THE PROJECT MANAGEMENT UNIT OF WATERWAY NORTHERN DELTA TRANSPORT DEVELOPMENT PROJECT Credit Agreement IDA No. 6028 - VN (Part A and C) AUDITED FINANCIAL STATEMENTS Fiscal year ended 31 December 2020 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 CONTENTS Page PART I INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS Report of the Project Management Unit 3 Independent Auditors' Report on the Financial statements 4-5 Audited Financial statements Statement of Funds and Expenditures 6 Statement of Funds balance 7 Statement of Designated account 8 Statement of Withdrawals and Reconciliation of Funds 9 Notes to the Financial statements 10-13 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 2 Northern Delta Transport Development Project Credit Agreement IDA No. 6028 - VN (Part A and C) REPORT OF THE PROJECT MANAGEMENT UNIT The Project Management Unit of Waterway ("the Project Management Unit" or "PMU-W) presents this report and the Financial Statements of the Northern Delta Transport Development Project (Part A and C) ("the Project") for the fiscal year ended 31 December 2020. The Project The Project is implemented under the Credit Agreement IDA No. 6028 - VN dated 23 June 2017 ("the Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank ("WB"). The Project Management Unit Members of the Project Management Unit in the year and to the reporting date are: Mr. Duong Thanh Hung Deputy Director in-charge Mr. Tran Quoc Bao Deputy Director Mr. Nguyen Xuan Lam Deputy Director Ms. Nguyen Thi Thanh Huyen Person in-charge of finance accounting department Auditors The auditors of AASC Limited have taken the audit of financial statements of the Project. Responsibilities of the Project Management Unit The Project Management Unit is responsible for preparing the project financial statements, including Statement of Funds and Expenditures, Statement of Funds balance, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds, which comply with the accounting policies described in the attached Notes to the Financial Statements. The Project Management Unit assures that the accounting policies are appropriately selected and consistently applied. The Project Management Unit assures that the accounting records were fully maintained to prepare the financial statements in accordance with the applied accounting policies and to disclose, with reasonable accuracy at any time, the financial position of the Project. The Project Management Unit is also responsible for maintaining an effective internal control as management determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and comply with relevant laws, regulations and other provisions of the funding agreement that could have a direct and material financial effect on the Project financial statements. On behalf of the Project Mana ment Uni Dupng Thanh Hung Deputy Director in-charge Hanoi, 18 June 2021 3 No.: 180621.011/BCTC.FIS2 INDEPENDENT AUDITORS' REPORTS ON THE FINANCIAL STATEMENTS To: The Project Management Unit of Waterway The Northern Delta Transport Development Project (Part A and C) Opinion We have audited the accompanying financial statements of Northern Delta Transport Development Project (Part A and C) ("the Project") which comprise Statement of Funds balance as at 31 December 2020, Statement of Funds and Expenditures, Statement of Designated Account, Statement of Withdrawals and Reconciliation of Funds, and Notes to the Financial Statements for the fiscal 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 2020, funds received and expenditures incurred, 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 Agreement IDA No. 6028 - VN; In addition, with respect to Statements of Expenditure, adequate supporting documents have been fully maintained to support to the replenishment requests submitted to the World Bank. The expenditures are eligible and in right purposes of the Credit Agreement IDA No. 6028 - VN. Basis of Opinion We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of Project Management Unit in accordance with the international Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Responsibilities of the Project Management Unit for the Financial Statements The Project Management Unit is responsible for the preparation of the financial statements in accordance with the principal accounting policies described in Notes to the Financial Statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Project's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. u (B4) 4 :3824 1990 I : (84) 1 3825 393 I 1 Le P Ing IHu, alanoi, V ietnamtFE11 a1. *rmmon 4 As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Project's internal control; Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management; Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Project's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Project