Deloitte W U W MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT W VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT THE WHOLE PROJECT Financing Agreement - Credit number Cr. 5704-VN AUDITED FINANCIAL STATEMENTS, ASSURANCE REPORTS AND MANAGEMENT LETTER For the year ended 31 December 2018 -O.U MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT THE WHOLE PROJECT Financing Agreement - Credit number Cr. 5704-VN TABLE OF CONTENTS CONTENTS PAGE(S) * PART I FINANCIAL STATEMENTS Statement of the Project Management Unit 2 - 3 Independent Auditors' Report 4-6 Balance Sheet 7-8 Statement of Incomes and Expenditures 9 - 10 Statement of Sources and Uses of Funds 11 - 14 Statement of Designated Account 15 - 24 Statement of Withdrawals 25 - 31 Notes to the Financial Statements 32 - 44 Additional Information of Sources and Uses of Funds of Non-credit Line 45 - 46 and Credit Line PARTII INDEPENDENT AUDITORS' ASSURANCE REPORT ON INTERNAL 47-48 CONTROL PART III INDEPENDENT AUDITORS' ASSURANCE REPORT ON COMPLIANCE Statement of the Project Management Unit on Compliance 49 Independent Auditors' Assurance Report on Compliance 50 - 51 PART IV MANAGEMENT LETTER 52-66 • • . • • . • ■ . • . . • .PARTi • .FINANCIALSTATE間ENTS . . . . ■ ■ • . • • • . . ‘」 ,l ．〕 ．〕 .- MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT THE WHOLE PROJECT Financing Agreement - Credit number Cr. 5704-VN STATEMENT OF THE PROJECT MANAGEMENT UNIT The Project Management Unit of the Vietnam Sustainable Agriculture Transformation Project (the "Project Management Unit") presents this report together with the financial statements of the Vietnam Sustainable Agriculture Transformation Project (the "Project") for the year ended 31 December 2018. The Proiect Management Unit The members of the Project Management Unit including the Project Management Unit of Non-credit Line and the Project Management Unit of Credit Line who held office during the year and to the date of this report are as follows: Non-credit Line Mr. Le Van Hien Director Mr. Dang Minh Cuong Deputy Director Mr. Cao Thanh Son Deputy Director Mr. Nguyen Ngoc Lau Deputy Director (appointed on 24 July 2018) Mr. Tang Van Son Accountant in charge Mr. Lam Anh Hung Project Accountant Credit Line Ms. Tran Anh Thu Director Ms. Do Thi Ngoc Nhu Deputy Director (resigned on 22 January 2018 under Decision No. 09/QD-BIDV.SGD3) Mr. Truong Hong Hai Deputy Director Ms. Vu Thi Ngoc Head of Planning and Financing Department The Project Management Unit's Statement of Responsibility The Project Management Unit is responsible for preparing the financial statements of the Project, which comprise the Balance sheet as at 31 December 2018, the Statements of Incomes and Expenditures, Statement of Sources and Uses of Funds, Statements of Designated Accounts, Statements of Withdrawals of Credit Line and Non-credit Line for the year then ended and the Notes to the Financial Statements, including a summary of significant accounting policies, which give a true and fair view of the financial position of the Project and its designated account balances as at 31 December 2018, as well as its receipts, disbursements and expenditures, designated account, movements and fund withdrawals for the year then ended, 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 the covenants contained in Financing Agreement - Credit number Cr. 5704-VN. In preparing these financial statements, the Project Management Unit is required to: " Select suitable accounting policies and then apply them consistently; 0 Make judgments and estimates that are reasonable and prudent; " State whether applicable accounting principles have been followed, subject to any material departures disclosed and explained in the financial statements; " Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Project will continue in operation; and Design and maintain effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as over financial reporting for the purpose of properly preparing and presenting the financial statements so as to minimise errors and frauds; and take responsibility for its assertions as to the effectiveness of such internal control. 2 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT THE WHOLE PROJECT Financing Agreement - Credit number Cr. 5704-VN STATEMENT OF THE PROJECT MANAGEMENT UNIT (Continued) The Project Management Unit is responsible for ensuring that proper accounting records are kept, which disclose, with reasonable accuracy at any time, the financial position of the Project and that the financial statements comply with the accounting convention and the accounting policies set out in Note 2 and Note 3 of the Notes to the financial statements. The Project Management Unit is responsible for ensuring that the funds have been used as intended for the Project and for complying with Financing Agreement - Credit number Cr. 5704-VN as well as laws and regulations applicable to the Project. The Project Management Unit is also responsible for safeguarding the assets of the Project and hence for taking reasonable steps for the prevention and detection of frauds and other irregularities. The Project Management Unit confirms that they have complied with the above requirements in preparing these financial statements. For and on behalf of the Project Management Unit, Dang Minh Cuong Deputy Director Non-credit Line Hanoi, 25 June 2019 Truong Hong Hai Deputy Director Credit Line (Under Decision No. 165/QD-QLRR2 dated 27 May 2019 of the Director) Hanoi, 25 June 2019 3 W U U 33 U Deloitte Vietnam Company Ltd. O5thFloor, Vinaconex Tower, SD elo itte 34 Lang Ha Street, Lang Ha Ward, Dong Da District, Hanoi, Vietnam Tel :+84 24 6288 3568 Fax:+84 24 6288 5678 Website: www.deloitte.com/vn No.: ()Wb0 /VN1A-HN-BC INDEPENDENT AUDITORS' REPORT To: The Project Management Unit of the Vietnam Sustainable Agriculture Transformation Project Opinion We have audited the financial statements of the Vietnam Sustainable Agriculture Transformation Project (the "Project") prepared on 25 June 2019, as set out from page 7 to page 44, which comprise the Balance Sheet as at 31 December 2018, the Statements of Incomes and Expenditures, Statements of Sources and Uses of Funds, Statements of Designated Account and Statements of Withdrawals of Non-credit Line and Credit Line for the year then ended, and the 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 Project and designated account balances as at 31 December 2018, as well as of the incomes and expenditures, the receipts and disbursements of the Project, designated account movements and fund withdrawals for the year then ended, 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. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of Matter - Basis of Accounting We draw attention to Note 2 and Note 3 of the Notes to the financial statements, which describes the accounting convention and the summary of the significant accounting policies. The financial statements are prepared 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 the requirements of the World Bank. Our opinion is not modified in respect of this matter. Deloitte refers to one or more of Deloitte Touche Tohmatsu Ltd., a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms. 4 W * Deloitte INDEPENDENT AUDITORS' REPORT (Continued) Responsibilities of the Project Management Unit and those charged with governance 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 the Project Management Unit 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 Project Management Unit 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 liquidate the Project, or to cease operations, or has no realistic alternative but to do so. W Those charged with governance are responsible for overseeing the Project's financial reporting process. Auditors' 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 International Standards on Auditing (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. * 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 by the Project Management Unit. 5 R Deloitte INDEPENDENT AUDITORS' REPORT (Continued) We communicate with those charged with governance and the Project Management Unit regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Khuc Thf Lan Anh NguyeniAnh Tuan Deputy General Director Auditor Audit