VIETNAM SCALING UP URBAN UPGRADING PROJECT LONG XUYEN CITY SUB-PROJECT Credit Number 6055-VN and Credit Number 6056-VN AUDIT FINANCIAL STATEMENTS Fiscal year ended 31 December 2021 Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project Credit Number 6055 - VN and Credit Number 6056 - VN CONTENTS Page PART I INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS Report of the Project Management Unit 3 Independent Auditors' Report on the Financial Statements 4-5 Audited Financial statements Statement of Funds and Disbursements 6 Statement of Funds Balance 7 Statement of Designated Account 8 Statement of Withdrawals and Reconciliation of Funds 9 Notes to the Financial Statements 10-13 PART II INDEPENDENT AUDITORS' REPORT ON 14-15 THE INTERNAL CONTROL SYSTEM PART III INDEPENDENT AUDITORS' REPORT ON 16-17 THE COMPLIANCE PART IV MANAGEMENT LETTER 18-21 2 Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project Credit Number 6055 - VN and Credit Number 6056 - VN REPORT OF THE PROJECT MANAGEMENT UNIT Long Xuyen City Urban Upgrading Project Management Unit ("Project Management Unit") presents this report and the Financial Statements of the Vietnam Scaling Up Urban Upgrading Project - Long Xuyen City Sub-project ("The Project") for the fiscal year ended 31 December 2021. The Project The Project is implemented under the Credit Number 6055 - VN and Credit Number 6056 - VN dated 29 June 2018 between the Government of the Socialist Republic of Vietnam and the International Development Association ("IDA"). Project Management Unit Members of the Project Management Unit in the year and to the reporting date are: Mr. Dao Van Ngoc Director Resigned on 27/08/2021 Mr. Nguyen Ngoc Kinh Director Appointed on 30/08/2021 Mr. Pham Vinh Thao Deputy Director Appointed on 20/09/2021 Mr. Tran Nguyen Phuoc Thanh Deputy Director Mrs. Nguyen Thi Phuong Anh Chief Accountant Auditors The auditors of AASC Limited have taken the audit of financial statements of the Project. Responsibilities of the Project Management Unit The Project Management Unit is responsible for preparing the project financial statements, including Statement of Funds and Disbursements, Statement of Funds balance, Statement of Designated Account and Statement of Withdrawals and Reconciliation of Funds, which comply with the accounting policies described in the attached Notes to the Financial Statements. The Project Management Unit assures that the accounting policies are appropriately selected and consistently applied. The Project Management Unit assures that the accounting records were fully maintained to prepare the financial statements in accordance with the applied accounting policies and to disclose, with reasonable accuracy at any time, the financial position of the Project. The Project Management Unit is also responsible for maintaining an effective internal control as management determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and comply with relevant laws, regulations and other provisions of the funding agreement that could have a direct and material financial effect on the Project financial statements. On behalf of th Project Management Unit inh n i3tpop, 27 'June 2022 3 aaSC No: 270622.004/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS To: Long Xuyen City Urban Upgrading Project Management Unit Vietnam Scaling Up Urban Upgrading Project - Long Xuyen City Sub-project Opinion We have audited the accompanying financial statements of the Vietnam Scaling Up Urban Upgrading Project - Long X2uyen City Sub-project, which comprise Statement of Funds balance as at 31 December 2021, Statement of Funds and Disbursements, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds, and Notes to the Financial Statements for the year then ended, including a summary of significant accounting policies. In our opinion: The accompanying financial statements give a true and fair view of the financial position of the Project, including the balance of the Designated Account as at 31 December 2021, funds received and disbursements paid, movements of the Designated Account for the year then ended in accordance with the basis of the principal accounting policies described in the Notes to the Financial Statements and the provisions of the Credit Number 6055-VN and Credit Number 6056-VN; In addition, with respect to Statements of Expenditure, adequate supporting documents have been fully maintained to support to the replenishment requests submitted to the World Bank. The disbursement are eligible and in right purposes of the Credit Number 6055-VN and Credit Number 6056-VN. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Project Management Unit in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of Management for the Financial Statements The Project Management Unit is responsible for the preparation of the financial statements in accordance with the principal accounting policies described in Notes to the Financial Statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. T:(84) 24 38241990 1 F:(84) 24 3825 3973 I 1 Le Phung Hieu, Hanoi, Vietnam AASC AUDITING FIRM 4 As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Project to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Project Management Unit regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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Amount advanced by the World Bank 962,634.00 2. Add: Amount supplemented by the World Bank 999,244.00 3. Deduct: Amount recovered by the World Bank (1,269,818.10) 4. Present outstanding amount advanced to 692,059.90 5. Closing balance 659,119.13 6. Add: Amounts withdrawn and not yet claimed (i) 32,912.77 Overseas bank charges 28.00 32,940.77 77. Total advances accounted for 692,059.90 (i) Including: Amount USD Works 8,416.89 Consultant's services 24,495.88 32,912.77 8 -,;,!―닌―,/- Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project Financial Statements Credit Number 6055 - VN and Credit Number 6056 - VN Year ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS For the fiscal year ended 31 December 2021 1 . Background Vietnam Scaling Up Urban Upgrading Project - Long Xuyen City Sub-project ("the Project") is implemented under the Credit Number 6055 - VN and Credit Number 6056 - VN dated 29 June 2018 between the Government of the Socialist Republic of Vietnam and the International Development Association ("IDK). Total budget of the the Credit Number 6055 - VN and Credit Number 6056 - VN are respectively SDR 103,200,000 and USD 100,000,000 for 7 sub-projects. In which, the credit amount allocated to Long Xuyen City Sub-project are SDR 14,742,857 and USD 20,000,000 respectively. The main objective of the Project is to improve access to basic infrastructure in low-income areas, strengthen connectivity of key infrastructure networks, and at the same time enhance the capacity of urban areas, on integrated urban planning to respond to climate change in the Participating Cities. The Project includes the following components: Component 1: Tertiary Infrastructure upgrading in low-income areas; Component 2: Priority primary and secondary Infrastructure; Component 3: Resettlement sites; Component 4: Project Management support. The Project officially came into operation since 24 December 2018 and is expected to close on 31 December 2023. The Project is managed by Long Xuyen City Urban Upgrading Project Management Unit, and its office is located at No.99, extended Nguyen Thai Hoe street, My Hoa ward, Long Xuyen city, An Giang province. 2. Principal Accounting Policies a. Basis of accounting The annual accounting period commenced from the 1 st January to the 31 st December. The financial statements are prepared under cash basis. Accordingly, receipts are recognized by the Project when received, rather than the right to receive, and disbursements are recognized when being paid, rather than the obligation to pay. The financial statements are prepared in accordance with the requirements of the World Bank and presented in Vietnam Dong (VND), except for the Statement of Designated Account and Statement of Withdrawals and Reconciliation of Funds, which are prepared in United State Dollar (USD) and Vietnam Dong (VND). The principal accounting policies are summarized as below: b. Foreign currencies Funds received from the World Bank in foreign currencies are translated into VND using actual exchange rates announced by the Vietnam Joint Stock Commercial Bank for Industry and Trade - An Giang Branch at dates of funds received or at dates of direct payments made to contractors/suppliers. Transactions in foreign currencies are translated to VND under actual exchange rates of the serving bank on their transaction dates. All exchange differences from these transactions are recorded as "Exchange rate differentes" account and presented as "Exchange rate differences" on the Statement of Funds and Disbursements. 10 Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project Financial Statements Credit Number 6055 - VN and Credit Number 6056 - VN Year ended 31 December 2021 c. Funds and Disbursements Funds: Funds received from the World Bank are recorded when remittance made into Designated Account or direct payment made to contractors/suppliers; Counterpart funds of the Vietnamese Government are recorded when payments are made directly from the Vietnamese Government to contractors/suppliers of the Project or funds are remitted for settlement of the Project's activities. Disbursements: Disbursements are recognized when payments are made by the Project to contractors/ suppliers. d. Designated account Designated Account is the deposit account in USD opened at Vietnam Joint Stock Commercial Bank for Industry and Trade - An Giang Branch for the Project's activities. Payments made via the Designated Account are for eligible expenditures of the Project in accordance