to cease to continue as a going concern; Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the Project Management Unit regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. AASC Limited Do Mankh Guong Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 18 June 2021 5 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 STATEMENT OF FUNDS AND EXPENDITURES Year ended 31 December 2020 Accumulated Accumulated Note to 31/12/2019 Year 2020 to 31/12/2020 VND VND VND I. Funds 1. Funds received from the World Bank 3 - 116,055,000,000 116,055,000,000 2. Counterpart funds 4 62,669,676,222 65,293,640,730 127,963,316,952 3. Other funds - Exchange rate difference - (909,383,785) (909,383,785) 62,669,676,222 180,439,256,945 243,108,933,167 II. Expenditures 1. Consultants' Services - 3,096,026,869 3,096,026,869 2. Administrative costs 8,580,322,222 3,681,047,111 12,261,369.333 3. Land acquisition 54,089,354,000 32,081,761,400 66,171ii5,400 4. Others expense - 27,613,208,376 27,613,208,376 6 62,669,676,222 66,472,043,756 129,141,719,973 IlL Surplus - 113,967,213,189 113,967,213,189 6 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 STATEMENT OF FUNDS BALANCE As at 31 December 2020 Note 31/12/2020 31/12/2019 VND VND Surplus Surplus as at begining Surplus in the year 113,967,213,189 - Surplus as at closing 113,967,213,189 - Represented by: Current assets 116,060,954,989 Cash at bank 5 75,922,656,333 - Advances to contractors 7 40,138,298,656 - Current liabilities 2,093,741,800 - Payables to contractors 8 2,093,741,800 - Net worth 113,967,213,189 _ 7 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 STATEMENT OF DESIGNATED ACCOUNT For the period: from 01/01/2020 to 31/12/2020 Account holder The Project Management Unit of Waterway Account No: 1200208011115 Bank: Vietnam Bank for Agriculture and Rural Development Transaction Center Address No. 2 Lang Ha, Ba Dinh District, Hanoi Credit Agreement IDA No.: 6028 - VN PART A: ACTIVITIES Note USD Opening balance 0.00 Add: Total amounts deposited by the World Bank 9,999,980.00 Deduct Total amounts withdrawn (6,701,862.87) Closing balance 3,298,117.13 PART B: RECONCILIATION 1. Amount advanced by the World Bank 10,000,000.00 2. Deduct: Amount recovered by the World Bank (21,718.92) 3. Deduct: Amount refunded to the World Bank (5,000,000.00) 4. Present outstanding amount advanced to 4,978,281.08 5. Closing balance 3,298,117.13 6. Add: Amounts withdrawn and not yet claimed (1) 1,680,143.95 7. Add: Oversea bank charges 20.00 8. Total advances accounted for 4,978,281.08 (1) Including: USD Consultant 277,031.36 Civil Works 1,403,112.59 1,680,143.95 Amounts claimed in the Withdrawal Applications No. WB6/A1030 dated 11/03/2021. 8 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 STATEMENT OF WITHDRAWALS AND RECONCILIATION OF FUNDS Credit Number 6028 - VN Year ended 31 December 2020 Withdrawal applications Amount claimed Amount No Date Curency Advance Consultant Total received Variances Note (a) (b) (b-a) Designated account WB61A/028 17/03/2020 USD 10,000,000.00 - 10,000,000.00 9,999,980.00 (20.00) (1) WB6/A/029 09/07/2020 USD - 21,718.92 21,718.92 - (21,718.92) (2) Total amounts 10,000,000.00 21,718.92 10,021,718.92 9,999,980.00 (21,738.92) (1) Oversea bank charges. (2) Amount recovered by the World Bank. 9 Northern Delta Transport Development Pr oject Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2020 1. Background The Northern Delta Transport Development Project (Part A and C) is implemented under the Credit Agreement IDA No. 6028 - VNdated 23 June 2017 (the "Agreement") between the Government of the Socialist Republic of Vietnam and the World Bank (`WB"). The objective of the Project is to assist in enhancing the efficiency, environmental sustainability, and safety of transport infrastructures and services through alleviation of physical and institutional bottlenecks in the Northern Delta Region. The Project consists of the following parts: Part A: Multimodal transport Corridor Investment. Improving two waterway corridors in the Northern Delta Region to increase the efficiency of multimodal transport and supply chains and enhance the environmental sustainability of the waterway system. Part B: Investments in Ferry boat stages: (1) Improving about 15 to 30 ferry boat stages to improve passenger safety for river crossing; (2) Providing technical assistance for engineering design and construction supervision related to the implementation of Part B of the Project. Part C: Institutional support to Ministry of Transport, Viet Nam Inland Waterways Administrative and the Project Provinces. The Project officially came into operation since 23 June 2017 and is expected to close on 30 June 2022. The Project is implemented by The Project Management Unit of Waterway (PMU-W) and People's Committee of Nghia Hung District, Nam Dinh Province (PPMU). Their offices are located at: Units Address PMU-W No. 308, Minh Khai St, Hai Ba Trung Ward, Hoang Mai District, Hanoi Nghia Hung PPMU Lieu De Town, Nghia Hung District, Nam Dinh Province 2. Principal Accounting Policies a. Basis of preparation of the Financial Statements The annual accounting period commences from lst January and ends at 31st December. 