PART I INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS e- VIETNAM SCALING UP URBAN UPGRADING PROJECT - REPORT OF THE PROJECT MANAGEMENT UNIT SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE attached to the Financial Statements Credit No. 6055 - VN and Credit No. 6056 - VN for the fiscal year ended December 31, 2023 REPORT OF THE PROJECT MANAGEMENT UNIT The Project Management Board I of Soc Trang Province (hereinafter referred to as the "PMU") was assigned by the People's Committee of Soc Trang province to represent the Investor in project management and implementation. Vietnam Scaling Up Urban Upgrading Project - Soc Trang city Sub - Project, Soc Trang Province (hereinafter referred to as "the Project") presents this report together with the Audited Financial Statements of the Project for the fiscal year ended December 31, 2023. The PMU The members of the PMU who are in charge of executing the Project for the fiscal year ended December 31, 2023 and to the date of this report include: Mr. Nguyen Trong Khanh Director Mr. Nguyen Thanh Truc Chief Accountant The PMU's responsibility The PMU hereby certifies that the Financial Statements of Vietnam scaling up urban upgrading Project - Soc Trang city Sub - project, Soc Trang Province, including: the Balance sheet, Statement of Funds and Expenditures, Summary of Expenditures analyzed by project funds, Statement of Designated Account, Statement of Withdrawals and Notes to the Financial Statements as attached hereto for the fiscal year ended December 31, 2023 have been properly drawn up so as to give a true and fair view of the assets, liabilities and resources of the Project as at December 31, 2023 as well as of its incomes and expenditures for the fiscal year ended December 31, 2023, in accordance with the Accounting policies stated in Note No. 3 of the Notes to the Financial Statements and the provisions of the Financing Agreement No. 6055-VN, SUF Financing Agreement No. 6056-VN dated June 29, 2018. In preparing those Financial Statements, the PMU 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 or not; and - Design and maintain 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 minimize errors and frauds; take responsibility for its assertions as to the effectiveness of such internal control. The PMU is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the special position of the Project. It is also responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The PMU confirms that they have complied with the above requirements in preparing the Financial Statements. For and on behalf of NAGEMENT BOARD I OF SOC TRANG Nguyen Trong Khanh Director Soc Trang, June 19, 2024 2 VIET NAM AUDITING AND EVALUATION COMPANY LIMITED A r INDEPENDENT MEMBER OF LEA GLOBAL n 0 o Specialized in Auditing, Evaluation, Consultancy on Finance, Accounting and Tax No.: 2506.03-24/BC-TC/VAE Hanoi, June 25, 2024 INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS To: The Project Management Board 1 of Soc Trang Opinion We have audited the Financial Statements of the Vietnam Scaling Up Urban Upgrading Project - Soc Trang City Sub-project, Soc Trang province ("the Project"), which comprise Balance sheet as at December 31, 2023, Statement of Funds and Expenditures, Summary of Expenditures analyzed by project funds, Statement of Designated Account, Statement of Withdrawals for the fiscal year ended December 31, 2023 and Notes to the Financial Statements including a summary of significant accounting policies. In our opinion, the Financial Statements have, in all material respects, give a true and fair view of the financial position of the Project, including the balance of the Desginated Account for the fiscal year ended December 31, 2023, funds received and expenditures incurred, movements of the Desginated Account for the fiscal year then ended in accordance with accounting convention and the accounting policies set out in the Notes to the Financial Statements and the provision of the Financing Agreement No. 6055-VN, SUF Financing Agreement No. 