JOINT VENTURE OF VIETNAM AUDITING AND EVALUATION COMPANY LIMITED AND NEXIA STT COMPANY LIMITED UmN IED Nexia STT Ministry of Agriculture and Rural Development Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079-VN between the International Development Association and the Government of the Socialist Republic of Vietnam Portions implemented by the Central Project Management Unit Audited Financial Statements Year ended 31 December 2022 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialst Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT Contents STATEMENT OF THE PROJECT MANAGEMENT UNIT......................................................2 STATEMENT OF THE PROJECT MANAGEMENT UNIT ON COMPLIANCE.............................4 INDEPENDENT AUDITORS' REPORT ...............................................................I.............5 STATEMENT OF FINANCIAL POSITION.......................................................................12 STATEMENT OF INCOME AND EXPENDITURES ..........................................................14 STATEMENT OF SOURCES AND USES OF FUNDS .......................................................15 STATEMENT OF DISBURSEMENTS BY CATEGORY ........................................................16 STATEMENT OF DESIGNATED ACCOCUNO T ................................................................. 17 STATEM ENT OF W ITHDRAW ALS............................................................................... 18 NOTES TO THE FINANCIAL STATEMENTS ..................................................................19 1 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT STATEMENT OF THE PROJECT MANAGEMENT UNIT The Central Project Management Unit of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" ("the Central Project Management Unit" or "the Project Management Unit") submits this report together with the audited Financial Statements of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" ("the Project") - Portions implemented by the Central Project Management Unit for the year ended 31 December 2022. The Project Management Unit 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 were as follows: Mr. Pham Hong Vich Director Mr. Pham The Thang Deputy Director Ms. Nguyen Bich Ngoc Accountant in charge Auditors The accompanying Financial Statements for the year ended 31 December 2022 have been audited by Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited. Responsibility of the Project Management Unit in respect of the Financial Statements The Project Management Unit is responsible for preparing the Financial Statements of the Project, which comprise the Statement of Financial Position as at 31 December 2022, the Statement of Income and Expenditures, the Statement of Sources and Uses of Funds, the Statement of Disbursements by Category, the Statement of Designated Account, and the Statement of Withdrawals for the year then ended and the Notes to the Financial Statements, including a summary of significant accounting policies which give a true and fair view of the financial position of the Project and its designated account balance as at 31 December 2022, as well as of the income and expenditures, sources and uses of funds of the Project, designated account movements and fund withdrawals for the year then ended, in accordance with the accounting policies and the covenants contained in Financing Agreement - Credit number 6079-VN. In preparing the Financial Statements, the Project Management Unit is required to: * Select suitable accounting policies and then apply them consistently; . Make judgments and estimates that are reasonable and prudent; . State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the Financial Statements; * Prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Project will continue in operation; and * Design and maintain an effective internal control over compliance with requirements that could have a direct and material financial 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 m nimise errors and frauds; and take responsibility for its assertion as to the effectiveness of such internal control. 2 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT STATEMENT OF THE PROJECT MANAGEMENT UNIT (CONTINUED) The Project Management Unit is responsible for ensuring that proper accounting records are kept which disclose, with reasonable accuracy at any time, the financial position of the Project and that the Financial Statements comply with the accounting policies set out in Note 2 to the Financial Statements. The Project Management Unit is responsible for ensuring that the funds have been used as intended for the Project and for complying with Financing Agreement - Credit number 6079-VN as well as laws and regulations applicable to the Project. The Project Management Unit is also responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities. The Project Manacement Unit confirms that they have complied with the above requirements in preparing Jhe Financial Statements. f For and on beai of the Central Project Management Unit, Mr. Pham Hong Vich Director Hanoi, 26 June 2023 3 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Soca/ist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT STATEMENT OF THE PROJECT MANAGEMENT UNIT ON COMPLIANCE The Project Management Unit is responsible for complying with Financing Agreement - Credit number 6079-VN, laws and regulations applicable to the Project. The Project Management Unit confirms the following: * An effective internal control has been designed and maintained over compliance with Financing Agreement - Credit number 6079-VN, laws and regulations applicable to the Project; * The Project has complied with laws, regulations, bidding processes as well as other regulations under Financing Agreement - Credit number 6079-VN, that could have a direct and material financial effect on the