VIETNAM PUBLIC FINANCIAL MANAGEMENT ANALYTICAL AND ADVISORY ASSISTANCE PROGRAM Grant Agreement No.TF0A6369 AUDITED FINANCIAL STATEMENTS Fiscal year ended 31 December 2021 Vietnam Public Financial Management Analytical and Advisory Assistance Program Grant Agreement No. TF0A6369 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 Receipt and Disbursement 6 Statement of Funds balance 7 Statement of Designated Account 8 Statement of Withdrawals and Reconciliation of Funds 9 Notes to the Financial statements 10-18 PART II INDEPENDENT AUDITORS' REPORT ON 19-20 THE INTERNAL CONTROL SYSTEM PART III INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE 21-22 APPENDIX: BALANCE SHEET PREPARED UNDER 23 ACCRUAL BASIS PART IV MANAGEMENT LETTER 24 - 27 2 Vietnam Public Financial Management Analytical and Advisory Assistance Program Grant Agreement No. TF0A6369 REPORT OF THE PROJECT MANAGEMENT UNIT Projects Management Unit of the Ministry of Finance ("Project Management Unit" or "MOF - PMU") presents this report and the Financial Statements of the Vietnam Public Financial Management Analytical and Advisory Assistance Program ("the Program") for the year ended 31 December 2021. The Program The Program is implemented under Grant Agreement No.TF0A6369 dated 14/12/2017 ("the Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank. The Project Management Unit Members of the Project Management Unit in the year and to the reporting date are: Mr. Trieu Tho Han Director (Resigned on 01/12/2021) Mr. Tran Van Son Deputy Director Mrs. Pham Thuy Lan Chief Accountant Auditors The auditors of AASC Limited have taken the audit of financial statements of the Program. Responsibilities of the Project Management Unit The Project Management Unit is responsible for preparing the program's financial statements, including Statement of Receipt and Disbursement, 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 Program. 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 credit that could have a direct and material financial effect on the Program's financial statements. Od behalf-of the Project Management Unit Tran an Son Deputy Director Hanoi, 19 January 2022 3 aa5c No.: 190122.002/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS To: Projects Management Unit of the Ministry of Finance Opinion We have audited the accompanying financial statements of the Vietnam Public Financial Management Analytical and Advisory Assistance Program ("the Program") which comprise Statement of Receipt and Disbursement, Statement of Funds balance, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds for the year ended 31 December 2021, and Notes to the Financial Statements, 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 Program, including the balance of the Designated Account as at 31 December 2021, funds received and disbursements, 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 Grant Agreement No. TFOA6369 dated 14 December 2017. 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 expenses are eligible and in right purposes of the Grant Agreement No. TF0A6369 dated 14 December 2017. Basis of Opinion We conducted our audit in accordance with the 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 Provincial Program Management Unit in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Project Management Unit for the Financial Statements The Project Management Unit is responsible for the preparation of the financial statements in accordance with the principal accounting policies described in Notes to the Financial Statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the provincial project management unit is responsible for assessing the Program'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. T: (84)24 3824 1990 I F: (84)24 3825 3973 | 1 Le Phung Hieu, Hanoi, Vietnam A m1'mbeor of Intornatlonal HANG KfM TOAN AASC 4 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. 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 Program'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 Program'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 Program 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. 