Practising Registration Certificate Audit Practising Registration Certificate No. 0036-2018-001-1 No. 1472-2018-001-1 DELOITTE VIETNAM COMPANY LIMITED 25 June 2019 Hanoi, S.R. Vietnam 86 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 BALANCE SHEET (Non-credit Line) As at 31 December 2018 31/12/2018 31/12/2017 ASSETS Notes VND VND Current assets 174,968,729,254 35,032,439,508 Cash 5.1 123,982,159,287 7,659,490,467 Cash on hand 688,302,952 758,846,463 Cash in bank 123,166,969,880 6,779,629,315 Cash in State Treasury 126,886,455 121,014,689 Receivables 50,986,569,967 27,372,949,041 Prepayments to suppliers 5.2 25,193,081,064 21,332,794,567 Other receivables 5.3 25,793,488,903 6,040,154,474 Total assets 174,968,729,254 35,032,439,508 LIABILITIES Current liabilities 139,254,042,097 11,809,229,955 Payables to suppliers 5.4 77,158,528,842 10,282,162,392 Taxes and payables to the State budget 5.5 83,445,880 77,457,818 Payables to employees 677,225,188 34,738,860 Other payables 5.6 61,334,842,187 1,414,870,885 Total liabilities 139,254,042,097 11,809,229,955 NET ASSETS 35,714,687,157 23,223,209,553 Exchange differences 3,543,679,688 606,014,561 Excess of incomes over expenditures 32,171,007,469 22,617,194,992 35,714,687,157 23,223,209,553 Dang Minh Cuong Tang Van Son Lam Anh Hung Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 7 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 BALANCE SHEET (Credit Line) As at 31 December 2018 31/12/2018 31/12/2017 NO. ITEM Notes VND VND A ASSETS I. Placements with and loans to other credit institutions 6.1 1,461,435,032,623 705,948,220,895 1. Placements with other credit institutions 104,176,909,898 95,386,910,805 2. Loans to other credit institutions 1,372,634,602,000 613,820,434,600 3. Provision for credit losses of placements with and loans to other credit (15,376,479,275) (3,259,124,510) institutions II. Other assets 6.2 1,983,765,626 1,351,141,478 1. Interest and fee receivables 1,983,765,626 1,351,141,478 TOTAL ASSETS 1,463,418,798,249 707,299,362,373 B. LIABILITIES AND OWNERS' EQUITY I. Grants, trusted funds and borrowings at risk of the credit 6.3 1,457,478,514,223 704,678,262,183 insitutions II. Other liabilities 6.4 19,990,237,192 8,961,633,583 1. Interest and fee payables 3,994,356,748 1,340,080,634 2. Other payables and liabilities 15,995,880,444 7,621,552,949 TOTAL LIABILITIES 1,477,468,751,415 713,639,895,766 III. Capital and reserves 1. Accumulated loss (14,049,953,166) (6,340,533,393) TOTAL OWNERS' EQUITY (14,049,953,166) (6,340,533,393) TOTAL LIABILITIES AND OWNERS' EQUITY 1,463,418,798,249 707,299,362,373 TruengHong Hai Vu Thi Ngoc Pham Thi Hong Trang Deputy Director Head of Planning and Preparer (Under Decision No. 165/QD-QLRR2 Financing Department dated 27 May 2019 of the Director) Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 8 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF INCOMES AND EXPENDITURES (Non-credit Line) For the year ended 31 December 2018 e 2Accumulated to 31/12/2018 VND VND INCOMES IDA funds 5.8&5.10 283,544,226,578 485,612,250,301 Counterpart funds 5.9 95,669,722,262 176,412,741,842 TOTAL INCOMES 379,213,948,840 662,024,992,143 EXPENDITURES Component A: Institutional Strengthening to Support Agricultural Transformation 22,988,928,110 33,026,290,160 Component B: Supporting Sustainable Rice-Based Systems 207,708,223,493 337,495,360,409 Component C: Supporting Sustainable Coffee Production and Rejuvenation 90,881,873,072 138,018,490,208 Component D: Project Management, Monitoring, and Evaluation 48,069,792,419 121,247,555,690 Others (Bank charges) 11,319,269 66,288,207 TOTAL EXPENDITURES 5.11 369,660,136,363 629,853,984,674 EXCESS OF INCOMES OVER EXPENDITURES 9,553,812,477 32,171,007,469 Dang Minh Cuong Tang Van Son Lam Anh Hung Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 9 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF INCOMES AND EXPENDITURES (Credit Line) For the year ended 31 December 2018 Current year Prior year NO. ITEM Notes VND VND U VND VND 1. Interest and similar income 6.5 44,744,262,607 12,295,460,709 2. Interest and similar expenses 6.6 (31,593,901,599) (8,446,958,954) I. Net interest income 13,150,361,008 3,848,501,755 II. Net loss from trading gold and foreign currencies 6.7 (12,284,012) (44,939,734) Total operating income 13,138,076,996 3,803,562,021 III. Total operating expenses 6.8 (8,730,142,004) (7,243,327,457) IV. Net profit/(loss) from operating activities before provision for 4,407,934,992 (3,439,765,436) credit losses V. Provision for credit losses (12,117,354,765) (3,255,524,510) VI. (Loss) before tax (7,709,419,773) (6,695,289,946) VII. (Loss) after tax (7,709,419,773) (6,695,289,946) Truong Hong Hai tfu Thi Ngbc Pham Thi Hong Trang Deputy Director Head of Planning and Preparer (Under Decision No. 165/QD-QLRR2 Financing Department dated 27 May 2019 of the Director) Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 10 *naEUwn agaga gga aggmaUUg EUNoag MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF SOURCES AND USES OF FUNDS (Non-credit line) For the year ended 31 December 2018 Unit: VND For the financial year ended 31 December 2018 Accumulated to 31 December 2018 No. Contents Notes IDA funds Counterpart funds Total IDA funds Counterpart funds Total I. Receipts 268,080,417,918 93,013,174,338 361,093,592,256 464,409,297,180 173,700,519,918 638,109,817,098 1 IDA funds 5.8 268,080,417,918 - 268,080,417,918 464,409,297,180 - 464,409,297,180 2 Counterpart funds 5.9 - 93,013,174,338 93,013,174,338 - 173,700,519,918 173,700,519,918 II Disbursements 5.11 212,476,770,927 93,547,544,432 306,024,315,359 404,023,357,062 172,767,440,549 576,790,797,611 1 Component A: Institutional Strengthening to Support Agricultural Transformation 11,055,227,473 6,710,969,019 17,766,196,492 19,365,662,635 8,003,979,412 27,369,642,047 2 Component B: Supporting Sustainable Rice-Based Systems 111,716,597,262 57,175,425,000 168,892,022,262 205,973,208,176 106,557,784,974 312,530,993,150 3 Component C: Supporting Sustainable Coffee Production and Rejuvenation 53,257,263,778 18,434,918,104 71,692,181,882 88,334,128,111 29,992,499,447 118,326,627,558 4 Component 0: Project Management, Monitoring, and Evaluation 36,395,357,575 11,226,232,309 47,621,589,884 90,284,069,933 28,213,176,716 118,497,246,649 5 Others (Bank charges) 52,324,839 - 52,324,839 66,288,207 - 66,288,207 Excess/(Deficit) of Receipts over Disbursements 55,603,646,991 (534,370,094) 55,069,276,897 60,385,940,118 933,079,369 61,319,019,487 Exchange differences 2,937,665,127 - 2,937,665,127 3,543,679,688 - 3,543,679,688 The accompanying notes are an integral part of these financial statements 11 � � � �� �ii �� � о � н � м о о � � т^ I � F" Ф ri , Н � й .-`У'-i м °v °v rn й i ш� N � , м м �t г� г'� .`� г1 U v г0 ш � `л � о N Ш � _ � � Т и -� � ш ш (� U � � а о ш °' �" о � � Q � VI � ° °' °° -- '_' г� г Z � `о ш г 'i"' . 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О ш ^� � м ^ = i v N го й = ° � °' °i � � й � О _ ,-i .д � � f0 О +.+ М � с1 а rn О'р � � Z� р д' Z у N а� о�V ,� � и ' � ' И S о U и � � н � �° � ~� f° И;. ьи ш � �^ � � р а� _ .�.., . � n U га -а `�- � ^ > = ii � О � � °' � °' � °' а р °� ш р �"' о, � ■ � _ � _ � М гV � г и � � � м ro; � � у oi и � � � � ° ° ' ~ F- Q ~ •v .v г� Z Ш R и м � � N � W � � N G �'' � ;� _ �" г� � � О й � а ,= а о л й J 0 +� 0 �„� � аэ Z 1� � i н '� "С � >� tЛ и ш д� о�р �`' ш F i � О О U О�р L ш � а � �, а �� � � � � � и � � О р а�, N .� � p?j н = г � р � � ш � � О� ш с �ш v �� � � -� J � _° � � `° �тF„ � `" � v V Q U о го _и � ц- 'i' �••� �'1 � � N .й � . О 01 н � � г ш � в� � ~ о � � �QО� с = v ° .._.��___ го Lzоо � а F- � Ф о ,� о � ` .- = О � � � и а � � � ,� `° �,;�_ � +� с г�, �, ��. О й � ,а �, .� ¢ � � °1 � �о � `� .n - _ ''v � '� � � �g0 � � � - - = р ш йQ2•V о ш°v � г�ив о С�� � N N � �„� Z 3 р U U г�а О U t- �� С � � v а � р р� а о � �>�� г > � о �.