Project's Financial Statements for the year ended 31 December 2022; * The Project's receipts and disbursements via the designated account for the year ended 31 December 2022 are in accordance with the relevant covenants of Financing Agreement - Credit number 6079-VN and prevailing relevant regulations established by the World Bank; * The withdrawal applications were adequately reconciled to the statements of expenditures (SOEs) prepared by the Project Management Unit for the year ended 31 December 2022 and these SOEs were adequately supported; and * The proceeds of the loan were used only for the purposes of the Project. For ard on behalfof the Project Management Unit, Mr. Pham Hong Vich Director Hanoi, 26 June 2023 4 Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 11W Floor, Song Da Tower, No. 165 Cau Giay road, 19th Floor, C'Iand Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: (84-24) 62 670 494 Fax: (84-24) 39 350 991 INDEPENDENT AUDITORS' REPORT on the Project Financial Statements To: The Management Board for Forestry Projects The Central Project Management Unit of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" Audit opinion We have audited the accompanying Statement of Financial Position as at 31 December 2022, and the Statement of Income and Expenditures, the Statement of Sources and Uses of Funds, the Statement of Disbursements by Category, the Statement of Designated Account and the Statement of Withdrawals for the year ended 31 December 2022 ("the Financial Statements"), and a summary of significant accounting policies with the Notes to the Financial Statements of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" - Portions implemented by the Central Project Management Unit ("the Project") using the World Bank's credits through the International Development Association ("IDA") and counterpart funds from the Government of Vietnam. In our opinion, in all material respects: a) The Statement of Financial Position, the Statement of Income and Expenditures, the Statement of Sources and Uses of Funds, and the Statement of Disbursements by Category give a true and fair view of the financial position of the Project as at 31 December 2022, and of its income and expenditures, receipts and disbursements for the year then ended in conformity with the accounting policies set out in Note 2 to the Financial Statements; b) The Statement of Designated Account and the Statement of Withdrawals 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 set out 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 - Credit number 6079-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'Responsibilities 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 accorcance with International Ethics Standards, and we have fulfilled our other ethical responsib lities in accordance with these requirements. We believe that the audit evidence we have obtained s sufficient and appropriate to provide a basis for our opinion. Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 11t Floor, Song Da Tower, No. 165 Cau Giay road, 19th Floor, C'land Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: 84-24 62 670 494 Fax: (84-24) 39 350 991 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 the accounting policies set out in Note 2 to the Financial Statements, and for such internal control as the Project Management Unit determines is necessary to enable the preparation of the Financial Statements that is free from material misstatement, whether due to fraud or error. Auditor's Responsibilities for the Audit of the Financial Statements Our object ves 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 the Financial Statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism 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 the Project Management Unit. * 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. Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 11th Floor, Song Da Tower, No. 165 Cau Giay road, 19th Floor, C'land Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: (84-24) 62 670 494 Fax: (84-24) 39 350 991 * 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 auditor's report to the related disclosures in the 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 auditor's report, However, future events or conditions may cause the Project to cease to continue as a going concern. We communicate with those charged with governance and 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. We also provide those charged with Project Management Unit with a statement that we have complied with the 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 the Project Management Unit, we determine those matters that 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 law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, 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. Other matters The Financial Statements of the Project for the year ended 31 December 2021 were audited by ,Am eenm of auditors whose report dated 21 June 2022 expressed an unqualified opinion on the fna a St emiients. Company Limited Luong Thi Mai Thanh Ph Nguy Thanh Trung Auditor ctor Audit Practising Registration Certificate Audit Practisin ert No. 4561-2023-225-1 No. 0518-2023-225-1 Audit Report No.: 137/2023/HN-AUD/WB FMCR CPMU Hanoi, 26 June 2023 Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 1111 Floor, Song Da Tower, No. 165 Cau Giay road, 19th Floor, C'land Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: (84-24) 62 670 494 Fax: (84-24) 39 350 991 INDEPENDENT AUDITORS' REPORT On compliance with Applicable Laws, Regulations, Procurement Procedures and Other Provisions of the Financing Agreement To: The Management Board for Forestry Projects The Central Project Management Unit of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" Audit opinion We have audited the compliance with the Applicable Laws, Regulations, Procurement Procedures and Other Irovisions of Financing Agreement - Credit number 6079-VN of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" - Portions implemented by the Central Project Management Unit ("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. 