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 the Project in accordance with the ethical requirements that are relevant to our audit of the Financial Statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit K 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 accounting convention and the accounting policies set out in Note 2 and Note 3 of the 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, discosing, as applicable, matters relating to going concern and using te going concern basis of accounting unless management either intends to liquidate the Project or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Financial Statement 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. Head Office: 111 Floor Song Da Building Branch: No 173 Nguyen Huy Tuong No. 165, Cau Giay Street. Cau Giay Dist., Ha Noi 3 Ward 6, Binh Thanh Dist., Ho Chi Minh City Tel: 024 62 670 4911492/493 Fax: 024. 62 670 494 DT: 028. 6294 1117/6252 1818 Fax: 028 6294 1119 Website; www.vae.com.vn INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENTS (continued) 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 Statement, 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. * 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. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates, if any, and related disclosures made the Project by Management Unit. We communicate with the Project Management Unit regarding 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. ,AT LM A Pham Hung Son Nguyen Thi Hong Van Deputy General Director Auditor Certificate ofAudit practice Registration Certificate ofAudit practice Registration No.: 0813-2023-034-1 No.: 0946-2023-034-1 For and on behalf of VIETNAM AUDITING AND EVALUATION CO., LTD 4 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN BALANCE SHEET As at December 31, 2023 Unit: VND ASSETS Notes December 31, 2023 December 31, 2022 A CURRENT ASSETS 96,236,386,643 205,606,312,220 I Cash 6,083,043,380 45,648,199,293 1 Cash on hand 4. 70,000,000 70,000,000 2 Cash in bank, Cash in State Treasury 5. 6,013,043,380 45,578,199,293 II Short-term receivable 90,153,343,263 159,958,112,927 1 Advances to suppliers 6. 90,152,694,031 159,957,441,684 2 Other receivable 7. 649,232 671,243 B NON-CURRENT ASSETS 719,313,376,045 398,732,881,363 II Project implementation expenditures 719,313,376,045 398,732,881,363 1 Project implementation expenditures 719,313,376,045 398,732,881,363 TOTAL ASSETS 815,549,762,688 604,339,193,583 RESOURSES Notes December 31, 2023 December 31, 2022 A LIABILITIES 43,985,233,000 8,242,010,000 I Short-term liabilities 43,985,233,000 8,242,010,000 1 Trade accounts payable 8. 43,985,233,000 8,242,010,000 B FUNDS 771,564,529,688 596,097,183,583 1 Investement Fund 770,360,438,433 595,321,012,370 IDA Creditfunds 9. 457,813,186,734 421,462,029,234 TNI SUF IDA Credit funds 9. 84,400,532,090 - Counterpart funds 228,146,719,609 173,858,983,136 2 Foreign exchange differences 1,204,091,255 776,171,213 TOTAL RESOURSES 815,549,762,688 604,339,193,583 Soc Trang, June 19, 2024 PROJECT MANAGEMENT BOARD 1 OF SOC TRANG Prepared by Chief accountant Director ov t4~ , Nguyen Hong Tuoi Nguyen Thanh Truc N-Uyen Trong Khanh 5 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN STATEMENT OF FUNDS AND EXPENDITURES for the fiscal year ended December 31, 2023 Unit: VND Notes Accummulated to The year 2023 Accummulated to December 31, 2022 December 31, 2023 FUNDS 9. IDA Credit funds 421,462,029,234 36,351,157,500 457,813,186,734 SUF IDA Credit funds - 84,400,532,090 84,400,532,090 