� г � � � MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 lanuary 2018 to 31 December 2018 Account No. :16010370006804 Depository Bank : ISC Bank for Investment and Development of Vietnam - Transaction Center 3 Branch Address : 20 Hang Tre Street, Hoan Kiem District, Hanoi Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 9,984.41 Add: Total amount replenished by the World Bank to the Designated Account in the year 5,248,179.63 Deduct: Total amount withdrawn from the Designated Account 4,869,873.71 Closing balance (31/12/2018) 388,290.33 PART 13: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 985,873.60 2. Add: Amount advanced by the World Bank to the Designated Account in the year 3,108,877.03 3. Deduct: Total amount recovered by the World Bank from the Designated Account 1,850,100.37 4. Total advances to the Designated Account as at 31/12/2018 2,244,650.26 5. Closing balance of the Designated Account as at 31/12/2018 388,290.33 6. Add: Amount withdrawn but not yet claimed 1,608,454.63 7. Add: Amount withdrawn and claimed but not yet credited 247,562.30 8. Add: Intermediary bank charges (not included in lines 6 and 7 above) 343.00 9. Total advances to the Designated Account as at 31/12/2018 2,244,650.26 Dang Minh Cuong Tang Van Son T Thien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 15 U MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 January 2018 to 31 December 2018 Account No. 750.10.37.001260.8 Depository Bank : ]SC Bank for Investment and Development of Vietnam - Kien Giang Branch Address 259 - 261 Tran Phu Street, Vinh Thanh Van Ward, Rach Gia City, Kien Giang Province Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 1,539.71 Add: Total amount replenished by the World Bank to the Designated Account in the year 554,994.00 Amount paid back for unaccepted expenditures 2,500.22 Deduct: Total amount withdrawn from the Designated Account 530,819.65 Closing balance (31/12/2018) 28,214.28 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 66,152.46 2. Add: Amount advanced by the World Bank to the Designated Account in the year 555,000.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 202,429.15 4. Total advances to the Designated Account as at 31/12/2018 418,723.31 5. Closing balance of the Designated Account as at 31/12/2018 28,214.28 6. Add: Amount withdrawn but not yet claimed 238,779.48 7. Add: Amount withdrawn and claimed for reimbursement but not yet credited 151,723.55 8. Add: Intermediary bank charges (not included in lines 6 and 7 above) 6.00 9. Total advances to the Designated Account as at 31/12/2018 418,723.31 Dang Mitnh Cuong Tang Van Son Tandhien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 16 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 January 2018 to 31 December 2018 Account No. : 70110370297948 Depository Bank : JSC Bank for Investment and Development of Vietnam - An Giang Branch Address : 7 Le Trieu Kiet Street, My Binh Ward, Long Xuyen City, An Giang Province Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 22.96 Add: Total amount replenished by the World Bank to the Designated Account in the year 1,242,000.00 Deduct: Total amount withdrawn from the Designated Account 846,221.74 Closing balance (31/12/2018) 395,801.22 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 38,018.49 2. Add: Amount advanced by the World Bank to the Designated Account in the year 1,242,000.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 444,399.51 4. Total advances to the Designated Account as at 31/12/2018 835,618.98 5. Closing balance of the Designated Account as at 31/12/2018 395,801.22 6. Add: Amount withdrawn but not yet claimed 245,275.20 7. Add: Amount withdrawn and claimed for reimbursement but not yet credited 194,542.56 8. Total advances to the Designated Account as at 31/12/2018 835,618.98 Dang Minh Cuong Tang Van Son Ta Thien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 17 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period : From 01 January 2018 to 31 December 2018 Account No. : 737.10.37.000530.0 Depository Bank : JSC Bank for Investment and Development of Vietnam - Hau Giang Branch Address : 29 1/5 Street, Ward No.1, Vi Thanh Town, Hau Giang Province Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 355.14 Add: Total amount replenished by the World Bank to the Designated Account in the year 1,066,695.67 Deduct: Total amount withdrawn from the Designated Account 994,998.44 Closing balance (31/12/2018) 72,052.37 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 211,455.58 2. Add: Amount advanced by the World Bank to the Designated Account in the year 1,053,500.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 644,083.56 4. Total advances to the Designated Account as at 31/12/2018 620,872.02 5. Closing balance of the Designated Account as at 31/12/2018 72,052.37 6. Add: Amount withdrawn but not yet claimed 193,139.95 7. Add: Amount withdrawn and claimed for reimbursement but not yet credited 355,436.79 8. Add: Intermediary bank charges (not included in lines 6 and 7 above) 242.91 9. Total advances to the Designated Account as at 31/12/2018 620,872.02 Dang Minh Cuong Tang Van Son Tang Thien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 U The accompanying notes are an integral part of these financial statements W 18 W MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 January 2018 to 31 December 2018 Account No. :71010370033324 Depository Bank JSC Bank for Investment and Development of Vietnam - Tien Giang Branch Address : 34-36 Le Loi Street, Ward No.1, My Tho City, Tien Giang Province Financing Agreement Credit number Cr. 5704-VN Currency unit USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 10,278.00 Add: Total amount replenished by the World Bank to the Designated Account in the year 1,527,609.00 Deduct: Total amount withdrawn from the Designated Account 673,733.00 Closing balance (31/12/2018) 864,154.00 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 133,458.33 2. Add: Amount advanced by the World Bank to the Designated Account in the year 1,466,739.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 229,832.28 4. Total advances to the Designated Account as at 31/12/2018 1,370,365.05 5. Closing balance of the Designated Account as at 31/12/2018 864,154.00 6. Add: Amount withdrawn but not yet claimed 162,355.50 7. Add: Amount withdrawn and claimed for reimbursement but not yet credited 343,855.55 8. Total advances to the Designated Account as at 31/12/2018 1,370,365.05 Dang Iinh Cuong Tang Van Son Tan6fThien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 19 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 * STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period : From 01 January 2018 to 31 December 2018 Account No. :6810370009008 Depository Bank : JSC Bank for Investment and Development of Vietnam - Long An Branch Address : 140 Hung Vuong, Ward No.2, Tan An City, Long An Province Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 3,434.37 Add: Total amount advanced by the World Bank 675,000.00 Deduct: Total amount withdrawn from the Designated Account 330,068.77 Closing balance (31/12/2018) 348,365.60 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 44,065.65 2. Add: Amount advanced by the World Bank to the Designated Account in the year 675,000.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 215,045.36 4. Total advances to the Designated Account as at 31/12/2018 504,020.29 5. Closing balance of the Designated Account as at 31/12/2018 348,365.60 6. Add: Amount withdrawn but not yet claimed 155,654.69 7. Total advances to the Designated Account as at 31/12/2018 504,020.29 Dang Minh Cuong Tang Van Son Tang,n>Ta Deputy Director Accountant in charge Preparer Hanoi, 251June 2019 The accompanying notes are an integral part of these financial statements 20 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 January 2018 to 31 December 2018 Account No. :69110370012680 Depository Bank : JSC Bank for Investment and Development of Vietnam - Dong Thap Branch Address : 12A, 30/4 Street, Ward No.1, Cao Lanh City, Dong Thap Province Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 207.21 Add: Total amount replenished by the World Bank to the Designated Account in the year 855,000.00 Deduct: Total amount withdrawn from the Designated Account 417,842.20 Closing balance (31/12/2018) 437,365.01 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 63,544.12 2. Add: Amount advanced by the World Bank to the Designated Account in the year 855,000.