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 - Credit number 6079-VN, that could have a direct and material financial effects on the Project's Financial Statements for the year ended 31 December 2022. Basis for Opinion We conducted our engagement in accordance with the International Standard 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 responsibilty is to express an opinion on the Project's compliance with the requirements, based on our procecures. 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 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 compliance with the Applicable Laws, Regulations, Procurement Procedures and Other Provisions of Financing Agreement - Credit number 6079-VN, that could have a direct and material effect on the Project's Financial Statements for the year ended 31 Decemoer 2022. Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 1111 Floor, Song Da Tower, No. 165 Cau Giay road, 19th Floor, C'land Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: (84-24) 62 670 494 Fax: (84-24) 39 350 991 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 Standard on Assurance Engagements 3000, "Assurance Engagements other than Audits or Reviews of Historical Financial Informatior", 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 Project's compliance with regulatory and contractual requirements 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 auditors' 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 financial 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 . E .ompany Limited Luong Thi Mai Thanh PhD. y Thanh Trung Auditor neral Director Audit Practising Registration Certificate Au ct sing Registration Certificate No. 4561-2023-225-1 No. 0518-2 Audit Report No: 137/2023/HN-AUD/WB FMCR CPMU Hanoi, 26 June 2023 Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 11th Floor, Song Da Tower, No. 165 Cau Giay road, 19th Floor, C'land Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: (84-24) 62 670 494 Fax: (84-24) 39 350 991 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 Management Board for Forestry Projects The Central Project Management Unit of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" Audit opinion We have audited, in accordance with International Standards on Auditing, the Financial Statements for the Project "Forest Sector Modernization and Coastal Resilience Enhancement" - Portions implemented 1/ by the Central Project Management Unit ("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 Financial Statements. In connection with our audit of the Project's 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 Project's Financial Statements as well as of internal control over financial reporting for the year ended 31 December 2022. Basis for Opinion We conducted our engagement in accordance with International Standard 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 financial 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 the 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. Joint venture of Vietnam Auditing and Evaluation Company Limited and NEXIA STT Company Limited Vietnam Auditing and Evaluation Company Limited NEXIA STT Company Limited 11th Floor, Song Da Tower, No. 165 Cau Giay road, 19t1 Floor, C'land Tower, No. 156 Xa Dan II, Cau Giay district, Hanoi Nam Dong ward, Dong Da distric, Hanoi Tel: (84-24) 62 670 491/492/493 Tel: (84-24) 39 350 990 Fax: (84-24) 62 670 494 Fax: (84-24) 39 350 991 Responsibilities of the Project Management Unit The Project Management Unit is responsible for designing and maintaining effective internal control over compliance with requirements that could have a direct and material financial 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 minimise errors and frauds; and take responsibility for its assertions as to the effectiveness of such internal control. 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 financial 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 Engagements 3000, accordingly, included obtaining an understanding 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, 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 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. 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 th s or procedures may deteriorate. _STT mpany Limited Luong Thi Mai Thanh PhD Nguyen anh Trung Auditor r Audit Practising Registration Certificate Audit Practising Registra ion ertificate No. 4561-2023-225-1 No. 0518-2023-225-1 Audit Report No: 137/2023/HN-AUD/WB FMCR CPMU Hanoi, 26 June 2023 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Sociallst Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT 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 12,889,510,080 23,627,424,585 Cash at bank - Designated Account 3 10,297,126,920 15,478,867,479 Advances to contractors/suppliers - 1,991,040,000 Other receivables 4 2,592,383,160 6,157,517,106 Fixed assets 480,366,600 779,527,802 Tangible fixed assets 391,866,600 632,527,802 Cost 3,501,396,450 3,501,396,450 Accumulated deprecation (3,109,529,850) (2,868,868,648) Intangible assets 88,500,000 147,000,000 Cost 264,000,000 264,000,000 Accumulated depreciation (175,500,000) (117,000,000) Project implementation expenditures 68,657,280,831 43,905,632,574 Project implementation expenditures 68,657,280,831 43,905,632,574 TOTAL ASSETS 82,027,157,511 68,312,584,961 The accompanying notes form an integral part of the financial statements 12 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT STATEMENT OF FINANCIAL POSITION (CONTINUED) As at 31 December 2022 As at As at Note 