Counterpart funds 173,858,983,136 54,287,736,473 228,146,719,609 Total 595,321,012,370 175,039,426,063 770,360,438,433 EXPENDITURES Civil works 292,112,074,000 222,562,920,000 514,674,994,000 Consultants' service 17,642,629,000 5,395,751,000 23,038,380,000 Incremental operating costs 4,201,899,000 1,557,606,011 5,759,505,011 Land acquisition and resettlement 82,825,291,363 90,470,199,671 173,295,491,034 Other expenses 1,950,988,000 594,018,000 2,545,006,000 Total 398,732,881,363 320,580,494,682 719,313,376,045 Difference of Funds over expenditures Opening balance - 196,588,131,007 Closing balance 196,588,131,007 51,047,062,388 51,047,062,388 x Soc Trang, June 19, 2024 U PROJECT MANAGEMENT BOARD 1 OF SOC TRANG AG Prepared by Chief accountant Director Nguyen Hong Tuoi Nguyen Thanh Truc ,uyen Trong Khanh 6 VIETNAM SCALING UP URBAN UPGRADING PROJECT - SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE FINANCIAL STATEMENTS Credit No. 6055 - VN and Credit No. 6056 - VN for the fiscal year ended December 31, 2023 SUMMARY OF EXPENDITURES ANALYZED BY PROJECT FUNDS for the fiscal year ended December 31, 2023 Unit: VND Civil works Consultants' Incremental Land acquisition and Other expenses Total service operating costs resettlement Accummulated to December 31, 2022 292,112,074,000 17,642,629,000 4,201,899,000 82,825,291,363 1,950,988,000 398,732,881,363 1. IDA Credit funds 292,112,074,000 2,419,465,000 - 360,484,000 294,892,023,000 2. SUF IDA Credit funds 3. Counterpart funds - 15,223,164,000 4,201,899,000 82,825,291,363 1,590,504,000 103,840,858,363 The year 2023 222,562,920,000 5,395,751,000 1,557,606,011 90,470,199,671 594,018,000 320,580,494,682 1. IDA Credit funds 107,017,702,1000 2,842,670,000 - 109,860,372,000 2. SUF IDA Credit funds 115,545,218,000 1,498,830,000 - 178,571,000 117,222,619,000 3. Counterpart funds 1 1,054,251,000 1,557,606,011 90,470,199,671 415,447,000 93,497,503,682 Accummulated to December 31, 2023 514,674,994,000 23,038,380,000 5,759,505,011 173,295,491,034 2,545,006,000 719,313,376,045 1. IDA Credit funds 399,129,776,000 5,262,135,000 360,484,000 404,752,395,000 2. SUE IDA Credit funds 115,545,218,000 1,498,830,000 - 178,571,000 117,222,619,000 3. Counterpart funds - 16,277,415,000 5,759,505,011 173,295,491,034 2,005,951,000 197,338,362,045 Soc Trang, June 19, 2024 PROJECT MANAGEMENT BOARD 1 OF SOC TRANG Prepared by Chief accountant r c rector Nguyen Hong Tuoi Nguyen Thanh True Nguyen Trong Khanh 7 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN STATEMENT OF DESIGNATED ACCOUNT For the period: Form January 01, 2023 to December 31, 2023 Account No.: 124000057724 Depository Bank: Vietnam Joint Stock Commercial Bank for Industry and Trade - Soc Trang Branch Address: No. 24C Tran Hung Dao Street, Ward 2, Soc Trang city, Soc Trang Province Credit No.: Credit No. 6055 - VN and Credit No. 6056 - VN Currency: USD IDA 6055-VN IDA SUF 6056-VN Part A - Account transaction Opening balance 538,377.83 Add: - Total amount deposited by the World Bank for the period 1,564,500.00 3,564,200.00 - Bank interests Less: - Amount withdrawn 1,942,417.77 3,564,200.00 - Bank charge o Closing balance (December 31, 2023) 160,460.06 Part B - Account reconciliation 1. Amount advanced to Designated Account at the beginning of the period 2,304,313.51 2. Add: Total amount advanced by the World Bank for the period 1,564,500.00 3,564,200.00 3. Less: Total amount recovered by the World Bank 3,692,992.09 2,185,586.39 4. Outstanding amount advanced to Designated Account as at December 175,821.42 1,378,613.61 31, 2023 5. Closing balance of Designated Account as at December 31, 2023 160,460.06 - 6. Add: Amounts withdrawn but not yet claimed 15,361.36 1,378,613.61 7. Total advances to Designated Account as at December 31, 2023 175,821.42 1,378,613.61 Soc