represented the foreign exchange rate differences arising from receipt and dlsbursement
transaction,-, incurred in foreign currencies during the period and from the revaluation of the cash at
bank balance in foreign currencies as at 31 December 2022, using exchange rate of December 2022
(i.e: VND23,681/USDI).
13. Amounts withdrawn and not yet claimed
These represented payments for construction and consultancy contracts of the Project. These
expenses will be included in the next SOE Withdrawals Schedule.
Prepared by: Approved by:
\"T ee
Le Quynh Mai r ng
Accountant in-cl7arge (until 151412023) Project Manager
Hai Duong, 28 June 2023
23
HAI DUONG CITY PEOPLE'S COMMITTEE
PROJECT MANAGEMENT UNIT OF DYNAMIC CITIES INTEGRATED DEVELOPMENT PROJECT
- HAI DUONG CITY, HAI DUONG PROVINCE
Dynamic Cities Integrated Development Project - Hai Duong city, Hai Duong province
Under Financing Agreement No. 6429- VN between the International Development Association and the
Government of the Socialist Republic of Vietnam
Appendix I - Auditors' Responsibilities for the Audit of the Financial Statements
Year ended 31 December 2022
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.
* Evaluate the appropriateness of accounting policies used and related disclosures made by Project
Management.
* 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 those charged with 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.
We also provide those charged with Project Management Unit with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with Project Management Unit, we determine
those matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor's report
unless lay or regulation precludes public disclosure about the matter or when, in extremely rare
circumnstarces, we determine that a matter should not be communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
24