31/12/2022 31/12/2021 VND VND RESOURCES Liabilities 13,492,335,614 19,180,943,425 Payables to contractors/suppliers 5 2,525,380,160 3,087,336,506 Other payables 6 10,966,955,454 16,093,606,919 Fund balance 68,534,821,897 49,131,641,536 IDA funds 34,016,622,894 20,838,369,576 Counterpart funds 34,640,657,937 28,105,283,598 Funds for fixed assets acquisition 480,366,600 779,527,802 Foreign exchange differences (602,825,534) (591,539,440) TOTAL RESOURCES 82,027,157,511 68,312,584,961 Prepared by: Approved by: Vu Minh H en Nguyen Bich Ngoc Pham Hong Vich Accountant Accountant in charge Director Hanoi, 26 June 2023 The accompanying notes form an integral part of the financial statements 13 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT STATEMENT OF INCOME AND EXPENDITURES Year ended 31 December 2022 Year ended Accumulated to Accumulated to Note 31/12/2022 31/12/2021 31/12/2022 VND VND VND INCOME IDA funds 4 13,178,253,318 20,838,369,576 34,016,622,894 Counterpart funds 4 6,535,374,339 28,105,283,598 34,640,657,937 19,713,627,657 48,943,653,174 68,657,280,831 EXPENDITURES Component 1: Enabling effective coastal forest management Component 2: Coastal Forest development and 11,722,631,400 26,010,414,297 37,733,045,697 rehabilitation Component 3: Generating sustainable benefits from coastal forest Component 4: Project management, monitoring 13,029,016,857 17,895,218,277 30,924,235,134 and evaluation Other expenses (Bank charges) 6 24,751,648,257 43,905,632,574 68,657,280,831 (DEFICIT)/SURPLUS OF INCOME AGAINST (5,038,020,600) 5,038,020,600 EXPENDITURES _ Prepared by: Approved by: Vu Minh Hien Nguyen Bich Ngoc Pham Hong Vich Accountant Accountant in charge Director Hanoi, 26 June 2023 The accompanying notes form an integral part of the financial statements 14 � .. . __ - ® .� � � .� � �г � � � � � � �r I ° �' �� � Q� ; м м ; л й й � rnd� �� н ltj ,^�'�� t+'1 Й r �� I ~ i S1i �® i71. О� ОМО Сб N��, +-+ СТ '�S 4J lD � [.г5. tЛ� Г*j �'' M1 01 tP1 N W � t�Ф �' � � й � � oI j I � � т м � r��t °�° .�i, ® ® , � � �........ ---_� ._ _ _ � о� � о � ' +., г� ш � � � � N � t! и � � � Е м � �у , � � � � � .� ,�� � г� r�r t,y сп м � 9 q т+� � ур` р �ty м й 4г} r� �, i с сз ° � м , Ш ,©; т ° � i°�. ,� ° � i а ио� +� Zy; L гw rv � и и � �' С � N М ;"51. r,�.. i.Cr` i С' � 4 � � N � Cl ' � � э _._. __-; t` Q э Ts 8 Й ��rъ t�i1 � �n'' � � а � м'� I 3 ' С � М � !�1 � � � �1 _ ��.. � �" . � �., � 1б � ц1 � з ,, -.. � � tT! � А1 � ff оа N а� j в � «� � � �, �; � � ~ ' � � q�p сп � й р ! -� $ `' "i� � ' h .-+ t� wч � �D I � = М � � � � � I .D �7f +.. ._ ,. � � � � � � � �t С �. _. _ _ _. м .О r... ,�.� у� � �, N .� � ������ о ' � � N � � rn�� �.� � � � �у I р�, � аа м � �д rs с.э �� Сл кt � а со L' гh _ С�у3 LL �' � Q � � � � � ам ьгу � ,,�� � ',� � (j цу -° И tL9 са ау iD 4D � гч М iРЧ �+ U� � . b q LL � I i ia Г�ь ц1 �' � tY' ,_, М ФD �,; ,� ;г U � � : , ° OQ R ц�1 � Й h °i гi N � � ¢�" �. � � г € t\ � n . ,. " Q1 G �' . �b N � N 4й '*г� М .-е ,� 1Г1 1D . О� О ". -' � � LI.1 N ,. i К! ,--С �*, •--о �м +.в , м+ ,-+ ' � , а С�3 � N� � � � N �� � S.�` � L � r '.:....... . � . . � ` � / � � ,,д"ы. S N � ry �h- _ _ ` _ __ . '' � QF а -� (�i ` - _ �'l � � Ll И � � i � � � ,--� i � i i i i i � гч 'а +.о 5r г� rd 4 � '� � � ; n `� г� ° � 6 Q. � �у 3 Q ш ,� i! `~ �'��, л � n � � го z '� � � � М в. �` "� �' ` И , р� �' м : � � 4з � С � � и � и1 � � ,,� � С �.,а� � � ш а�э' ,'�., � й ,д й и "' °а, w .� � Q_° ��3 � � � р z.c � а г И а аа; а � � �., � с� ш LL, � L с.г ", г�, � � г � � � � 7- } г �. � ��..�.. . .,.. �.._ � � ' о р ��„ � tU �J И F- � � д 07 - е} 7 � ш Ш Q1 � I�� at м о tтч ct [+'j, ' � Сь (1� � с� оо Q°. ао "� �t us; гв O�i, й � � � +ы � �л о � м й о`�о т ьЛ °" I � `С � � с � � � !� ° агэ о о� со rv м гw� й �! � ,J � ш р ° лi 4D �tэ й ,_, и ю; д .С °'�� � I �"r � гЧ м� еЧ �п 1� .-, г1 N = � � � Ш �vk � � r; � ц> о "' сг� о' � С W � О1 п � � 1� ш n. � �U �� v; �0 j.' +� = El � � � � ц� � ~ � �' ; � J `�r' � �- _�_. _ __ � � V � �° .� � �, j__ _ � � � ; � � � , �'; � � � � � � � I � Ш � го � - _ __ ____ _ __� � Z � � V � а. Q й � .- Ш CJ � I � '�' t�` � i г� ь. '- '�i � v � ; © � � С � � I С 'С I � о .- �и ? а а 1- а С � � ,, �`"л �^ `L с а`�i � и- д1 а I � О � � � а д и' о°�° 'а '� С_t и Ф%� � i � w° `� = ч_' га �`° 4! °� G1 41'' '�i � м � � � ! � ,., +� ду ;� го Е � й � с � �s,' � го, � б L Ш ' i С'= ig +в � i-' ��� � С ьы � го � (7 � Q Ш � � и � � � � � � б � т � � С О � n �у � � � ' ; �у � ш � c.4J � С.7 Е ei г�а �, ,й � 97 С !I С � : г".� � � .4 � � � м � N � м о � � й •й � a� S� вt� � � � : � � L+ н С � � у.` � iьл у С{Jj � ,1 fO >� 41 '�' � ; 3 '�, И�� С д� a.�i С О'д) ('U � U U� s1 'n Т} ! С � �`�` �. Г�Су Z � Я v � а � ® > �рΡ � О ® � � � Х � � I Я�А � О , � S С � н .и .С а ��,� _ � а �у р. N а д1 О. i�'i. д1 tq t0 р1 .ГJ и -II ,� � � q�`j .ar � йл ,� � q� � '�- Е �° Е '� � � � � � с � � t+ь а � �ц � � � rч r.�. •гч �j �. СУ L [] й О С7 СЗ О +' 'д � � � � `�.S �- н о Cti.. С} з с� уи и 4.� V О a,y�v с с,айп � �4а � ci � сз а � v� � сл � � �i �i � й "� ач � а` � '� � :�г _ ! - -- ___. _- _�� 。，-::[1[--: - MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under financIng Agreement - Credit number 6079- VN between the International Development As5odation and the Government of the Socialist RepublIc of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT STATEMENT OF DESIGNATED ACCOUNT Year ended 31 December 2022 Account number., 1504201037998 Account holder.- The Management Board for Fore5tiy Projects - FMCR Project Beneflclary,0ank.- Vletnam Bank for Agriculture and Rural De velopment (Agrl5ank) - Dong Da branch Addre55.