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 301,830.26 4. Total advances to the Designated Account as at 31/12/2018 616,713.86 5. Closing balance of the Designated Account as at 31/12/2018 437,365.01 6. Add: Amount withdrawn but not yet claimed 179,348.85 7. Total advances to the Designated Account as at 31/12/2018 616,713.86 Dang nth Cuong TangVan Son Tang Thien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 21 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 January 2018 to 31 December 2018 Account No. :74110370022726 Depository Bank : JSC Bank for Investment and Development of Vietnam - Can Tho Branch Address : 12 Hoa Binh Street, Ninh Kieu District, Can Tho City Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 1,590.52 Add: Total amount replenished by the World Bank to the Designated Account in the year 882,721.21 Deduct: Total amount withdrawn from the Designated Account 163,075.59 Closing balance (31/12/2018) 721,236.14 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 9,282.76 2. Add: Amount advanced by the World Bank to the Designated Account in the year 767,222.00 3. Deduct: Total amount recovered by the World Bank from the Designated Account 43,028.94 4. Total advances to the Designated Account as at 31/12/2018 733,475.82 5. Closing balance of the Designated Account as at 31/12/2018 721,236.14 6. Add: Amount withdrawn but not yet claimed 12,239.68 7. Total advances to the Designated Account as at 31/12/2018 733,475.82 Dang Minh Cuong Tang7Van Son Tang Tien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 U The accompanying notes are an integral part of these financial statements W 22 U MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Non-credit line) For the period From 01 January 2018 to 31 December 2018 Account No. :74210370010870 Depository Bank : JSC Bank for Investment and Development of Vietnam - Soc Trang Branch Address : No. 5 Tran Hung Dao Street, Soc Trang City, Soc Trang Province Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 7,725.26 Add: Total amount replenished by the World Bank to the Designated Account in the year 1,814,354.74 Total amount paid back from unused advances 162.96 Deduct: Total amount withdrawn from the Designated Account 639,518.46 Closing balance (31/12/2018) 1,182,724.50 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 96,121.02 2. Add: Amount advanced by the World Bank to the Designated Account in the year 1,814,354.74 3. Deduct: Total amount recovered by the World Bank from the Designated Account 529,304.49 4. Total advances to the Designated Account as at 31/12/2018 1,381,171.27 5. Closing balance of the Designated Account as at 31/12/2018 1,182,724.50 6. Add: Amount withdrawn but not yet claimed 198,446.77 7. Total advances to the Designated Account as at 31/12/2018 1,381,171.27 Dang Minh Cuong Tang Van Son Tang Aien Tai Deputy Director Accountant in charge Preparer Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 23 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 STATEMENT OF DESIGNATED ACCOUNT (Credit line) For the period : From 01 January 2018 to 31 December 2018 Account No. :16010370011668 * Depository Bank : SC Bank for Investment and Development of Vietnam - Transaction Center 3 Address : 20 Hang Tre Street, Hoan Kiem District, Hanoi Financing Agreement : Credit number Cr. 5704-VN Currency unit : USD Amount PART A: ACCOUNT ACTIVITIES Opening balance (01/01/2018) 3,987,952.17 Add: Total amount replenished by the World Bank in the year 32,519,300.51 Deduct: Total amount withdrawn from the Designated Account 34,297,014.67 Closing balance (31/12/2018) 2,210,238.01 PART B: ACCOUNT RECONCILIATION 1. Opening balance of advances by the World Bank 9,200,000.00 2. Total advances to the Designated Account as at 31/12/2018 9,200,000.00 3. Closing balance of the Designated Account as at 31/12/2018 2,210,238.01 4. Add: Amount withdrawn and claimed for reimbursement but not yet credited 6,989,761.99 5. Total advances to the Designated Account as at 31/12/2018 9,200,000.00 Truong H]ai Vu Thi Ngoc Pham Thi Hong Trang Deputy Director Head of Planning and Preparer (Under Decision No. 165/QD-QLRR2 Financing Department dated 27 May 2019 of the Director) Hanoi, 25 June 2019 The accompanying notes are an integral part of these financial statements 24 � � и�оо >> >>>> >> � t- а� � � � :� ^ � ; . , , , , , � , , , , , � v , , Z � О Ш� N й v:� 1� р� н N �О ti� �j- � Ф L = � rn М и ш и и т � ш а�� a�yi � о a�i ° v ш N о �, �ь- й м й й о� пi С v ш rn v- о� ш °�' ° � J � у � „ а Lo � н 0 ,� г Ш м ++ rn � г� о � � � о о о � с� .-� �г- v и о� о� о о п- �r Q с о гv М и о о о �n о м�r и г� г� о о о т и ■ о ,-+ н oi й о о о й й u�i со ш г� о �-i о о oi о� г о �.-� rn м о о о� rn м и ш д- � v о о rn пi `н -а � �л rn о� .-� о о о о� а- М �п � и rn �о о о-� v ш Q v м о г.i о о о о� о о.-+ й� т т о о й о � и � v v ш м М о� rn и и г� rv и и rn о о � и i СУ М .--1 ,-ч .-� .--i N N N .� V N � � '� и � � _ о � � � � � о о � � � � � � � � � � � � � � � ■ о ,� .� .� .� ,� г, .-� ,-� ,� ,� ,� ,-� ,� ,-. .� ,� ,� ,-, ,� ,� ,� о о о о о о о � о N N N N N N N О О О О О О О О о О О О О о О Q �+ ����� н � N N N N N N N N N N N N N � N 10 ,-Ч ,-� .-� ,-i .--� N М М tt l0 lD �D � lD � СО О� О� � � б� � О О О О О О О � � � � � � � � � � � � � � � � М � V О О� lD N О� СО М д' О� О� М f� М +-Ч � .-� � � ,-у о О О М N N .~ О О N О N +-ы О N О М N М N � N • � �П д' N О� +--� N �О О о О (� N .-1 � �у- и� О� � 1Л �у- Cj- � � О� N М О'J l0 l0 tГ7 О О О L.П О М �t' Q� 1� 1� О l0 СО О� р1 � О N О� Ol �fJ L1'1 �р М О О О �О �О LП О� �р 1� О *--� V' О Q1 о F� tЛ �О О� ,--i О о� N О О О f� О� М �О lD V 1� V �г'1 М 01 N О 01 О� .-ч �.гl � �D О О О О� д' М LП � �О О� �р N LП � �- О �О О О� �О OJ N О О О О� О О .� Qi pj pi Qi Qi О �n О О О д' 1Л � а1 �О М М О� 01 l� pl N N lfJ LП 4l f� Ql f� 1Л ■ и .-ч ,-i ,-ч �У cV v м ,--i .-i ,-ч .-, г�, гv гv ,-� V' гV � � ,--� Q --� О � а � .� , , , , , , , , , , , , , , , , , , � ,,� �, � и-, , , , � о а� � � ^ _ .= Е л й � = ш р"� = ш а �ш ■ 3� ° � N Ш � � � и � о � � �� ■ V = � и � � � N W Е' р го +' у� ш г� г� rn,--� г� ш г� г� ,� �� о� оэ и v�� И n� г Z � � и и г� rn М м ш io �л и о м д- rn � о ш и о� rn � � Ш =_ --а й ai о й ш м ш й й a.i ш о-ч v о й т v QI � у Ш о �Q �Е д- �П 01 СО О W CV 1� О� М iD �О f� �t �П М Q� rV � а Ш � � п � и о оэ rn �п �- и о� �r м и v rn ш г� и .-� v v � L а Q� � й v rn v-� й й rn ои ooi г °rv' й rn� aoi �°и � � г Q О и v гv ,-ч .--i .-� гv пi ,-� +� О й � и � � � а �^ � г� г у rn � � о � � � о о о � � � � � � � � о о � � гр . 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М .� � а = '� н т ~ � � Ф_ � о Ф � � � � = Ф � го L ,, ~ а � � � ш � . и =в �., �, о L г� � � � ш д ,� � о � п с у г° -о = т � = о� � fl- � ;, ,-� � ш о о � о `� а, � о С� ` .-+ ш � � v � ° � � � г� � га и ,� � ■ J а� о � � � � '� Q1 � � Ё о �, Q +,., го _ ш � � т -о � а� � � М Ш С1 0 О7 � � � = i -О i t� S] � О � 1- Н � � о ш� s м U �+ с с ���� v уи, n � г � � ° � _ = v � О � v гв +� -а о �.� � � О � � ш `� .� и = � а � '� � Q � � _ �а °: г ш � � � � > � й � _ � °' v �гв �,,,� � L гр �1 О О � с� С G � ■ Н Q Н � и п С Ш ~ Q С г гв � U го ш � � ~ � с � г�а � � � � ш � а О и и� L_° О и � L � � � ш � Z ^ � L � о � ■ > а й � и 4-- � � и ш sз +� � о р~ L fl- �� т i U �� � -� � L " � о °� оа Q � � � L � -о ■ � � S2 � О � О � а � j г�о � г=0 7 v � н � -р � -р ш С i и� � �' °' �� °' � с i � С9 у �го "_ �га д � w �а L v t- t� �� � � '� � ш и 3 и а� га U рр �"" � � р� j � � � н ^ � � � � � � � 01 � � �ао �, � � � � �- _ � о � а �-- � а� � ш� ш� о о N �иа L � � � � � � � �, �� О�� Q � т о� о� � � V� � г�о } w � Е � � � ` S � а S йг�,U -а а a Q Q �л�; �� N v � �+ I'. � гn rn � о � г ш ш� Q .. �, с а. о ш � �>I=-ii ш `.`.� � , 0 0 2 1��- � � i � � и�оо _ ! � а�� , , , , � ш = N а� ' � о� � � L v � � � у- Ф С .-i ш � и л а� Н у � L '� с� _ а >, Е � г. , �- а� w � � 'L° ��°� р й api о� � а �° �� _ н � ,� �С � р га"� , __ ■ а с м v� й м й = у �,г„� � о.--� и и г� F' � ш � o�i � о й ои м J� го � s i � � а� а й й rn� с`�v о; а а и .-i си м и� .--i .i � � � �о о� �л � ш и � ni и т � _ � � � � � � . � о о о о о б' � г� г� rv гv г� а .°�� � � � � � о � \ \ � о � г�1 � р C0 N° � с � г� о � с w т г� ��--� си си и р -а о� г�а м�t о� ш м и и � : И р О О.--i LЛ tЛ t� .� N О Q1 J N I'� 0� LП О и1 О iП ?� С с( L о� -а о и и � о •� � 3 ш ш п? �� v й � _ а � rn и� ��� р +� га � � р Т С � � � .