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О ИUC.ac�SU сл иэ r � �� � � � г�а СЭ V) -� сы c�i - t= ni сл v� -� Vietnam Public Financial Management Analytical and Advisory Assistance Program Financial statements Grant! gree nent No. TFOA6369 Year ended 31 December 2021 STATEMENT OF FUNDS BALANCE AsAt 31 December 2021 Note 31/12/2021 31/12/2020 VND VND Surplus/(Deficit) Surplus as at begining 6,057,921,251 5,101,144,360 Surplus/(Deficit) in the year (1,770,863,663) 956,776,891 Surplus as at closing 4,287,057,688 6,057,921,251 Represented by: Current assets 4,287,057,688 6,057,921,251 Cash on hand 2,639,440 Cash at bank 5 4,287,057,688 6,055,281,811 Net worth 4,287,057,688 57,921,251 7 Vietnam Public Financial Management Analytical F and Advisory Assistance Program Financial statements Grant Agreement No. TF0A6369 Year ended 31 December 2021 STATEMENT OF DESIGNATED ACCOUNT Period: From 0110112021 to 31112/2021 Account No.: 0071066669999 Bank: Bao Viet Commercial Joint Stock Bank - Business Center Address: Corner Stone Building, No.16 Phan Chu Trinh, Phan Chu Trinh Ward, Hoan Kiem District, Ha Noi Grant Agreement: TFOA6369 Note USD PART A: ACTIVITIES Opening balance 270,000.63 Add: - Total amounts deposited by the World Bank 839,556.78 - The bank refunds the bank charge 149.00 Deduct: - Total amounts withdrawn (915,776.25) - Bank charges (149.00) Closing balance 193,781.16 PART B: RECONCILIATION 1. Amount advanced by the World Bank 400,000.00 2. Deduct: Amount recovered by the World Bank (i) (87,537.42) 3. Present outstanding amount advanced to 312,462.58 4. Closing balance 193,781.16 5. Add: Amounts withdrawn and not yet claimed 118,735.92 6. Deduct: Overseas bank charges credited wrongly at (54.50) Withdrawal Application No.004 7. Total advances accounted for 312,462.58 (i) Amount recovered by the World Bank of USD 7,537.42 at SOE No. 016 8 Vietnam Public Financial Management Analytical and Advisory Assistance Program Financial statements Grant Agreement No. TF0A6369 Year ended 31 December 2021 STATEMENT OF WITHDRAWALS AND RECONCILIATION OF FUNDS Year ended 31 December 2021 Withdrawal applications Amount Claimed Amount received Non - Consulting Services, No. Date Currency Consultants' Date Amount Variances Note Services, Training and Incremental Operating Costs (a) (b) (b-a) Designated account Year 2020 014 28/12/2020 USD 68,201.88 07101/2021 68,180.38 (21.50) [1] 015 31/12/2020 USD 61,851.99 08/01/2021 61,830.49 (21,50) [1] Year 2021 016 21/02/2021 USD 266,493.16 23102/2021 266,466.66 (26.50) [1] 017 06/10/2021 USD 114,162.06 08/10/2021 114,135.56 (26.50) [1] 018 02/11/2021 USD 268,996.69 04/11/2021 188,970.19 (80,026.50) [1], [2] 019 19/12/2021 USD 140,000.00 23/12/2021 139,973.50 (26.50) [1] 919,705.78 839,556.78 (80,149,00) [1] Overseas bank charges of USD 149; [2] Amount recovered by the World Bank of USD 80,000. 9 Vietnam Public Financial Management Analytical and Advisory Assistance Program Financial statements Grant Agreement No. TF0A6369 Year ended 31 December 2021 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2021 1. Background The Vietnam Public Financial Management Analytical and Advisory Assistance Program (AAA Program) is implemented under Grant Agreement No. TF0A6369 dated 14/12/2017 ("the Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank ("WB") with the granted amount of USD 6,270,000. In which, the non-refundable ODA fund of USD 5,670,000, the counterpart fund of USD 600,000 (equivalent to VND 13,201 million). In particular, the ODA Funds managed and used by the Projects Management Unit of the Ministry of Finance is USD 3,000,666 the rest is directly managed by the World Bank. The main objective of the Program are to improve the more effective role of Vietnam Public Financial Management System in improving effectiveness of public expenditures and public service quality based on strategic objectives of the Government. The Project consists of 05 components, as follows: Component 1: Improving linkages between plans and budgets; Component 2: Improving effectiveness of budget excution