- No. 211 X.3 Dan, Dong Da di5trict, Hanol Vietnam FInancing Agreement., Ciedlt number 6079- VN Part A - Account Activities Note USD Balance as at 1 January 2022 683/695.56 Add: Total amounts advanced to the Designated Account 7 6,962,115.08 Less: Total amounts withdrawn from the Designated Account 8 (7,206,325.92) Balance as at 31 December 2022 3 439,484.72 Part B - Account Reconciliation Amounts advanced from the World Bank 937,955.72 Add: Amounts replenished by the World Bank 7 6,962,115.08 Less: Amounts recovered by the World Bank (5,840,910.54) Outstanding amounts advanced to the Designated Account as at 31 2,059,160.26 December 2022 Balance of the Designated Account as at 31 December 2022 3 439,484.72 Add: Amounts withdrawn and not yet claimed 9 1,619,675.54 Total advances to the Designated Account as at 31 December 2022 2,059,160.26 Prepared by: Approved by: C r Vu Minh Hien Nguyen Bich Ngoc ,'Pham Hong Vich Accountant Accountant In charge Z irector Hanoi, 26 June 2023 rhe accompanying notes form an Integral part of the financlal statements 17 �-. .� .� � : о � й � � , � � а � � � � � й � � С цi т �r v vi с� � �-, т ги и .i •� rv •r v, ао а, � п: v� оо о� й n; а.э � rn ь`°r, v � � � �..а ' п' '" цi г � И ' ; ro у1 j г� а-+ Q1 'V з I 'д' М цi �'�ii h ��, ld ' ti" G r", � �' h т Vr � tд о и Ьtз .-ь '+. ; Е о г, г� � и г, м �о ' .з � �:' 1, � Q й rw' гл � rл а% r: сп ' '4..r �`` О и oN и I"+ 4� ы и iD � �� й м м м ! t0 � i � ' С ,а и 5 � � � ° г� г.г r� гд ra гv г� г� -� (� iц.+ у �i ГJ N fV N h! tV fV N � `.'., v С � i Ооо �N � � о� ';✓ .,С Г� � .-�ч .-1а ,-�`-� l1 � � С9 +--' N � . 'fl � �! уу '--_ '--., � .-ч .-а . . � о О_ +� _ _ � ! д Ii ,-�-ь � iV � а м о гV tr'' Q �� � � � i . СА � ,� .. � �` .. , С � � L ,� у� s д , .g � О � 3 � .� � � ' �.t р � r г'�'1 а-Е*,иr.сгv ctrnап--�ааиw н � U. И 5L го ( v� м� � �гч �д r., ед .-� rn w ца и а- '�, �о G _�.. � RS +" *' опо�аiгчсхза'з�rшvь�iо ', vj 'j� ��„©, i`,. С31 ^S .--� м tD .--� о О� ЬЛ N ц9 tO I н .е1) Ci � ог.г�,гvvисrмvм�ио i �, V � й гti сп v ао й ао еп сл г�: й rv sд 1 �t � � � � Qиоrnlд.-наD--+ц-�t��дм М � 1 rч3 и rti сТ ит 1� и Cn ��--� �.-, и О гСi С '4:. ,-ч' N м.-i .--+ GCi С] г47 Q,y � � � � . � т � � � а fl� � ( i � � Q � L '.� � ' � О О С � � � �N +�''Lj � � аэ I еи � � � � е , � � � , � � � �t � �� й i �, цз т т rv�.ид � I а i b5 г`°s7 � L г:i b- аа аз а� Q, I L, д �� O.i" � i � � © I� V ' � � �с� � � � � Q Z ц С ct 'at i7 С s1y � fy� н � � r.,j ,_, Од �И, flЭ .С '... � `у 1- � -� � � , и ` Е й т � � � �С Ш г -с � � , � � д С � г � � � ш v � � , � , , , , , , � о , � , , � с � � � � � � � ш v � �' � ' t�r,� � � � +�U ш Ш � ¢ F � � � � й � � � ro � i � � � а � (ll F� � qз , � �--� С7� С� aj `�1 � (А а И i � .С ш - � Е � ' " "' � й � �j го ,д о ш � h � ,� :Е � � `�^� t� � ° � о � � � �. 1 � -г� � � � � � � � �, � м � � �.�а � � °� � д � � � i о г�iу z tU � � .р .� � сз � ci оз rv ai иэ о и� с�. -о 1-,�. � n о� � г, и о и �д � ..� � � � � j С� (� 1i 7 и м п5 �7 � i} с � � ,, �'I и R д? CQ Й СЛ Г� СЛ д П} о и о и м .-. ц- м ^� q,� д � '� � Ш 'I `� ' м i.n гч и r. rn м и ьА в � � � ,� .� м � � � � � И � ш � � � � fl � а � '� I } � � � Сfз � и � � С � rv г�э г� г� rAr ги rv r� rw г� гц r•i tч � С� ! ra г.� гv г� гч мr rv rv гv rv rч е.� г.я � = о ��`^ Ш �, ооооооосао0ооо t3 о �у' N Гц N rV г� N N гЧ N N N N aV (� � � � � С � --. ~ в_ � а ^-... --� -�-_. ---. ---. ^�. � е � � д�'i tЛ h �.б 9� О О мн н� N М„� L (� � Г7 � .-+ о О�О CJ С] о о f7 *-'! +--� ""У � д � о i. r. Ш ++ Q е -�. --- -.. _ � � °--_ �.. -.,. � -�., r +� ['� � го •-+ооммn моохrтоо � О � � � �L �t Ш г� .--� м rч rц м гv rv м гч гч r�a rv rч г�б � N С ° 4• V] д� .t,,, -1 �а+ � � N Q... и "v � �. � ��. � д- � С � � � �+�. � �' dd�CdQQddкLrtL4Gd д1 � 3^ �+.� � � � � Q и+ � ❑�ГнtЭ©вСзСа��Оt]Ci � пз � _ � � �'- ✓ � ` � I � ( � � � , � �, , _ , �' .� � � � � � � � � N �..л .-, м а- и из r. F- � � ��_- Й U �`� � %� г н н,и-� � ГА C5l о N trY N ГJ п1 YV д Z��ч �з с5� I� �tYгrс�г��о�асгг�crгУ� jи д�.., � � д с н о ��� са с, г.� и с..з с..г г..е cs с.� с� � и с� ++ ,.`. � ei �'� г �- � � � � � � � � г � � g � С ._ вЕ С'L +� � t1 ���и_ыLш�и.��и. �� F- °° MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credlt number 6079- VN between the International De velopment A55ociation and the Go vernment of the Socia&t RepublIc of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022 Description of the Project The Project "Forest Sector Modernization and Coastal Resilience Enhancement" ("the Project") is implemented by the Ministry of Agriculture and Rural Development under Financing Agreement - Credit number 6079-VN dated 03 August 2018 signed between the Government of the Socialist Republic of Vietnam and the International Development Association ("IDA"). According to the Financing Agreement, the World Bank provides grants through IDA with a total value of 109,500,000 special drawing rights (SDR), equivalent to USD150,000,000 to the Project. The Project's overall ob)ective is to improve coastal forest management in the project provinces to enhance coastal resilience to extreme weather events and sea level rise. The Project's specific development objectives are to contribute to the Vietnamese Government's strategy tc increase the resilience and adaptation to climate change of coastal areas, specifically: Use modern approaches to strengthen spatial planning of coast zones; Effective organization of resource management; App y silvicultural practices on planting, tending, and managing forests effectively to increase thei- resilience to extreme weather events; and Create mechanisms to encourage households, communities, businesses, and local governments to participate in the sustainable management and protection of existing resources. The total revised investment budget of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" under Decision No. 1387/QD-TTg dated 23 October 2018 of the Prime Minister was USD195 million, of which IDA fund was USD150 million, local and national counterpart funds are USD45 million. According to the Financing Agreement, the Project was implemented no later than 90 days after 03 August 2C18 (signing date of Financing Agreement) and expected to be completed on 31 December 2023. Implementing agencies: National level: including Central Project Management Unit of the Project "Forest Sector Modernization and Coastal Resilience Enhancement" under the Management Board for Forestry Projects - Ministry of Agriculture and Rural Development; and the Project Management Unit of Component 1 under Vietnam Forest Administration - Ministry of Agriculture and Rural Development. Provincial level: including 08 provinces/cities which are Quang Ninh, Hai Phong, Thanh Hoa, Nghe An, Ha Tinh, Quang Binh, Quang Tri and Thua Thien Hue, The Project consists the following components: Component 1: Enabling Effective Coastal Forest Management. Component 2: Coastal Forest Development and Rehabilitation. Component 3: Generating Sustainable Benefits from Coastal Forest. Component 4: Project Management, Monitoring and Evaluation. 