Trang, June 19, 2024 PROJECT MANAGEMENT BOARD 1 OF SOC TRANG Prepared by Chief accountant Director Nguyen Hong Tuoi Nguyen Thanh True Nguyen Trong Khanh 8 VIETNAM SCALING UP URBAN UPGRADING PROJECT - SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE FINANCIAL STATEMENTS Credit No. 6055 - VN and Credit No. 6056 - VN for thefiscal year ended December 31, 2023 STATEMENT OF WITHDRAWALS for the fiscal year ended December 31, 2023 Withdrawal application Amount disbursed/Accepted for advance clearance Difference No. Date Currency Amount claimed Amount claimed for Date Amount Accepted for Amount for disbursement advance clearance disbursed advance clearance Designated account 1,657,577.87_IVI 24-Soc Trang April 11, 2023 USD 1,657,577.87 May 2, 2023 1,657,577.87 25-Soc Trang January 5, 2023 USD 1,564,500.00 - January 17, 2023 1,564,500.00 26-Soc Trang January 5, 2023 USD 471,375.00 - January 17, 2023 471,375.00 - 27-Soc Trang August 20, 2023 USD 2,035,414.22 September 5, 2023 - 2,035,414.22 - 28-Soc Tra il 12, 2023 USD 675.000 April 28, 2023 609,751.00 29-Soc Trang June 13, 2023 USD 1,045,877.80 July 5, 2023 - 1,045,877.80 30-Soc Trang June 13, 2023 USD 1,241,760.00 June 28, 2023 1,241,760.00 31-Soc Trang September 14, 2023 USD 1,241,314.00- October 20, 2023 1,241,314.00 - 32-Soc Trang September 26, 2023 USD 1,139,708.59 October 30, 2023 - 1,139,708.59 Total 5,128,700.00 5,878,578.48 5,128,700.00 5,878,578.48 Soc Trang, June 19, 2024 PROJECT MANAGEMENT BOARD 1 OF SOC TRANG Prepared by Chief accountant N irector Nguyen Hong Tuoi Nguyen Thanh True guyen Trong Khanh 9 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN NOTES TO THE FINANCIAL STATEMENTS (These Notes are an integral part of and should be read in conjunction with the attached Financial Statements) 1. Overview of the Project Vietnam Scaling Up Urban Upgrading Project - Soc Trang City Sub - Project, Soc Trang Province (hereinafater referred to as "the Project") is implemented base on the Financing agreement No. 6055-VN signed on June 29, 2018 between the Government of the Socialist Republic of Vietnam and International Development Association ("IDA"), the credit amount 103,200,000 SDRs which is equivalent to 140,000,000 US dollars, and the SUF Financing agreement No. 6056-VN signed on June 29, 2018 between the Government of the Socialist Republic of Vietnam and International Development Association ("IDA"), the credit amount 100,000,000 US dollars. Objectives of the Project The objective of the Project is to improve access to infrastructure in priority city areas and improve urban planning in the Participating Cities. Total investment fund of Soc Trang sub-project is 46.403 million US dollars, consist of: - Credit fund from IDA: 20 million US dollars; - Credit fund from IDA SUF: 15 million US dollars; - Counterpart fund: 11.403 million US dollars. The Project commenced its operation: According to the Agreement, with the effectiveness dateline is the date 90 days from June 29, 2018 (the signing '2 date of Financing Agreement), and is expected to be completed on December 31, 2023. The World Bank has approved the extension of Financing Agreement No. 6055-VN and SUF Financing Agreement No. 6056-VN with the closing date from December 31, 2023 to June 28, 2024. The Project is granted a disbursement grace period of 4 months, until October 28, 2024. N The Project consists of the following parts: Part 1: Tertiary Infrastructure Upgrading in Low Income Areas. Part 2: Priority Primary and Secondary Infrastructure. Part 3: Resettlement Sites. Part 4: Project Management Support. 2. Principal Accounting Policies Basis ofpreparation of the Financial Statements 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, which are prepared in United State Dollar (USD). Accounting period The accounting period of the Project begins from January 01 and ends at December 31. 