о со и �о й и и � ii _ '� � °' -в п F � о м °,_�' � � 3 _ � � � ,�_ м � С� LL й � й°7 °� м� оэ ш г� i� р � _ ,� � � -°Jп � с с , . _ . и v •= м ■ о ,-� �п й г� .-� С� � V С � f0 f0 СО LП О LП О tf� N � U =++ +-�� ш .. � > L rn--+ о ш�л г� �о о о� с с г 'го п _ +� �, а у � ^р ш � � а у �о гч �.-� � о; р � °' н: а ш Т = � �� о� й� o�i о Q г о� v � ш � й� iл й й й и � �-а � г�о � О а � � O1 U � a�i aai И , н Й L а м � >_ � � о � �а � , , � , � � � .. ш � г й � ' ,а � ■ а � ' � � й > ш ша � а � � � > � 'л � о 0 Н i � '-' � J � U �� � L cz � = S] = 0 � ■ t- з � � � з �' й �аэ N -. °�' v pZ� �,Vi = = Q 0 � � 0 0 � � � � О = = ш� +� v и и и и и и и �� � � � �сз � � ���>>�� з � o�v т � � Q i V � � р � ш � ш U � с 3 а� `° =т�� р а+ � � � � � � � � � v � U Q U= � у о о о о о о п .-ч о о ш ш � � +� и с � i.гу n� +, р,-\-i tЛ r О .�-i N �� . О О� �+ � С7 а р� 'а га у о��.-� ,-� .� -_ гв L Z� о � ■ Q I'.. � Ф LT- р у,�-i О М � � т .ыл-+ _,а+р � О ^1 >. LL и а L Q м О N N С р V О N Ш � О�ш ° � � ш й', с г� и � Q га о` -- - Q L•� � ,� а } 3 •_ � р ш � Е ■ F�- Q = ,� � с о о о о � � � \`� �п >� � c�v `v � � и г � � •в о а� � � _ � _ � � , � Z ш ш f6 'ь'' г а � � � � � � • . �=- � у�, � Ш Ф " Ф � �>�LL � � т т т т т т � h 0�п г F- � � MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PR03ECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS These notes are an integral part of and should be read in conjunction with the accompanying financial statements 1. GENERAL INFORMATION The Vietnam Sustainable Agriculture Transformation Project ("the Project") operates under Financing Agreement - Credit number Cr. 5704-VN dated 09 July 2015 signed between the Socialist Republic of Vietnam and the International Development Association ("IDA"). The objective of the Vietnam Sustainable Agriculture Transformation Project is to strengthen the implementation of the Agricultural Restructuring Plan through enhancing the institutional capabilities of Agriculture; to upgrade sustainable cultivation method and increase the chain value of rice and coffee sub-sectors in two main regions of Mekong Delta and Central Highland. Total fund of the Vietnam Sustainable Agriculture Transformation Project is USD 301,000,000, in which, the Non-credit Line accounts for USD 196,000,000 and Credit Line accounts for USD 105,000,000. Funds of the Vietnam Sustainable Agriculture Transformation Project comprise of IDA funds, counterpart funds of the Government and private funds. Implementing Agencies include: Non-credit Line: Central Level: Department of Planning and Agricultural Project Management Boards under Ministry of Agriculture and Rural Development Provincial Level: 8 Mekong Delta provinces/cities of An Giang, Can Tho, Dong Thap, Hau Giang, Kien Giang, Long An, Soc Trang and Tien Giang; 5 Central Highland provinces of Kon Turn, Gia Lai, Dak Lak, Dak Nong, Lam Dong; and pilot provinces under Component A 14inh Phuc, Nam Dinh, Thanh Hoa, Ha Tinh, Binh Dinh, Dong Thap, Lam Dong). i Credit Line: Joint Stock Commercial Bank for Investment and Development of Vietnam - Transaction Center 3 Branch. The Project started its operations on 09 July 2015 (the date of the Agreement) and is expected to be completed in 2020. 2. ACCOUNTING CONVENTION AND FINANCIAL YEAR Accounting convention The accompanying financial statements of the Project including Non-credit Line and Credit Line, expressed in Vietnam Dong (VND), are prepared under the historical cost convention except for the Statements of Designated Accounts and the Statements of Withdrawals which are prepared in original currency. Statement of Sources and Uses of Funds are prepared on the cash basis. The financial statements are prepared in accordance with the accounting policies set out in Note 3, in accordance with the World Bank's requirements and on basis of consolidating figures and off-setting internal transactions and balances of implementing agencies including Non-credit Line (Vietnam Sustainable Agriculture Transformation Project in Central Officez, Component A, An Giang province, Can Tho city, Dong Thap province, Hau Giang province, Kien Giang province, Long An province, Soc Trang province, Tien Giang province, Kon Turn province, Gia Lai province, Dak Lak province, Dak Nong province, Lam Dong province) and Credit Line. Financial year The Project's financial year begins on 01 January and ends on 31 December. 32 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies, which have been adopted by the Project Management Unit in the preparation of these financial statements, are as follows: Foreign currency translation Transactions arising in foreign currencies are translated into Vietnam Dong (VND) at exchange rates ruling on the transaction date. The balances of monetary items denominated in foreign currencies at the Balance Sheet date are retranslated at the average exchange rate for spot selling and buying at the end of the last working day of the financial year of the financial institution if the difference between this rate and the weighted average buying and selling rate of the last working day of the financial year (Credit line) and transfer buying rates of the commercial bank on the same date (Non-credit line) is less than 1%. Foreign exchange differences are not cash flows. However, the effect of exchange rate changes is reported separately in the Statements of Sources and Uses of Funds in order to reconcile with balances of assets and liabilities in the Balance Sheet. Recognition of funds and expenditures Non-credit line IDA funds and counterpart funds are recognized on the basis of the receipt - payment vouchers or confirmation of the State Treasury until the end of 31 January of the next year for transactions from 01 January 2017 to 31 December 2018. Expenses are recognised on an accrual basis. Credit line USD fund is recognised at the time when cash is withdrawan from credit account to designated account until the end of 31 December. VND fund is recognised at the time when cash is withdrawn from Designated account, converted into VND at buying exchange rate of foreign currency at serving bank for disbursement to financial institutions until the end of 31 December. Expenses are recognised on an accrual basis. From 2017, the Project Management Unit presents the operating expenses allocated to the Project in the financial statements. At present, Joint Stock Commercial Bank for Investment and Development of Vietnam - Transaction Center 3 is carrying out its main activities: commercial banking and wholesale bank operations with two projects including Rural Financial Project 1, 2, 3 and Vietnam Substainable Agriculture Transformation Project. Operation expenses of Joint Stock Commercial Bank for Investment and Development of Vietnam - Transaction Center 3 for these activities such as human resource costs and house rental are allocated in proportion to the activities of the Project compared to all activities of Joint Stock Commercial Bank for Investment and Development of Vietnam - Transaction Center 3. For departments/sections that are directly related to the Project activity, allocate 1/2 of the total operating costs; for the units/departments responsible for the overall management, allocate 1/3 of the total operating costs. Recognition of income under Credit line Income of the Project is recognized on accrual basis in the Statement of Incomes and Expenditures. 