19 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialst Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT According to the Project's overall plan under Decision No. 2198/QD-BNN-KH dated 13 June 2019 of the Ministry of Agriculture and Rural Development, the total investment funds for the portions implemented by the Central Project Management Unit was VND2,073,229 million, including IDA funds and counterpart funds of VND1,765,133 million and VND308,096 million, respectively. 2. Summary of significant accounting policies The significant accounting policies, which have been adopted by the Project Management Unit in the preparatior of the Financial Statements, are as follows: Reporting currency The Statement of Financial Position, the Statement of Income and Expenditures, the Statement of Sources ard Uses of Funds, and the Statement of Disbursements by Category are expressed in Vietnam Dong ("VND"). The Statement of Designated Account and the Statement of Withdrawals are expressed in United States Dollar ("USD"), in accordance with the requirements of the World Bank. Basis for preparation of the Financial Statements The Financial Statements are prepared and presented by the Project, in accordance with requirements of the World Bank ("WB"), complying with Circular No. 79/2019/TT-BTC ("Circular 79") dated 14 November 2019 issued by the Ministry of Finance guiding the accounting regime applicable to public investment project management boards. This basis of accounting is considered appropriate to the operations of the Project by management. The accounting policies have been consistently applied by the Project during the year and are consistent with those used in the previous year. Fiscal year The fiscal year of the Project is from 1 January to 31 December. Funds and Expenditures IDA funds and counterpart funds are recorded on the basis of accepted receipt - payment vouchers or withdrawal applications from the State Treasury for actual disbursements until the end of 31 January of the following year for transactions arising from 01 January to 31 December of the fiscal year. The disbursement of funds by category is recognised on the cash basis. Expenditures are recognised on an accrual basis. Foreign currency translation Transactions arising in foreign currencies other than Vietnam Dong ("VND") are converted into VND using exchange rates ruled by the Project bank at the transaction dates. The monetary assets and liabilities denominated in foreign currencies are re-evaluated using the transfer buying exchange rates ruled by the commercial bank at the balance sheet date. Foreign exchange differences are taken up in the Statement of Sources and Uses of Funds. 20 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT Fixed assets and depreciation and amortization Fixed assets are recognised at cost less accumulated depreciation/amortisation and depreciated or amortized using the straight-line method. In which, depreciation rate is in accordance with Circular No. 45/2018/TT-BTC dated 7 May 2018 by the Ministry of Finance. Amortization rate is in accordance with Decision No. 987/QD-BNN-TC dated 20 March 2020 by the Ministry of Agriculture and Rural Development. Designated account The Designated account is a deposit account in United States Dollar opened at Vietnam Bank for Agriculture and Rural Development (AgriBank) - Dong Da branch to serve the Project's activities - Portions implemented by the Central Project Management Unit. Payments made via the Designated Account are for eligible expenditures of the Project in accordance with provisions of Financing Agreement - Credit number 6079-VN and the World Bank's requirements. 3. Cash at bank - Designated Account As at 31/12/2022 As at 31/12/2021 Account No. Original Original amount Equivalent to Amount Equivalent to USD VND USD VND USD 1504201037998 439,484.72 10,297,126,920 683,695.56 15,478,867,479 21 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT 4. Other receivables As at As at 31/12/2022 31/12/2021 VND VND Other receivables related to IDA funds qualified for increasing 2,227,731,538 5,782,284,061 income but received in the next year (i) Other receivables related to counterpart funds qualified for 364,651,622 375,233,045 increasing income but received in the next year (ii) 2,592,383,160 6,157,517,106 (i) Details of Other receivables related to IDA funds qualified for increasing income but received * in the next year Accumulated to Accumulated to 31/12/2022 31/12/2021 VND VND IDA funds recognised in the Statement of Income 34,016,622,894 20,838,369,576 and Expenditures IDA funds recognised in the Statement of Sources (31,788,891,356) (15,056,085,515) and Uses of funds Other receivables related to IDA funds qualified for 2,227,731,538 5,782,284,061 increas ng income but received in the next year (ii) Details of Other receivables related to counterpart funds qualified for increasing income but received in the next year Accumulated to Accumulated to 31/12/2022 31/12/2021 VND VND