3. Summary of significant accounting policies The significant accounting policies, which have been adopted by the Project in the preparation of these Financial Statements, are as follows: 10 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN NOTES TO THE FINANCIAL STATEMENTS (continued) (These Notes are an integral part of and should be read in conjunction with the attached Financial Statements) Foreign currency translation Receipts and disbursements denominated in foreign currencies are converted into Vietnam dong (VND) at exchange rates ruling by Vietnam Joint Stock Commercial Bank for Industry and Trade - Soc Trang Branch on the transaction date. Non-cash account related transactions in foreign currency are translated into VND using the central rate stated by the Vietnam Joint Stock Commercial Bank for Industry and Trade - Soc Trang Branch on the transaction date. The balances of monetary items denominated in foreign currency as at the accounting year end are re-translated at the exchange rate announced by the Vietnam Joint Stock Commercial Bank for Industry and Trade - Soc Trang Branch. Exchange rate differences were recorded into account of exchange rate differences and were presented in the Balance sheet. Recognition offunds and expenditures Project funds: - Funds received from The IDA are recognized when remittance made into the Designated account or direct payment made to contractors/suppliers. - Counterpart funds of Vietnamese Government are recognized when payments are made directly from the State Treasury to contractors/suppliers of the Project or funds are withdrawn to the PMU for settlement of Project's activities. Expenditures are recognized when incurred. y Designated account and interest from Designated account The Designated Account is a deposit account in USD opened at Vietnam Joint Stock Commercial Bank for Industry and Trade - Soc Trang Branch for serving the Project's activities. Payments out of the Designated Account is performed for the valid expenditures, in accordance with the related regulations of the Financing agreement No. 6055-VN, SUF Financing agreement No. 6056-VN dated June 29, 2018. 4. Cash on hand December 31, 2023 December 31, 2022 VND VND Cash on hand 70,000,000 70,000,000 Total 70,000,000 70,000,000 5. Cash in bank, Cash in State Treasury December 31, 2023 December 31, 2022 VND VND State Treasury - Soc Trang Province 2,161,196,533 33,001,084,089 Joint Stock Commercial Bank for Investment and Development of 606,000 Vietnam - Soc Trang Branch Vietnam Joint Stock Commercial Bank for Industry and Trade - 3,851,846,847 12,576,509,204 Soc Trang Branch Designated Account 3,851,846,847 12,576,509,204 USD 3,851,843,740 12,576,506,108 VND 3,107 3,096 Total 6,013,043,380 45,578,199,293 11 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN NOTES TO THE FINANCIAL STATEMENTS (continued) (These Notes are an integral part of and should be read in conjunction with the attached Financial Statements) 6. Advances to suppliers December 31, 2023 December 31, 2022 VND VND Soc Trang City Land Fund Development Center 29,409,772,734 37,763,423,684 Nguyen Hung Phat Company Limited 4,218,751,000 16,033,549,500 My Xuyen District Finance and Planning Department 69,588,297 Thai Son Construction Investment and Trading JSC - 23,173,056,000 Vietnam Agricultural of Construction JSC 3,746,391,000 4,304,473,000 No 10 Road Bridge JSC 21,000,643,000 23,013,808,000 Tuan Hien Company Limited 3,948,377,500 5,909,475,500 Phu Tai Mien Trung Group JSC 3,487,118,000 4,044,957,000 Truong Loc Construction Project JSC - 9,913,019,500 ASCO Auditing Co., Ltd 250,000,000 250,000,000 Hai Duong- Rural Development & Dike Stone Construction JSC 12,000,408,000 12,821,273,000 SANACO Construction