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). The Financial Statements are prepared for funds received and expenditures incurred in relation to Part A and C of the Agreement that is implemented by PMU-W and PPMU. 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 exchange rates announced by the Ministry of Finance receipt dates or dates of direct payment made to contractors/suppliers. Transactions incurred during the year in foreign currencies are converted to VND at the service bank's rate (mentioned in Note 2d) as of the transaction date. Foreign currency asset balances and liabilities at the end of the fiscal year are revalued at the exchange rate of the servicing bank (mentioned in Note 2d) as at the date of the Statement of Funds balance. The exchange rate differences arising from these transactions are recorded in the exchange rate difference account and presented to the other funds on Statement of Funds and Expenditures. 10 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) _ Year ended 31 December 2020 c. Funds and Expenditures Funds: Funds received from the World Bank are recorded when remittance made into Designated Accounts 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 to PMU-W and PPMU for settlement of the Project's activities, including any payments under current year plan until the next 31/01. Expenditures: Expenditures are recorded when they are actually incurred, except for Land acquisition costs which are recognized when the State Treasury approves the settlement. d. Designated account Designated Account is the deposit account in USD opened at Vietnam Bank for Agriculture and Rural Development Transaction Center for the Project's activities. Payments made via Designated Account are for eligible expenditures of the Project in accordance with the provisions the Credit Agreement IDA No. 6028 - VN. 3. Funds received from the World Bank Year 2020 Accumulated to 31/12/2020 USD Equivalent to VND USD Equivalent to VND Designated account Advance 10,000,000.00 232,170,000,000 10,000,000.00 232,170,000,000 Amount refunded (5,000,000.00) (116,115,000,000) (5,000,000.00) (116,115,000,000) to World Bank 5,000,000.00 116,055,000,000 5,000,000.00 116,055,000,000 4. Counterpart funds Accumulated to Year 2020 31/12/2020 VND VND Nghia Hung PPMU 32,081,761,400 86,171,115,400 PMU-W 33,211,879,330 41,792,201,552 65,293,640,730 127,963,316,952 5. Cash at bank 31/1212020 31/12/2019 VND VND Designated account (USD) 75,922,656,333 75,922,656,333 - 11 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 6. Expenditure Year 2020 Accumulated to 31/12/2020 Categories The World Bank Counterpart fund Total The World Bank Counterpart fund Total VND VND VND VND VND VND Consultant 2,734,469,881 361,556,988 3,096,026,869 2,734,469,881 361,556,988 3,096,026,869 Project management costs - 3,681,047,111 3,681,047,111 - 12,261,369,333 12,261,369,333 Land acquisition costs - 32,081,761,400 32,081,761,400 - 86,171,115,400 86,171,115,400 Others 464,340 27,612,744,036 27,613,208,376 464,340 27,612,744,036 27,613,208,376 - Oversea bank charges 464,340 464,340 464,340 - 464,340 - Mine clearance - 20,053,163,000 20,053,163,000 - 20,053,163,000 20,053,163, 000 - Others - 7,559,581,036 7,559,581,036 - 7,559,581, 036 7,559,581, 036 2,734,934,221 63,737,109,535 66,472,043,756 2,734,934,221 126,406,785,757 129,141,719,978 The Credit Agreement No. 6028 - VN finances 100% expenditures of works, goods, consultants' services and non-consultants' services, excluding taxes. 12 Northern Delta Transport Development Project Financial Statements Credit Agreement IDA No. 6028 - VN (Part A and C) Year ended 31 December 2020 7. Advances to contractors 31/12/2020 31/12/2019 VND VND Civil Works 35,568,202,891 575 Construction Investment and Construction JSC 10,679,862,852 Thanglong Construction JSC 14,156,038,829 Truong Loc Construction Project JSC 10,732,301,210 Consultant 4,570,095,765 AASC Limited 899,566,140 VIPO Trading and Investment Consultant JSC 3,670,529,625 40,138,298,656 - 8. Payables to contractors 31/12/2020 31/12/2019 VND VND Others Lung Lo Construction Corporation 603,523,400 Thanh An Corporation 500,693,300 - 319 Corporation Ministry of National Defence 901,099,600 - Thanh Nam Investment Consultancy and Eletric Construction 79,614,500 - Song Hong Electricity JSC 8,811,000 - 2,093,741,800 - 9. Subsequent events There have been no significant events occurring after the reporting date, which would require adjustments or disclosures to be made in the financial statements. 