Counterpart funds recognised in the Statement of 34,640,657,937 28,105,283,598 Income and Expenditures Counterpart funds recognised in the Statement of (34,276,006,315) (27,730,050,553) Sources and Uses of funds Other receivables related to counterpart funds qualified for increasing income but received in 364,651,622 375,233,045 the next year 22 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VV between the International Development Association and the Government of the Socialst Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT 5. Payables to contractors/suppliers As at As at 31/12/2022 31/12/2021 Unit VND VND Vietnam Investment and Development Consultancy 2,132,753,261 1,773,049,807 Company Limited AASC Auditing Firm Company Limited 312,480,000 1,309,440,000 Others 80,146,899 4,846,699 2,525,380,160 3,087,336,506 23 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Sociahist RepubIc of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT 6. Other payables As at As at 31/12/2022 31/12/2021 VND VND Temporary receipts of IDA funds IDA funds will be disbursed to the Provincial Project Management Units in the amended month of the next year T7anh Hoa Provincial Project Management Unit - 4,196,415,000 Quang Binh Pro viincal Project Management Unit 5,115,176,950 2,867,016,800 Nghe An Provincial Project Management Unit 2,520,302,000 He Tnh Pro vIncal Project Management Unit - 725,812,000 Quang Tri Pro vIncal Project Management Unit 2,383,228,000 - 7,498,404,950 10,309,545,800 Remaining IDA funds after being disbursed to the Provincial Project Management Units in the amended month of the 3,401,547,504 5,760,861,119 next year Total temporary receipts of IDA funds (iii) 10,899,952,454 16,070,406,919 Other payables related to the Project's expenditures 67,003,000 23,200,000 (drinking water, petrol, insurance) (iv) 10,966,955,454 16,093,606,919 (iii) Details of the total temporary receipts of IDA funds were as follows: Accumulated to Accumulated to 31/12/2022 31/12/2021 VND VND Funds received from the World Bank (Refer to Note 7) 230,073,217,035 67,724,857,435 IDA funds spent for expenditures of the Central Project (31,788,891,356) (15,056,085,515) Management Unit (Refer to Note 8) IDA funds disbursed to other Provincial Project Management (187,384,373,225) (36,598,365,001) Units (Refer to Note 8) 10,899,952,454 16,070,406,919 (iv) Reconciliation of other payables related to the Project's expenditures was as follows: Accumulated to Accumulated to 31/12/2022 31/12/2021 VND VND Total expenditures recognised in the Statement of Income 68,657,280,831 43,905,632,574 and Expenditures Total Uses of funds presented in the Statement of Sources (66,064,897,671) (42,786,136,068) and Uses of funds Prepaymerts to suppliers - 1,991,040,000 Payables to contractors/suppliers (2,525,380,160) (3,087,336,506) 67,003,000 23,200,000 24 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the International Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT 7. Funds received from the World Bank Year ended 31/12/2022 Accumulated to 31/12/2022 Original Original amount Equivalent to amount Equivalent to USD VND USD VND Advances to the 6,962,115.08 162,348,359,600 9,115,933.08 211,933,887,060 Designated Account (*) Reimbursements to the - 796,897.29 18,139,329,975 Designated Account 6,962,115.08 162,348,359,601 9,912,830.37 230,073,217,035 (*) Details of IDA funds received through the Designated Account for the year ended 31 December 2022 were as follows: Receipts under withdra wal applications Year ended 31/12/2022 Original amount Equivalent to No. Date USD VND FMCR 13 IDA 13/01/2022 305,070.44 6,882,389,126 FMCR 14 - IDA 19/01/2022 1,557,797.37 35,190,642,588 FMCR 15 - IDA 28/01/2022 209,740.65 4,729,651,658 FMCR 18 - IDA 31/05/2022 568,418.64 13,102,049,652 FMCR 19 - IDA 04/08/2022 715,562.72 16,643,988,867 FMCR 21 - IDA 12/09/2022 919,108.19 21,497,940,564 FMCR 24 - IDA 01/11/2022 1,147,356.61 28,226,119,963 FMCR 27 - IDA 23/12/2022 1,539,060.46 36,075,577,182 6,962,115.08 162,348,359,600 25 MINISTRY OF AGRICULTURE AND RURAL DEVELOPMENT Project "Forest Sector Modernization and Coastal Resilience Enhancement" Under Financing Agreement - Credit number 6079- VN between the Internatonal Development Association and the Government of the Socialist Republic of Vietnam PORTIONS IMPLEMENTED BY THE CENTRAL PROJECT MANAGEMENT UNIT 8. IDA funds disbursed by the Project Management Unit Year ended 31112/2022 Accumulated to 31/12/2022 Original Original amount Equivalent to amount Equivalent to USD VND USD VND IDA funds spent for expendi-ures of the Central 713,669.73 16,732,805,841 1,371,765.64 31,788,891,356 Project MIanagement Unit IDA funds disbursed to other Provincial Project 6,492,656.19 150,786,008,224 8,101,580.01 187,384,373,225 Management Units Quang Ninh Provincial 1,511,881.66 34,849,433,721 2,033,999.65 46,828,201,921 Project Management Unit 8 The Proiect Management 993,851.88 23,130,007,645 1,079,351.21 25,069,843,645 Unit of Hai Phong city Thanh Hoa Provincial 1,784,462.56 41,600,010,000 1,824,19722 42,500,000,000 Project Management Unit Nghe An Provincial Project 136,555.14 3,087,605,818 136,55514 3,087,605,818 Management Unit Ha 7inh Provincial Project 512,547.70 12,162,056,000 677,114.10 15,905,056,000 Management Unit Quang Binh Provincial 505,86745 11,661,013,376 651,38512 14,946,270,177 Project Management Unit Quang 5o Provincial Project 580,25713 13,408,513,000 1,142,99561 26,147,546,000 Management Unit Thua Tten Hue Provincial 467,232.67 10,887,368,664 555,981.96 12,899,849,664 Project Management Unit 7,206,325.92 167,518,814,065 9,473,345.65 219,173,264,581 9. Amounts withdrawn and not yet claimed These represented payments to contractors/suppliers for the Project's activities. These expenses will be included in the next Statement of Withdrawals. 