Company Limited 12,021,644,500 22,730,406,500 Total 90,152,694,031 159,957,441,684 7. Other receivable December 31, 2023 December 31, 2 VND Bank charge, interest bank 649,232 671 Total 649,232 671, C 8. Trade accounts payable December 31, 2023 December 31, 202 VND Nguyen Hung Phat Company Limited 13,979,995,500 820,380,000 Technology Development of Construction JSC 2,212,641,000 2,212,641,000 Thai Son Construction Investment and Trading JSC 9,939,164,000 1,710,514,000 SANACO construction Company Limited 5,023,391,000 389,253,000 Ba Xuyen Company Limited 158,940,000 158,940,000 Duong Nhan and Hoang An Joint Venture 145,992,000 145,992,000 Thanh Cong construction consultant JSC - Soc Trang Construction - 112,196,000 Planning Center Joint Venture No 10 Road Bridge JSC 543,155,000 230,754,000 Hai Duong- Rural Development & Dike Stone Construction JSC 190,304,000 26,131,000 Truong Loc Construction Project JSC 9,224,226,500 1,024,828,000 Tuan Hien Company Limited 1,318,399,000 760,498,000 Vietnam Agricultural of Construction JSC 111,618,000 - Phu Tai Mien Trung Group JSC 111,568,000 - VINSE JSC 152,501,000 152,501,000 TEDI North JSC 437,382,000 437,382,000 Dai Nam Construction Design Consultant Trading and Services JSC 77,385,000 - 12 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN NOTES TO THE FINANCIAL STATEMENTS (continued) (These Notes are an integral part of and should be read in conjunction with the attached Financial Statements) Vietnam Auditing and Evaluation Co., Ltd 178,571,000 - An Giang Development investing and Consulting JSC 180,000,000 60,000,000 Total 43,985,233,000 8,242,010,000 9. Funds received from the World Bank December 31, 2023 December 31, 2022 Currency VND equivalent Currency VND equivalent Designated Account (1) 22,701,629.00 522,283,783,824 17,572,929.00 401,532,094,234 Advance 22,701,629.00 522,283,783,824 17,572,929.00 401,532,094,234 +IDA Credit funds (USD) 19,137,429.00 437,883,251,734 17,572,929.00 401,532,094,234 + SUF IDA Credit funds (USD) 3,564,200.00 84,400,532,090 Direct payment (VND) (2) 19,929,935,000 19,929,935,000 19,929,935,000 19,929,935,000 Total (3)=(1)+(2) 542,213,718,824 421,462,029,234 10. Summary of actual disbursement by items accumulated to December 31, 2023 (Fund received from the World Bank) Component Financing Accumulated to Difference Percentage agreement No. December 31, 6055-VN 2023 USD USD USD % (1) (2) (1)-(2) (2)/(1) Goods, works, non-consulting 20,000,000.00 19,999,999.46 0.54 99.999997% services, consulting services Total 20,000,000.00 19,999,999.46 0.54 99.999997% Component SUF Financing Accumulated to Difference Percentage agreement No. December 31, 6056-VN 2023 USD USD USD % (1) (2) (1)-(2) (2)/(1) Goods, works, non-consulting 15,000,000.00 3,564,200.00 11,435,800.00 23.76% services, consulting services Total 15,000,000.00 3,564,200.00 11,435,800.00 23.76% 11. 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. 12. Comparative figures Comparative figures are the figures of the Project's audited Financial Statements for the fiscal year ended December 31, 2022 by Vietnam Auditing and Evaluation Co., Ltd. 13 VIETNAM SCALING UP URBAN UPGRADING PROJECT - FINANCIAL STATEMENTS SOC TRANG CITY SUB-PROJECT, SOC TRANG PROVINCE for the fiscal year ended December 31, 2023 Credit No. 6055 - VN and Credit No. 6056 - VN NOTES TO THE FINANCIAL STATEMENTS (continued) (These Notes are an integral part ofand should be read in conjunction with the attached Financial Statements) 13. Approval of the Financial Statements The Financial Statements have been approved by the Project Management Unit for issuance on June 19, 2024. Soc Trang, June 19, 2024 PROJECT MANAGEMENT BOARD 1 OF SOC TRANG Prepared by Chief accountant , - Director 1w '~~ SOC'~ Nguyen Hong Tuoi Nguyen Thanh Truc Nguyen Trong Khanh 14