controls; Component 3: Improving production and supply of quality fiscal information; Component 4: Improving systems for fiscal stability and risk management; > Component 5: Program overall support. The Program is effective from 14/12/2017 and closed on on 31/12/2021. The office of the Program Management Unit is at 7th floor, No.4 Hang Chuol 1 Lane, Hang Chuoi Street, Hai Ba Trung District, Hanoi. The Project has been formerly managed by the Viet Nam Financial Management Analytical and Advisory Assistance Program Management Unit (the AAA PMU). From 30/09/2019, the Ministry of Finance decided to merge the AAA PMU into the Projects Management Unit of the Ministry of Finance (the MOF - PMU), according to Decision No. 915/QD-BTC dated 31 May 2019, Decision No. 1126/QD-BTC dated 05 July 2019 of the Minister of Finance. Accordingly, the Projects is currently managed by the MOF - PMU who is responsible for performing the duties, powers and obligations of the AAA Program Management Unit. 2. Summary of significant accounting policies a. Basis of preparation of the Financial Statements The annual accounting period commences from 1st January and ends at 31st December. The financial statements are prepared under the historical cost and cash basis of accounting and are adjusted to meet the requirement of the World Bank. Accordingly, receipts are recognized when received, rather than when the right to receive them arises, disbursements are recognized when being paid, rather than the obligation to pay. The financial statements are 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). Particularly, the note of disbursements by schemes and components are presented in Vietnam Dong (VND) and converted into United State Dollar (USD). In which, disbursements from the counterpart fund are converted into USD using exchange rate announced by the Ministry of Finance at the end of each quarter corresponding to the fund received in the quarter. The principal accounting policies are summarized as below: 10 Vietnam Public Financial Management Analytical and Advisory Assistance Program Financial statements Grant Agreement No. TF0A6369 Year ended 31 December 2021 b. Foreign currencies Receipts from the WB by foreign currency are converted to VND using the exchange rates announced by the Ministry of Finance when fund is transferred to the Designated Account. Expenses arising in foreign currencies are converted to the VND at exchange rates announced by the Ministry of Finance at payment dates. Other transactions in foreign currency are converted in accordance with the served bank's real exchange rate disclosed on the date of transaction. The foreign exchange differences from these transactions are recorded in the foreign exchange differences account and prepared in the item "Foreign exchange differences" in Statement of Receipt and Disbursement. c. Receipts from the World Bank . Funds from the World Bank are recognized when remittance made into the Designated Account or direct payment made to contractors/suppliers. d. Receipts from the Vietnamese Government Receipts from the Vietnamese Government ("the counterpart fund") are recorded when payments are made directly from the Treasury to contractors/suppliers of the Program or funds are remitted to the PMU for settlement of the Program's activities. e. Designated Account and its interest Designated Account is the deposit account in USD opened at Bao Viet Commercial Joint Stock Bank - Business Center for the Program's activities. Payments made via the Designated Account are for eligible expenditures of the Program in accordance with the provisions of the Grant Agreement No.TF0A6369 dated 14/12/2017. There is no interest with deposit account in USD under the prevailing rule. 3. Receipts from the World Bank Year 2021 Accumulated to 31/12/2021 USD Equivalent to VND USD Equivalent to VND Designated account Advance - 400,000.00 9,029,600,000 Replenishment (*) 839,705.78 19,429,492, 853 2,243,827.16 51,980,257,365 839,705.78 19,429,492,853 2,643,827.16 61,009,857,365 (*) Difference from the total amount deposited by the World Bank is USD 149 of overseas bank charges and USD 54.5 in relation to overseas bank charges at Withdrawal Application No. 002 dated 27/09/2019. 