4. DESIGNATED ACCOUNTS Designated Accounts are deposit accounts in USD opened for the whole Project, including one (01) account for the Central Project Management Unit, eight (08) accounts for Project Management Units in eight (08) provinces/city in Mekong Delta namely: Kien Giang, An Giang, Hau Giang, Tien Giang, Long An, Dong Thap, Can Tho, Soc Trang and one (01) account for Joint Stock Commercial Bank for Invesment and Development of Vietnam (BIDV) to serve the Project's activities. Payments out of the Designated Account are made in accordance with the relevant covenants of Financing Agreement - Credit number Cr. 5704-VN and relevant regulations established by the World Bank. 33 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5. NOTES TO THE FINANCIAL STATEMENTS OF NON - CREDIT LINE 5.1. CASH 31/12/2018 31/12/2017 VND VND Cash on hand 688,302,952 758,846,463 Cash on hand in Central Project Management Unit 166,444,366 89,444,813 Cash on hand in Long An Provincial Project Management Unit 147,276,368 145,829,368 Cash on hand in Hau Giang Provincial Project Management Unit 147,200,000 146,000,000 Cash on hand in Kien Giang Provincial Project Management Unit 22,627,517 3,400,145 Cash on hand in An Giang Provincial Project Management Unit 79,423,185 12,000,000 Cash on hand in Tien Giang Provincial Project Management Unit 56,949,290 149,867,213 Cash in bank in Dak Lak Provincial Project Management Unit 32,829,500 17,118,000 Cash on hand in Can Tho City Project Management Unit 14,885,102 15,326,048 Cash in bank in Gia Lai Provincial Project Management Unit 12,918,000 3,000,000 Cash on hand in Dong Thap Provincial Project Management Unit 6,294,622 71,360,313 Cash on hand in Soc Trang Provincial Project Management Unit 1,353,700 69,228,000 Cash on hand in Lam Dong Provincial Project Management Unit 101,302 1,580,563 Cash on hand in Component A Project Management Unit - 34,692,000 Cash in bank 123,166,969,880 6,779,629,315 Cash in bank in Soc Trang Provincial Project Management Unit 27,490,613,439 215,845,907 Cash in bank in Tien Giang Provincial Project Management Unit 20,335,334,818 701,658,184 Cash in bank in Can Tho City Project Management Unit 16,696,616,641 36,049,136 Cash in bank in Dong Thap Provincial Project Management Unit 10,588,955,003 14,329,883 Cash in bank in An Giang Provincial Project Management Unit 9,162,798,243 520,388 Cash in bank in Central Project Management Unit 8,984,342,327 235,353,812 Cash in bank in Long An Provincial Project Management Unit 8,064,663,640 77,839,996 Cash in bank in Component A Project Management Unit 3,887,331,206 3,242,774,521 Cash in bank in Kon Tum Provincial Project Management Unit 3,816,740,589 129,816,059 Cash in bank in Gia Lai Provincial Project Management Unit 3,511,972,349 747,624 Cash in bank in Dak Nong Provincial Project Management Unit 3,288,012,290 234,903,767 Cash in bank in Dak Lak Provincial Project Management Unit 2,529,402,889 192,179,312 Cash in bank in Lam Dong Provincial Project Management Unit 2,488,999,259 1,654,649,712 Cash in bank in Hau Giang Provincial Project Management Unit 1,668,026,605 8,063,487 Cash in bank in Kien Giang Provincial Project Management Unit 653,160,582 34,897,527 Cash in State Treasury 126,886,455 121,014,689 Cash in State Treasury in An Giang Provincial Project Management Unit 69,987,200 58,749,560 Cash in State Treasury in Hau Giang Provincial Project Management Unit 52,399,000 16,000,000 Cash in State Treasury in Can Tho City Project Management Unit 4,499,855 7,864,729 Cash in State Treasury in Kien Giang Provincial Project Management Unit 400 38,400,400 123,982,159,287 7,659,490,467 34 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5.2. PREPAYMENTS TO SUPPLIERS 31/12/2018 31/12/2017 VND VND Prepayments to suppliers 25,193,081,064 21,332,794,567 Central Project Management Unit 10,673,498,100 5,747,896,100 Hau Giang Provincial Project Management Unit 4,402,801,000 5,036,022,000 An Giang Provincial Project Management Unit 4,124,413,348 447,807,750 Dong Thap Provincial Project Management Unit 2,572,809,200 3,113,691,160 Lam Dong Provincial Project Management Unit 826,850,000 - Dak Lak Provincial Project Management Unit 821,870,200 4,239,200 Kien Giang Provincial Project Management Unit 134,141,437 1,263,990,164 Gia Lai Provincial Project Management Unit 614,600,000 1,187,400,000 Soc Trang Provincial Project Management Unit 500,749,529 2,490,930,193 Kon Tum Provincial Project Management Unit 249,880,000 226,000,000 Tien Giang Provincial Project Management Unit 239,742,250 9,076,000 Dak Nong Provincial Project Management Unit 31,726,000 155,165,000 Component A Project Management Unit - 1,210,577,000 Can Tho City Project Management Unit - 440,000,000 25,193,081,064 21,332,794,567 5.3. OTHER RECEIVABLES 31/12/2018 31/12/2017 VND VND Overpaid unemployment insurance 523 523 Dong Thap Provincial Project Management Unit 523 523 Other receivables related to IDA funds qualified for increase recognition 21,202,953,121 5,739,144,461 but received in the next year Central Project Management Unit 9,573,105,818 1,981,657,178 Hau Giang Provincial Project Management Unit 5,867,469,948 1,030,124,810 Kien Giang Provincial Project Management Unit 5,398,859,551 2,230,139,929 An Giang Provincial Project Management Unit 363,517,804 133,009,318 Can Tho City Project Management Unit - 364,213,226 Other receivables related to counterpart funds qualified for increase 2,712,221,924 55,674,000 recognition but received in the next year An Giang Province Project Management Unit 1,702,312,050 - Central Project Management Unit 409,471,157 5,250,000 Tien Giang Provincial Project Management Unit 291,646,093 - Kon Tum Provincial Project Management Unit 241,019,000 - Kien Giang Provincial Project Management Unit 48,123,144 50,424,000 Dak Nong Provincial Project Management Unit 19,650,480 - Advances to the Project's staff and other receivables 1,878,313,335 245,335,490 Gia Lai Province Project Management Unit 961,331,736 - Hau Giang Provincial Project Management Unit 701,642,148 - Kien Giang Provincial Project Management Unit 183,046,500 102,619,500 Soc Trang Provincial Project Management Unit 19,635,500 115,238,500 Tien Giang Provincial Project Management Unit 9,573,401 25,973,420 Dong Thap Province Project Management Unit 2,400,000 - Central Project Management Unit 684,050 684,050 Component A Project Management Unit - 820,020 25,793,488,903 6,040,154,474 35 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5.4. PAYABLES TO SUPPLIERS 31/12/2018 31/12/2017 VND VND Payables to suppliers related to expenditures of the Project 76,796,191,842 10,282,162,392 Tien Giang Provincial Project Management Unit 14,913,017,176 An Giang Provincial Project Management Unit 12,027,417,293 - Hau Giang Provincial Project Management Unit 8,506,288,219 498,111,380 Kon Turn Provincial Project Management Unit 8,042,338,385 97,750,000 Lam Dong Provincial Project Management Unit 8,353,741,954 1,158,176,758 Component A Project Management Unit 5,581,751,628 1,609,778,495 Dak Lak Provincial Project Management Unit 3,782,366,698 1,556,704,314 Soc Trang Provincial Project Management Unit 3,690,786,679 960,465,715 Dak Nong Provincial Project Management Unit 2,689,127,759 - Gia Lai Provincial Project Management Unit 2,314,093,452 338,644,000 Long An Provincial Project Management Unit 1,885,648,606 1,084,854 Dong Thap Provincial Project Management Unit 1,781,812,852 37,333,904 Central Project Management Unit 1,442,534,592 1,534,559,129 Kien Giang Provincial Project Management Unit 1,252,600,349 2,115,026,143 Can Tho City Project Management Unit 532,666,200 374,527,700 Payables to suppliers not related to expenditures of the Project 362,337,000 - Kon Turn Provincial Project Management Unit 362,337,000 77,158,528,842 10,282,162,392 5.5. TAXES AND PAYABLES TO THE STATE BUDGET 31/12/2018 31/12/2017 VND VND Tax payables related to expenditures of the Project (PIT for 73,005,880 77,457,818 professional consultants and the Project's employees) Component A Project Management Unit 32,910,000 34,715,000 Soc Trang Provincial Project Management Unit 13,800,000 22,560,000 Central Project Management Unit 12,048,214 1,182,818 An Giang Provincial Project Management Unit 4,814,337 - Dong Thap Provincial Project Management Unit 4,333,329 - Can Tho City Project Management Unit 4,000,000 7,000,000 Long An Provincial Project Management Unit 1,100,000 - Kien Giang Provincial Project Management Unit - 12,000,000 Tax payables not related to the Project's funds (VAT, CIT, license tax 10,440,000 related to the sale of bidding documents) Hau Giang Provincial Project Management Unit 4,440,000 Kien Giang Provincial Project Management Unit 3,400,000 Tien Giang Provincial Project Management Unit 2,600,000 - 83,445,880 77,457,818 36 U MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5.6. OTHER PAYABALES 31/12/2018 31/12/2017 VND VND Other payables not yet eligible to be added to IDA funds (due to having 56,733,240,895 700,367,819 no receipt - payment vouchers or confirmation of the State Treasury) Soc Trang Provincial Project Management Unit 21,786,704,958 174,972,496 Can Tho City Project Management Unit 16,064,348,939 - Dong Thap Provincial Project Management Unit 7,245,408,870 19,600,231 Long An Provincial Project Management Unit 