10. Corresponding figures The financ al statements of the Project for the year ended 31 December 2021 were audited by another firm of auditors. Prepared by: Apprave by: Vu Minh Hien Nguyen Bich Ngoc Pham Hong Vich Accountant Accountant in charge Director Hanoi, 26 June 2023 26 � � } � _ � О h �э' , 'г� О О С�э г'�� � h j�� � fD � И ау р б:5 [э и �j � ,--а � n' цу k�� Сч в� v' C�j }' М w .�-t � � �'�' 4�'s � � � � !.в ,, � � � � (°'`f ' V �...?И N i��i f'� , F- I � � � � гv �г- �о сз оо иу � r-- . h� .-� � vэ ni ti� •--i ri f� ��,.. N � . �� т�i � ('�1 � i +,.� ....�........ � � . �� и � _ __.. __ �-, � �� � � � е � i � � i i � Е 1и+ �г� U у� С О � � '�у. � с lry р �•L ы�• Qз I � .,, +э i � i � , р з�д 4 I ��р ии р, � +., , и = Zз � I � _ �� � _ _. __ _ - ! � чн '+ _i fl � � � V1 ® ° р Сэ б р t`. 4 м '.� ,' � � r. й о~ са сз с� сз �.о м I � � I й ` м °`�'4 ° а " � � °�' "`�' � L р Q� � ао о �"`и sл .-. г. м° � ( с � С 'ii aci � `° � �' :° ^�-з � fl ю °n � � � � � м т й ,� д � � ы � � р ,--i st � � QI � � i р 1 � � � � = Гу ., �'- з Q7 �� � го LL k в. ��+ у !N � � гц F�"� тi ��. р ,и � : , ++ � W � '� оо 1 .в n �, а а ' , � � i� � , i ' о � '� V�j G. с. _.._ I ._-_ ".__. _. _ ._.. , , � � .. -` ' 1 4 ' 8 � � 1 р ; � k � � � � � �] г.€ г4 � �,' i iг р �` L�,1 N � � .�i � L Э R N �-°,,1 'Q '� +�,+ 1 � � � � � � � т � � __ _ �_ � � � _. __. � , � � I ® ' � А � i i 1 i I 1 1 i С � в U 4} р� Lц � 1 I�` р с I � {� (� � ип ; у � � р �U F-+ � � � ' ,� �' йргl 6�0 s..' � Z F� �` � I � I �' � L � � � � ~� � 'ш �' з�1t � � t- �L � �i =,�`"р� � Ш ш° � � � тs � � � а � �- _ _ _ _ _-.__ - _� _ , а _-.. . � о , о � � � � и N � ' � � � QS СЭ � ш ' q7 "�i �,, � й N � О�'` О pw i LL: Ш С1? ��.. LLгt+ з'=F` +и- С � n' ' � Q��' м� � Ш � � �' +► г+ :а. р� р t�r1 г,мЛ М М-��.. � б� h � V t� `'J- С? ' � ,�` i г0 �.. � �.О �: СЭ q' +�-з Q, tQ . ?' � � и � � о � с13 '� � © � i ! � �_ �r р р � ,,�д � и о � �'`� *+ � } •� � Ш ti � I гр *G � � � t�Q О и1 �л гW "' � Ф Е'i 4? 0 � I W CL° СSЭ +-t i] � t � :� С}У С5 тi .� � � � � в � ' !Q � , с.� I i ___..__ .� � kч eL N iЛ ' _ -� � - _ �_- . -' , _ _ . _ ____+- о Ш -� �. � U '� � С I а+ ! � � � � � � � � � � Ш � F _ �.. - � . -..__ _-' �-� � � � V � г .� Ci �3 Ш '�^' I� ' '�'� � СЛ � �.. � � L р � � с ��� � ш г� I I ,., W � � �. о w � � -С l }- Ci. гц � Gt У1 . fls •ь. д! С ; и �С ....�:. '- �., т � ® � � а� ;ц +, Е 'й р "- °- � с J �3 � LL N ' �� i3 Й 4�1 �.91 �л и. пу `� 10 � 4а С� +�- � � � tt t� `- rv з р {в � С го #' т � Ш С7 €1} С р� � с L С ._ rU _ U�.л � � 43 � �" � ар+ W � Ci С -р го � � О � j � � j � у . ОС Q � ш � � = С� �л � �+ rV +' � � � b' �+ п � � и � го � � ���С � Ш� � l � � р с1 р р р� о� С р с с У � � го �� � а а � р � Ш� t7'ь ��.и �-!© с у� с cs �. а й с�д '.ь+ � О.С з° v й� а7 �D �''� �, :5 � � г�3 � tL � ио LL � � '° � а. п°�о � О а ° �_, С `�° ,� л � б� го ( �J � н 1 E+S�t=�ss�''� Е�г�э� G � п3 cU �� fl.г ы СЭ rU О [f'а '•_, Т3 ' О ь� d0 р G? GJ р пч р�}= га р �,� СL р р i+' р � и.. �С � ц� , 1 i,} ш� С� �1 бС C.J а t) � ш ш� � rtC '�+- О U� с,. Ci F- � �- � 1-- - �„ .� Q � � ___ ® �_.-_ -- ���r,� �ч '�а Н � � Q! � r а} � .--р. [ц М �'''1 �"'а 5i � . � �.-, i3 с1 (У €� �ц `,,, � '„� гч гч д^ �с � �r '� *а а- v tп С ш р с:. а � - _ '� - ______ _ � -_� � _ � с� � � а� �г >- �_� -- - -_ . _. _ ._... ._ . ____ ... ��_ � , h r. +у� � о о а Q � � � *а � � ш � о°о О И �° � � и° ui �д q '-+ v *' � д �1 т п�i Й��ч г�А � � 'д м N г� аэ oi 'w rti � Q � � � м �и � �6 й � 1- 1� r: Oti � м''V ti м ьо R м О '� � О'j fr1 М +� � �..� tq - -- ,_ -_ _ �: � � � i � � � � � � �� � � i э �д ' •.., i С.1 +r � I а и � и � � � �, '�l1 � _ ` 4i i+ � ы Q � � � CJ i' � �_� д и ;'t> > й °gI �р:С N,_ р i„' = ° � � I� {�} 'ь' 1 r�ь "� , ,� _ ._ � ._..__ ....__ _._. i L � �'I� �` � � а Q � С�7 С�9 О � fi�t. n Q1 � Qы ' ^ t�. ry О С� © C1t � � � � ++ tu �+ w ш ui Ci м � (�м, � '�, 3 � i�.e = С � '� М р� � Й � д,з � V N Q�I� �„ .� iq бt Цг �.�,-� а ui с3' �л r+.° ry SC tL, F- N� s� а, � Е м � ��� о й � -� Z еч �о а р� ,� са гч .r.., � nг � 8 оо � tя� °'w :=; `° � (�j N ч��> .�-� .шi м � �й� � '� .�-� : � й_ � � б .^�..i , ,= .С i `�i Cj i М9 � � 1 °+� Z k а ; ; � �4 ' ... _ __ ._ � � ы �-� - ___ -� � � �' л , � , , . � � , � � � " . а � Н � i � �` Q ш � i ,� � V ® � � �..� N � i р О L � (� N_ Q � ! т i�o г.� С--_-_ ' _ -_ - � � � � �,,, � I � i � � � � , , � � � � � т м � � и Q � � �ar�'Е Qt � �- аз s �. �+ а i � ✓ � и ;� � � ,�i � � '� ат с,в з� д 1 Z д , � с '� ._ �� Ш .�' � � L ' д � � ! Е с � ш � � j �-, �-__ _ _ __ --- � Z �+ � , � � � i "�,` � _ � � � � � � А СЛ � .. � О � � ' � '��. . � � U, � С7 О (М'j F �� ��} М , � й� tp к� О' � tV' � � Q�) ;.3' � � ! �С_ ФG ц , ry � � � о � с� � Ш 4) t� � � � i�� '� а� "'� rw со � �д +� tŭ ,� � � ш � т ro � сл � а � `� .��+ �, �� ц�,, CL � й i а I о, в; о � м�v � С� q� �t3 ��tj '�С ( у. = Q, о+ ег ' r +н � , *з w м ш й � ,�j с� � ; � 's� � ,ц � � � ���а ш � � Q � � ' ��а L3 � д � �, i• - � w , J г�1) �О [L � � � i � i ------ - _._�_.__.____ � _ � ! � �"� -� �' � � pG � � #- '� л G пт С и�.,� и � i г � � � t� � - --- - -� _ -_.�.._ __ - __._._- __. __� � :а.✓ v = � э о с L� . N � � tU EV � i+ Й tцб � [ � �. F� � �, � Ш � II ш � G ;� � � � � � N ё ш с_ �, � � р Q7 © � � у С. О� ,С ы� � � О " С G �� � � гn рр +.+ б1 rUг � q�y �- �„ S� � a�i R � +�иа � биг ы � � � � ® R � Q � L1.J � д'' ш� �Q i3 д а. д � 7 ач �С � q� v С7 U � � � � v ° ..� .. � � с � � 4 W � � � � � � v Q � Ш ` � � ++ i ++ ,�у аз � ++ � `,,_,° � � � ,n Е �O � С1'1 Q�y +.,, ...� С� � о � i �� и' а.� С Ш�- и� � � а � Е °� ы� о а,-'�` �' `° С�®� н , . .� � ��•-� �. � � с с а с� � с а� �. Е о , ro.о �, � ы О�`�... `-+ 1 М с°�� °�ы � Ё й.� з о а�, °�:�� л' ш а ;� � LL С,д Z Х� oG С� гз�°с Gm��m а�° С�г cs� Q� р Н с �� J�� аа ci с� С► tз га и� � ш ш w� а�i. г� с,у � а i} и� ___-__.. - _.._ _. ,= гг) -- - � ___ _ � Ш � '� � �.7 � +ч '� �. .,-, �i Q` С� д Пу г? I .--� .-ч �,-.f м'"'1 '� �- и � а�� c�i ц� 7�- � 1_.� с� г.i et tr � v'�r '�r с v� и