with the provisions of the Credit Number 6055-VN and Credit Number 6056-VN. There is no interest with this account under prevailing rule. 3. Funds received from the World Bank Year ended 31/12/2021 Accumulated to 31/12/2021 USD Equivalent to VND USD Equivalent to VND Credit No. 6055-VN Designated Account (USD) 691,438.00 15,536,611,860 1,332,965.00 30,335,410,335 Direct payments (VND) 35,820,428,200 35,820,428,200 Credit No. 6056-VN Designated Account (USD) 307,806.00 7,066,610,148 1,113,806.00 25,673,120,148 58,423,650,208 91,828,958,683 4. Disbursements Disbursements by categories and funds Year ended 31/12/2021 Credit No. Credit No. 6055-VN 6056-VN Counterpart fund Total VND VND VND VND Work 38,520,324,621 7,052,975,540 118,939,500 45,692,239,661 Consulting services 1,627,398,424 - 3,248,466,000 4,875,864,424 Incremental - 814,094,241 814,094.241 operating costs Compensation and - 64,088,698,915 64,088,698,915 site clearance costs Other costs 40,147,723,045 7,052,975,540 68,270,198,656 115,470,897,241 11 Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project Financial Statements Credit Number 6055 - VN and Credit Number 6056 - VN Year ended 31 December 2021 Accumulated to 31/12/2021 Credit No. Credit No. Counterpart 6055-VN 6056-VN fund Total VND VND VND VND Work 46,758,021,175 27,387,989,000 118,939,500 74,264,949,675 Consulting services 2,916,936,250 - 31,246,624,000 34,163,560,250 Incremental - 5,900,000,000 5,900,000,000 operating costs Compensation and - 136,936,358,406 136,936,358,406 site clearance costs Other costs - 2,143,820,844 2,143,820,844 49,674,957,425 27,387,989,000 176,345,742,750 253,408,689,175 Disbursements by components and funds Year ended 31/12/2021 Credit No. Credit No. Total 6055-VN 6056-VN Counterpart fund VND VND VND VND Component 1: Tertiary 2,699,896,421 - 28,165,320,428 30,865,216,849 Infrastucture Upgrading in Low Income Areas Component 2: Priority 35,820,428,200 - 35,894,700,987 71,715,129,187 Primary and Secondary Infrastucture Component 3: - 7,052,975,540 147,617,000 7,200,592,540 Resettlement Sites Component 4: Project 1,627,398,424 - 4,062,560,241 5,689,958,665 Mangement Support Investment preparation 40,147,723,045 7,052,975,540 68,270,198,656 115,470,897,241 Accumulated to 31/12/2021 Credit No. Credit No. Counterpart 6055-VN 6056-VN fund Total VND VND VND VND Component 1: Tertiary 10,938,068,573 - 30,482,687,428 41,420,756,001 Infrastucture Upgrading in Low Income Areas Component 2: Priority 35,820,428,200 - 41,578,451,487 77,398,879,687 Primary and Secondary Infrastucture Component 3: - 27,387,989,000 73,376,287,491 100,764,276,491 Resettlement Sites Component 4: Project 2,916,460,652 - 9,148,950,344 12,065,410,996 Mangement Support Investment preparation - 21,759,366,000 21,759,366,000 49,674,957,425 27,387,989,000 176,345,742,750 253,408,689,175 12 Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project Financial Statements Credit Number 6055 - VN and Credit Number 6056 - VN Year ended 31 December 2021 The Project's 100% eligible disbursements (including tax) in the categories of Goods, works, non- consulting services and consultants' services are financed as the Credit No. 6055-VN and the Credit No. 6056-VN. 5. Cash at bank, Treasury 31/12/2021 31/12/2020 VND VND Designated Account (USD) 14,810,696,994 3,606,175,500 Current accounts (VND) 908,552 1,143,062 Cash at Treasury (VND) 3,019,894,565 321,222,045 17,831,500,111 3,928,540,607 6. Other payable 31112/2021 31/12/2020 VND VND Payable to Planning and Finance Department (i) 100,000,000 150,000,000 Payable of PMU's operating source for other projects 260,064,380 - Tax payable on be half 27,351,000 - Receipts from sale of bidding documents - 1,715,804 387,415,380 151,715,804 (i) Advances for operating activities. 7. Corresponding figures The corresponding figures are the financial statements for the period from 29 June 2018 to 31 December 2020 which were audited by AASC Limited. 8. Subsequent events There have been no significant events occurring after the reporting date, which would require adjustments or disclosures to be made in the financial statements. 9. Approval of the Financial Statements ial st tements were approved by Project Management Unit for issuance on 27 June 2022. K .DLJAN NAN~GCAP THI r IJYPN Nguyen Ngoc kinh Nguyen Thl Phuong Anh Director Chief Accountant An Giang, 27 June 2022 13 aasc No.: 270622.004/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL SYSTEM To: Long Xuyen City Urban Upgrading Project Management Unit Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project We have audited, in accordance with the International Standards on Auditing, the financial statements of the Vietnam Scaling Up Urban Upgrading Project - Long Xuyen City sub-project ("the Project") for the fiscal year ended 31 December 2021 and issued the auditors' report thereon dated on 27 June 2022 expressing an opinion on those financial