6,300,076,343 182,619,947 Tien Giang Provincial Project Management Unit 5,336,701,785 323,175,145 Other payables not related to income of the Project (the sale of bidding 237,291,682 62,367,027 documents, bank interest,...) An Giang Provincial Project Management Unit 119,987,000 12,000,000 Hau Giang Provincial Project Management Unit 47,959,000 16,000,000 Tien Giang Provincial Project Management Unit 23,400,000 - Soc Trang Provincial Project Management Unit 15,577,264 11,752,889 Gia Lai Provincial Project Management Unit 13,032,262 3,000,000 Long An Provincial Project Management Unit 9,847,000 7,500,000 Kien Giang Provincial Project Management Unit 6,102,000 12,000,000 Dak Nong Provincial Project Management Unit 1,156,563 - Component A Project Management Unit 98,565 29,282 Central Project Management Unit 91,879 64,260 Dong Thap Provincial Project Management Unit 40,149 20,596 Other payables related to expenditures of the Project (bank service 709,845,740 365,802,079 charges, insurance,...) Hau Giang Provincial Project Management Unit 335,279,804 201,934,728 Dong Thap Provincial Project Management Unit 183,650,394 394 Central Project Management Unit 120,664,042 64,234,834 Tien Giang Provincial Project Management Unit 54,090,000 - Long An Provincial Project Management Unit 11,487,500 - Dak Lak Provincial Project Management Unit 4,674,000 62,411,615 Kien Giang Provincial Project Management Unit - 37,220,508 Operating expenditures payable to organizations and individuals not related to the Project's funds 3,654,463,870 286,333,960 Lam Dong Provincial Project Management Unit 2,086,283,489 - Dak Lak Province Project Management Unit 838,389,685 100,000,000 Gia Lai Provincial Project Management Unit 382,830,000 - Kien Giang Provincial Project Management Unit 106,000,000 86,000,000 Soc Trang Provincial Project Management Unit 100,000,000 100,000,000 Kon Tum Provincial Project Management Unit 90,627,196 - Dong Thap Provincial Project Management Unit 50,000,000 - Long An Provincial Project Management Unit 333,500 333,960 61,334,842,187 1,414,870,885 37 i t и� 0= ++ и и iy о о о М о о о о о о о о о о� г� о о о и рр а Z� О у ►� � �t о о о v о о о о о рр М о о гv rn о о гv о и � r-i `t о� oi о о r�i о er о о oi пi о о о� о ш� N f� ^ � N � р� О и М О О N О � �--+ О О и .-� О О оЭ о � � 4: L рр � � �П и О� О� О О 1� О О N О и и О О tD и О О и �О О� � ш�� '"� � р О� и N и т� б� N О О 1� N р .-i СУ I� О� и О 1� V и и О а 00 �о О и М М V д- ,-i г� �,-+ � г� д� v и о� v со rn � � а у� г� у �р г� ^ ш rn и и о.-� и �о � и rn гч ,-� � � и � F' i� Ф Ф Q N И V •--i N �-i 1� V н ,�-i 00 •-� N ■ ��� �= N �; N Q L � � ■ н � н � 0 Z LL м � а .� � г М 0 N N <у О О N �О и О О О О о N О О М и О О V tLJ и н � z � �r р� .-� о М о о� о о и о и rn о о � т о о rn о ^ �j, N N ^ б� О М О� � О О О� О р N О О I� Q� О О М �D о в> д' N tЛ tЛ О и О и М О и О и N I� О О М О . � � М р 1� и О� М �D О N М N и О� О N N �U О Q� �U tD �= � М М 00 о� М о� о� +--� и.--+ ,--� .-+ т� �t О V М N о� �t о� и М � М V и �--� Ф О� f� О� О N О� Q� N .--i О .--i V и О tU О О и � С � OJ � д' N СО lD l0 .-1 �t д" О� �..j N О ,--� М ,--� О М 1� 1� N С � О о N N О О� Q� .-� О О� О � О� О N М N б� О N и �, � О ui И tn .-а V � ш tn � r'i �О � пi ,--i о� ,--i V oJ с0 о� .i V lO �.j О N ,--i М 7 N .--t ,--I н м н N •-� ,-� М т-1 �, а о+ г� и г� и и � +� и и n о о о г� о о о о о ор м о о о о � о.� v о с � � N о о о гч о о о о о И и о о v о о г� � р � � � м v о о� й о о пi о �д о о � о о oi � га � v р и rn о и М о о г� о � и о о г� г� о rn и N � � l0 о О� 01 О М f� О О N О д' � О О М О� О V' М О � � � М б� О О М tD и и f� О N � д- N М О О ui �t N � � рр �U р� М .-� и и tU I� М ,-� ,--t р� О V' Q� .-� ц) N l0 о {л � � N и бl и N О �' l0 М М М р М О� и и и �у � N 00 ,--i �.-а О м .-� +� ■ и �о г. � � � .� с ш � а � И р н � �о о и гч с L � � � � у р N N ^ О О О N и О О О О {� О О О тЧ О � О Q� и � г � д" �у � О О О� О� О О и О N 1� О О �О О О N �D � 0� О� N N ^ Q� О О О О�_ О О О� О о I� О О М О� О О� О и М � �� � а; � N О О �О и и О М О О О О О +--{ О � .--� (� М М .-{ � О l0 д' f� О М О М Ch О О СО М О N �О О � ш � М М +а �д � и О� О� М и_ ip ip � О� О М �U и �D о� �1- 01 г'� L1 М � � О О (� N и б� СУ и V' М �-i О � О� N О� .--� Q� N . 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Zti ui а ■ а MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5.8. RECONCILIATION OF IDA FUNDS IN THE STATEMENT OF INCOMES AND EXPENDITURES TO IDA FUNDS RECEIPTS IN THE STATEMENT OF SOURCES AND USES OF FUNDS 31/12/2018 31/12/2017 Statement of Incomes and Expenditures VND VND IDA funds [11 485,612,250,301 202,068,023,723 Statement of Sources and Uses of Funds IDA funds Receipts [2] 464,409,297,180 196,328,879,262 Difference [3] = [1] - [2] 21,202,953,121 5,739,144,461 Represented by [4] 21,202,953,121 5,739,144,461 Other receivables related to IDA funds qualified for increase recognition but received in the next year (Note 5.3) Central Project Management Unit 9,573,105,818 1,981,657,178 Hau Giang Provincial Project Management Unit 5,867,469,948 1,030,124,810 Kien Giang Provincial Project Management Unit 5,398,859,551 2,230,139,929 An Giang Provincial Project Management Unit 363,517,804 133,009,318 Can Tho City Project Management Unit - 364,213,226 5.9. RECONCILATION OF COUNTERPART FUNDS IN THE STATEMENT OF INCOMES AND EXPENDITURES TO RECEIPTS OF COUNTERPART FUNDS IN THE STATEMENT OF IH SOURCES AND USES OF FUNDS 31112/2018 31/12/2017 VND VND Statement of Incomes and Expenditures Counterpart funds [1] 176,412,741,842 80,743,019,580 Statement of Sources and Uses of Funds Counterpart funds Receipts [2] 173,700,519,918 80,687,345,580 Difference [3] = [1] - [2] 2,712,221,924 55,674,000 Represented by [4] 2,712,221,924 55,674,000 Other receivables related to counterpart funds qualified for increase recognition but received next year (Note 5.3) An Giang Province Project Management Unit 1,702,312,050 - Central Project Management Unit 409,471,157 5,250,000 Tien Giang Provincial Project Management Unit 291,646,093 - Kon Turn Provincial Project Management Unit 241,019,000 - Kien Giang Provincial Project Management Unit 48,123,144 50,424,000 Dak Nong Provincial Project Management Unit 19,650,480 - 39 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5.10. RECONCILIATION OF IDA FUNDS IN THE STATEMENT OF INCOMES AND EXPENDITURES TO IDA AMOUNTS RECEIVED (VND) IN THE NOTES TO FINANCIAL STATEMENTS NO. 5.7 31/12/2018 31/12/2017 VND VND Statement of Incomes and Expenditures IDA funds [1] 485,612,250,301 202,068,023,723 Notes to the Financial Statements No. 5.7 IDA amounts received [2] 521,142,538,075 197,029,247,081 Difference [3] = [1) - [2] (35,530,287,774) 5,038,776,642 Represented by [4] = [5] - [6] (35,530,287,774) 5,038,776,642 Other receivables related to IDA funds qualified for increase recognition 21,202,953,121 5,739,144,461 but received in the next year (Note 5.3) [5] Central Project Management Unit 9,573,105,818 1,981,657,178 Hau Giang Provincial Project Management Unit 5,867,469,948 1,030,124,810 Kien Giang Provincial Project Management Unit 5,398,859,551 2,230,139,929 An Giang Provincial Project Management Unit 363,517,804 133,009,318 Can Tho City Project Management Unit - 364,213,226 Other payables not yet eligible to be added to IDA funds (due to having no 56,733,240,895 700,367,819 receipt - payment vouchers or confirmation of the State Treasury) (Note 5.6) [6] Soc Trang Provincial Project Management Unit 21,786,704,958 174,972,496 Can Tho City Project Management Unit 16,064,348,939 - Dong Thap Provincial Project Management Unit 7,245,408,870 19,600,231 Long An Provincial Project Management Unit 6,300,076,343 182,619,947 Tien Giang Provincial Project Management Unit 5,336,701,785 323,175,145 5.11. RECONCILIATION OF EXPENDITURES IN THE STATEMENT OF INCOMES AND EXPENDITURES TO DISBURSEMENT IN THE STATEMENT OF SOURCES AND USES OF FUNDS 31/12/2018 31/12/2017 VND VND Statement of Incomes and Expenditures Expenditures [1] 629,853,984,674 260,193,848,311 Statement of Sources and Uses of Funds Disbursements [2] 576,790,797,611 270,766,482,252 Difference [3] = [1] - [2] 53,063,187,063 (10,572,633,941) Represented by [4] (53,063,187,063) 10,572,633,941 Balance Sheet Prepayments to suppliers 25,193,081,064 21,332,794,567 Overpaid unemployment insurance (Note