11 (Л �у �j F� Ф CV а0 г �7 �' `� C+J ,ь-� t�Q О б'1 1� ы N �о � v о Ф о 4'r са г� о t� с*i со У сп � ��`ш c�vi г`rn rn r`�- а . м со .м � � � о � г�-- д' и си од u�i и м cr � с сс ш г- � �° {°у `Г° м ш .� ❑ N � Г о N � С+� N .С (� А а к г � о0 о0 Ll. :�й � ' Ф � � t��- ti Z7 � Г �� �- �l С31 � М Ф С1 � � Об +--� С ш ш ° � �' r. r. >- � U оо ось � � О N 90 1� г � Q � � О CJ О С) С'�} Q� � � � N ti3 i�Л 1� О ц1 !'� � СУ Р- 4�4 ��fS цФ7 М V' 'д' М м ш � ш са с� � (� Г Г ц} ro [� {3 о '�' ОС7 а0 д' :i � �� � � О f�3} С� � ц�'i r° N 9О Q1 � У (.� � м М ао г� о ai с*� � а� c�i `� с� N ti � о�'о м г� сц г� оо д' � - г .С � i о � д i О} ду � � � г � Г } ф0 W � д � �П1 :�Г! ц� �' �D SO у ° � tit � � т+ �' С7 U о �r аа оа и � � � о °о о � о м �t � С*1 Q Г N � т' м � � м ti оо м � °v г- . �w с�ч `�м ti °-' г а�а� ti сч cg оо м м � � ° � � � пз � а� ° � � С s гл 4ц � 4 а '� � � с � � � й � � � � �� .° � � й � и в� °� ' _ � ° сл ~ � � � г� � г��� �" � � w ш �� й т ш � а' �п - °' �� c�i Е .°с' -s�s С' а�°� �' Е о � � � v *� °5 � 5 .� 5 � 5 и � � Gt� � о � с о� о�с � v и, �', с cz а iг U�*, сг та � '� � � и Й ,� � пСS � с � � � сСо � � ���'� С fi _ � � ccv �м�i��t.� о.. гL й а� ш г� �.. � �.� �- cs Q� � � � с а С сэ с tr С� (1о дi q� 91 � � "' ° t6 ° ° П� с О С..1 С � i7 д% 7 � ;Q � Q. 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Cash at bank 31/12/2021 31/12/2020 USD Equivalent to USD Equivalent to VND VND Designated Account at Bao Viet 193,781.16 4,287,057,688 270,000.63 6,055,281.811 Commercial Joint Stock Bank - Business Center 0.63 6,055,281,811 193,781.F6 -- ,-287,057.688 270,000.63 6. 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. 7. Corresponding figures The corresponding figures are the financial statements for the year ended 31 December 2020 which were audited by AASC Limited, in which some items are reclassified as follows: Presented in Items the last year Reclassified Variances VND VND VND STATEMENT OF RECEIPT AND DISBURSEMENT Il. DISBURSEMENTS 3. Component3: Improving production and 13,512,435,120 13,580,995,120 68,560,000 supply of quality fiscal information Section B: Program overall support 16,413,000,135 16,344,440,135 (68,560,000) 8. Approval of the Financial Statements - -T-he financial statements were approved by the PMU for issuance on 19 January 2022. A fran V Son Pham Thuy Lan Dep uty Director Chief Accountant Hanoi, 19 January 2022 18 aasc No.: 190122.002/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL SYSTEM To: Projects Management Unit of the Ministry of Finance We have audited, in accordance with International Standards on Auditing, the financial statements of the Vietnam Pubic Financial Management Analytical and Advisory Assistance Program for the year ended 31 December 2021 and issued the auditors report thereon dated 19 January 2022 with 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 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 Program has maintained an effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as internal control over financial reporting. Our examination included obtaining an understanding, testing, and evaluating the design and operating effectiveness of the internal control, and performing other procedures as we considered necessary in the circumstances to obtain sufficient appropriate evidence to provide a basis for our opinion. Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to be prevented or detected on a regular basis. In addition, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. T: (84)24 3824 1990 | F: (84)24 3825 3973 1 1 Le Phung Hieu, Hanoi, Vietnam A mber Internatioal Iii, a HANG K9M TOANAASC 19 Auditors' opinion In our opinion the Program has maintained an effective internal control over misstatements that could have a direct and material financial effect on the Program's financial statements for the year ended 31 December 2021. SC:6N2Y; AASC ng Nguyen Pham Hung neral Director Auditor in-charge CPA Registered Number: CPA Registered Number: 