statements. In connection with our audit of the financial statements, we also examined the effectiveness of internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as the internal control over financial reporting for the fiscal year ended 31 December 2021. Responsibilities of the Project Management Unit The Project Management Unit is responsible for maintaining an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as the internal control over financial reporting. Auditor's Responsibility Our responsibility is to express an opinion on the effectiveness of internal control based on our examination. Our examination was conducted in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised). That standard requires that we comply with ethical requirements and plan and perform our procedures to obtain reasonable assurance about whether, in all material respects, the Project has maintained an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as internal control over financial reporting. Our examination included obtaining an understanding, testing, and evaluating the design and operating effectiveness of the internal control, and performing other procedures as we considered necessary in the circumstances to obtain sufficient appropriate evidence to provide a basis for our opinion. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to be prevented or detected on a regular basis. In addition, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T:(84) 24 38241990 1 F:(84) 24 3825 3973 I 1 Le Phung Hieu, Hanoi, Vietnam i AASC AUDITING FIRM 14 Auditors' opinion In our opinion, the Project has maintained an effective internal control over misstatements that could have a direct and material financial effect on the Project financial statements for the fiscal year ended 31 December 2021. AAS,Ctiifted D 9ifanh-Cung Nguyen Pham Hung Det Gep Director Auditor in-charge CPA Registered No.: CPA Registered No.: 0744-2018-002-1 2893-2020-002-1 Hanoi, 27 June 2022 15 No.: 270622.004/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE To: Long Xuyen City Urban Upgrading Project Management Unit Vietnam Scaling Up Urban Upgrading Project Long Xuyen City Sub-project We have audited, in accordance with International Standards on Auditing, the financial statements of the Vietnam Scaling Up Urban Upgrading Project - Long Xuyen City Sub-project ("the Project") for the fiscal year ended 31 December 2021 and issued the auditors' report thereon dated 27 June 2022 expressing an opinion on those financial statements. In connection with the audit of the financial statements, we also performed procedures on the Project's compliance with the Credit Number 6055 - VN and the Credit Number 6056 - VN, law and regulations that have a direct and material effect on the Project's financial statements for the fiscal year ended 31 December 2021 ("the Requirements"). Responsibilities of the Project Management Unit The Project Management Unit is responsible for complying with the Requirements applicable to the Project. Auditor's Responsibility Our responsibility is to express an opinion on the Project's compliance with the Requirements based on our procedures. We limited our tests of compliance to the Requirements, and we did not test compliance with all laws and regulations applicable to the Project. We performed our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised). That standard requires that we comply with ethical requirements and plan and perform our procedures to obtain reasonable assurance about whether, in all material respects, the Project has complied with the Requirements. An assurance engagement to report on the compliance with the Requirements at the Project involves performing procedures to obtain evidence about whether the Project's activities are free of material non-compliance with the Requirements, including obtaining an understanding of the internal control relevant to the Project's compliance with the Requirements. The procedures selected depend on the auditors' judgment, including the assessment of risks that the Project does not comply with the Requirements and whether such non-compliance could have a direct and material financial effect on the Project's financial statements. Our procedures included testing the compliance with the Requirements we consider necessary to provide a reasonable assurance that the Requirements are complied by the Project. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T:(84) 24 3824 1990 I F:(84) 24 3825 3973 I 1 Le Phung Hieu, Hanoi, Vietnam AASCAUDITING FIRM 16 Auditors' opinion In our opinion, the Project has complied with the Requirements that could have a direct and material financial effect on the Project's financial statements for the fiscal year ended 31 Decbw202 1. D4anh Nguyen Pharn Hung Deputy General Director Auditor in-charge CPA Registered No.: CPA Registered No.: 0744-2018-002-1 2893-2020-002-1 Hanoi, 27 June 2022 17