10. Approval of the Financial Statements The financial statements were approved by the Project Management Unit for the period from 23/06/2017 to 31/12/2019 which were audited by AASC Limited. 11. Approval of the Financial Statements The financial statements were approved by the PMU-W for issuance on 18/06/2021. Duong Thanh Hung Nguyen Thi Thanh Huyen Deputy Director in-charge Person in-charge of finance accounting department Hanoi, 18 June 2021 13 No.: 180621.011/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL SYSTEM To: The Project Management Unit of Waterway The Northern Delta Transport Development Project (Part A and C) We have audited, in accordance with International Standards on Auditing, the financial statements of the Northern Delta Transport Development Project (Part A and C) ("the Project") for the year ended 31 December 2020 and issued the auditors' report thereon dated 18 June 2021 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 2020. 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. I: (84) 1 3824 199o I F: (4) L 3825 3973 I 1 Le Phung Hieu, noI i, Vitn1iiam w .. h' IL14 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 2020. AASQ Limited Do IManI Cuong Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 18 June 2021 15 No.: 180621.011/BCTC.FIS2 INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE To: The Project Management Unit of Waterway The Northern Delta Transport Development Project (Part A and C) We have audited, in accordance with the International Standards on Auditing, the financial statements of the Northern Delta Transport Development Project (Part A and C) ("the Project") for the year ended 31 December 2020 and issued the auditors' report thereon dated on 18 June 2021 expressing an opinion on those financial statements. In connection with the audit of the financial statements, we also performed procedures on the Project's compliance with the Credit Agreement IDA No. 6028 - VNdated 23 June 2017, law and regulations that have a direct and material effect on the Project's financial statements for the fiscal year ended 31 December 2020 ("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. f:' 2 T: (84) 4 3824 1990 | F: (84) 4 3823 3973 | 1 Le I'hlu Hieii, HanoiF V etnni, I ) 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 December 2020. AASC Limited Do Man Cuang Nguyen Pham Hung Deputy General Director Auditor in-charge CPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2020-002-1 Hanoi, 18 June 2021 17 NORTHERN DELTA TRANSPORT DEVELOPMENT PROJECT Credit Agreement IDA No. 6028 - VN (Parts A and C) MANAGEMENT LETTER Fiscal year ended 31 December 2020 Hanoi, 18 June 2021 To: The Project Management Unit of Waterways The Northern Delta Transport Development Project We have conducted the audit of financial statements of the Northern Delta Transport Development Project ("the Project") for fiscal year ended 31 December 2020. During the course of our engagement, we reviewed the accounting procedures and internal controls, and examined the compliances with laws, regulations and the Credit Agreement IDA No. 6028 - VN. Following that, we wish to report that: No significant deficiencies of internal control should be reported in the audited period; No recommendations for improved efficiency were identified. Our review of the accounting systems and internal controls was carried out to assist us in expressing an opinion on the accounts of the reporting unit as a whole. This work was not primarily directed towards the discovery of weakness, other than those, which would influence us in forming our opinion, or the detection of fraud or other irregularities, and should not therefore be relied upon to show that no other weaknesses exist. Accordingly, we have not considered all possible matters, which a special review might develop. Our comments in management came to our attention from the normal audit procedure for outlining an opinion on the Project's financial statements. We would also like to extend our sincere thanks to Deputy Director, Person in-charge of finance accounting department and your staffs for the co-operation you all have extended to us during our recent audit visit. We look forward to working with you again soon, and in providing you with the requred assistance, if any, in your future endeavors. Yours sincerly, Do Marth Cuong Deputy General Director h}~Iil 7 (81) 1382 190 | : (84t) 4 3825 3973 I 1 Le Phung Hieu, Hanoi, Vietnam In i 18