0744-2018-002-1 2893-2020-002-1 Hanoi, 19 January 2022 20 aasc No.: 190122.002/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE To: Projects Management Unit of the Ministry of Finance We have audited, in accordance with International Standards on Auditing, the financial statements of the Vietnam Public Financial Management Analytical and Advisory Assistance Program for the year ended 31 December 2021 and issued the auditors report thereon dated 19 January 2022 expressing an opinion on those financial statements. In connection with the audit of the financial statements, we also performed procedures on the Program's compliance with the Grant Agreement No.TF0A6369 dated 14 December 2017, law and regulations that have a direct and material effect on the Program's financial statements for the 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 Program. Auditor's Responsibility Our responsibility is to express an opinion on the Program'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 Program. 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 Program has complied with the Requirements. An assurance engagement to report on the compliance with the Requirements at the Program involves performing procedures to obtain evidence about whether the Program's activities are free of material non-compliance with the Requirements, including obtaining an understanding of the internal control relevant to the Program's compliance with the Requirements. The procedures selected depend on the auditors' judgment, including the assessment of risks that the Program does not comply with the Requirements and whether such non-compliance could have a direct and material financial effect on the Program'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 Program. 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 1 F: (84)24 3825 3973 1 1 Le Phung HiNeu, Hanoi, Vietnam A member of Intornational jA [ HANG KIM TOAN AASC 21 Auditors' opinion In our opinion, the Program has complied with the Requirements that could have a direct and material financial effect on the Program's financial statements for the year ended 31 December 2021. Nguyen Pham Hung D al Director Auditor in-charge CPA Registered Number: CPA Registered Number: 0744-2018-002-1 2893-2020-002-1 Hanoi, 19 January 2022 22 Vietnam Public Financial Management Analytical Financial statements and Advisory Assistance Program Grant Agreement No. TF0A6369 Year ended 31 December 2021 APPENDIX: BALANCE SHEET PREPARED UNDER ACCRUAL BASIS As at 31 December 2021 31/12/2021 31/12/2020 VND VND CURRENT ASSETS 4,287,243,094 6,057,921,251 Cash on hand - 2,639,440 Cash at bank - the Designated account in USD 4,287,057,688 6,055,281,811 Taxes and receivables from the State 185,406 NON-CURRENT ASSETS 65,279,415,058 42,923,054,162 Tangible fixed assets 186,805,312 182,706,000 - Cost 516,761,500 432,760,000 - Accumulated depreciation (329,956,188) (250,054,000) Program Implementation Expenditures 65,092,609,746 42,740,348,162 TOTAL ASSETS 69,566,658,152 48,980,975,413 CURRENT LIABILITIES 185,406 Other payables 185,406 FUNDS 69,566,472,746 48,980,975,413 Project Implementation Funds 69,764,687,123 48.848,676,121 Received from the World Bank 61,009,657,365 41,580,364,512 Counterpart fund 8, 754,829;758 7,268, 311,609 Funds for fixed assets acquisition 186,805,312 182,706,000 Foreign exchange differences (385,019,689) (50,406,708) TOTAL RESOURCES 69,566,658,152 48,980,975,413 The Program applies the public sector accounting as set out in Circular No. 107/2017/TT-BTC dated 10 October 2017 by the Ministry of Finance for recording purpose under accrual basis of accounting. Reconciliation between expenditures in Balance sheet and disbursements in Statement of Receipt and Disbursement 31/12/2021 31/12/2020 VND VND Accumulated expenditures in Balance sheet 65,092,609,746 42,740,348,162 Add: Taxes and receivables from the state 185,406 - Tangible fixed assets 186,805,312 182,706,000 Deduct: Other payables (185,406) Funds for fixed asset acquisitions (186,805,312) (182,706,000) Disbursements accumulated to closing 65,092,609,746 42,740,348,162 23