No. 5.3) 523 523 Payables to suppliers not related to expenditures (see Note 5.4) 362,337,000 - Tax payables not related to the Project's funds (see Note 5.5) 10,440,000 Payables to supplies (77,158,528,842) (10,282,162,392) Taxes and payables to the State budget (83,445,880) (77,457,818) Payables to employees (677,225,188) (34,738,860) Other payables related to expenditures of the Project (bank service (709,845,740) (365,802,079) charges, insurance,...) (Note 5.6) 40 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 5.12. COMPARATIVE FIGURES Comparative figures of the financial statements of Non-credit line prepared for the year ended 31 December 2018 are the figures of the Project's audited financial statements for the year ended 31 December 2017. Dang Minh Cuong Tang Van Son Lam Anh Hung Deputy Director Accountant in-charge Preparer Hanoi, 25 June 2019 4 W W W W W W U W U W U W U U U 41 W MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 6. NOTES TO FINANCIAL STATEMENTS OF CREDIT LINE 6.1 PLACEMENTS WITH OTHER FINANCIAL INSTITUTIONS AND LOANS TO OTHER FINANCIAL INSTITUTIONS 31/12/2018 31/12/2017 VND VND Placements with other credit institutions 104,176,909,898 95,386,910,805 Demand deposits 104,176,909,898 95,386,910,805 - In VND 52,921,490,446 5,957,083,393 - In foreign currencies 51,255,419,452 89,429,827,412 Loans to other credit institutions 1,372,634,602,000 613,820,434,600 Loans to other credit institutions in VND 1,372,634,602,000 613,820,434,600 - Saigon - Hanoi Commercial Joint Stock Bank 248,378,000,000 173,399,000,000 - Vietnam Technological and Commercial Joint 208,046,000,000 164,422,000,000 Stock Bank - Vietnam Bank For Agriculture and Rural 361,057,000,000 75,409,000,000 Development - Vietnam Prosperity Joint Stock Commercial 60,873,114,300 59,754,650,000 Bank - Tien Phong Commercial Joint Stock Bank 150,360,000,000 54,310,000,000 - Orient Commercial Joint Stock Bank 112,951,600,000 35,757,000,000 - Lien Viet Post Joint Stock Commercial Bank 92,051,000,000 22,264,000,000 - An Binh Commercial Joint Stock Bank 15,811,227,700 18,109,784,600 - Co-operative Bank of Viet Nam 13,225,000,000 10,395,000,000 - SaiGon Thuong Tin Commercial Joint Stock 109,881,660,000 -HA Provision for credit losses of placements (15,376,479,275) (3,259,124,510) with and loans to other credit institutions 1,461,435,032,623 705,948,220,895 6.2 OTHER ASSETS 31/12/2018 31/12/2017 VND VND Interest and fee receivables 1,983,765,626 1,351,141,478 - Commercial Joint Stock Bank for Investment & 925,205,047 925,205,047 Development of Vietnam - Saigon - Hanoi Commercial Joint Stock Bank 183,214,491 118,815,127 - Vietnam Technological and Commercial Joint Stock 171,856,201 94,313,237 Bank - Vietnam Prosperity Joint Stock Commercial Bank 55,123,199 54,026,704 - Tien Phong Commercial Joint Stock Bank 103,605,509 44,424,584 - Vietnam Bank For Agriculture and Rural Development 245,866,471 43,988,583 - Orient Commercial Joint Stock Bank 102,361,024 30,128,826 - Lien Viet Post Joint Stock Commercial Bank 73,640,669 17,333,518 - An Binh Commercial Joint Stock Bank 14,419,841 16,842,100 - Co-operative Bank of Viet Nam 8,261,101 6,063,752 - SaiGon Thuong Tin Commercial Joint Stock Bank 100,212,073 - 1,983,765,626 1,351,141,478 42 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 6.3 GRANTS, TRUSTED FUNDS AND BORROWINGS AT RISK OF THE CREDIT INSTITUTION 31/12/2018 31/12/2017 VND VND Grants, trusted funds and borrowings in VND 1,406,223,094,771 615,248,434,771 Grants, trusted funds and borrowings in gold 51,255,419,452 89,429,827,412 and foreign currencies 1,457,478,514,223 704,678,262,183 6.4 OTHER LIABILITIES 31/12/2018 31/12/2017 VND VND Internal payables (i) 15,995,880,444 7,621,552,949 External payables 3,994,356,748 1,340,080,634 In which: - Interest and fee payables to Ministry of Finance 3,994,356,748 1,340,080,634 19,990,237,192 8,961,633,583 (i) Internal payables are amounts due to trade sources related to the operating expenses and financial settlements of the Project that are disbursed from this source in the year. 6.5 INTEREST AND SIMILAR INCOME Current year Prior year VND VND Interest income from placements with other credit 3,268,063,944 3,904,490,235 institutions Interest income from loans to other credit institutions 41,476,198,663 8,390,970,474 44,744,262,607 12,295,460,709 6.6 INTEREST AND SIMILAR EXPENSES Current year Prior year VND VND Interest and fee payables to the Ministry of Finance 31,593,901,599 8,446,958,954 31,593,901,599 8,446,958,954 6.7 NET LOSS FROM TRADING GOLD AND FOREIGN CURRENCIES Current year Prior year VND VND Income from trading gold and foreign currencies Expenses for trading gold and foreign currencies (12,284,012) (44,939,734) Expenses for foreign exchange spot transactions (12,284,012) (44,939,734) Net loss from trading gold and foreign currencies (12,284,012) (44,939,734) 43 MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements 6.8 OPERATING EXPENSES Current year Prior year VND VND Payment to employees 7,355,740,498 5,839,789,423 Include: - Salary and allowance 6,136,612,381 4,715,609,856 - Payroll contribution 367,596,401 352,687,513 - Subsidy expenses 851,531,716 771,492,054 Office rent expense 1,374,401,506 1,403,538,034 8,730,142,004 7,243,327,457 6.9 IDA FUNDS Year 2018 Accumulated to 31 December 2018 VND USD equivalent VND USD equivalent Advance to -d- 204,746,000,550 9,200,000.00 Designated Account Replenish to the ReDesatd Athe 748,897,036,184 32,519,300.51 1,245,598,092,862 54,420,721.81 Designated Account 748,897,036,184 32,519,300.51 1,450,344,093,412 63,620,721.81 6.10 COMPARATIVE FIGURES Comparative figures of the financial statements of Credit line prepared for the year ended 31 December 2018 are the figures of the Project's audited financial statements for the year ended 31 December 2017. Truoft Hong Hai Vu Thi Ngoc Pham Thi Hong Trang Deputy Director Head of Planning and Preparer (Under Decision No. 165/QD-QLRR2 Financing Department dated 27 May 2019 of the Director) Hanoi, 25 June 2019 44 *oW n UUa aEagaEEaamgEEgggg MINISTRY OF AGRICULTURE & RURAL DEVELOPMENT VIETNAM SUSTAINABLE AGRICULTURE TRANSFORMATION PROJECT FINANCIAL STATEMENTS THE WHOLE PROJECT For the year ended Financing Agreement - Credit number Cr. 5704 - VN 31 December 2018 NOTES TO THE FINANCIAL STATEMENTS (Continued) These notes are an integral part of and should be read in conjunction with the accompanying financial statements ADDITIONAL INFORMATION OF SOURCES AND USES OF FUNDS OF NON-CREDIT LINE AND CREDIT LINE For the year ended 31 December 2018 Unit: VND For the financial year ended 31 December 2018 Accumulated to 31 December 2018 No. Contents IDA funds Counterpart funds Other funds Total IDA funds Counterpart funds Other funds Total A. Receipts 1,059,232,546,702 93,013,174,338 43,755,823,950 1,196,001,544,990 1,958,436,483,192 173,700,519,918 58,679,912,734 2,190,816,915,844 I. Non-credit line 268,080,417,918 93,013,174,338 - 361,093,592,256 464,409,297,180 173,700,519,918 - 638,109,817,098 1 IDA funds 268,080,417,918 - 268,080,417,918 464,409,297,180 - - 464,409,297,180 2 Counterpart funds - 93,013,174,338 - 93,013,174,338 - 173,700,519,918 - 173,700,519,918 II, Credit line 791,152,128,784 - 43,755,823,950 834,907,952,734 1,494,027,186,012 58,679,912,734 1,552,707,098,746 1 IDA credit 748,897,036,184 - - 748,897,036,184 1,450,344,093,412 - - 1,450,344,093,412 2 Received interest - 3,268,063,944 3,268,063,944 - - 9,833,804,776 9,833,804,776 3 Loan repayment from PFIs 42,255,092,600 - 40,843,574,515 83,098,667,115 43,683,092,600 - 48,823,696,975 92,506,789,575 4 Others - - (355,814,509) (355,814,509) - - 22,410,983 22,410,983 B. Disbursements 1,013,546,030,927 93,547,544,432 28,939,625,485 1,136,033,200,844 1,820,341,051,662 172,767,440,549 39,207,081,437 2,032,315,573,648 I. Non-credit line 212,476,770,927 93,547,544,432 - 306,024,315,359 404,023,357,062 172,767,440,549 - 576,790,797,611 1 Component A: Institutional Strengthening to Support Agricultural 11,055,227,473 6,710,969,019 - 17,766,196,492 19,365,662,635 8,003,979,412 - 27,369,642,047 Transformation 2 Component B: Supporting Sustainable Rice-Based Systems 111,716,597,262 57,175,425,000 - 168,892,022,262 205,973,208,176 106,557,784,974 - 312,530,993,150 3 Component C: Supporting Sustainable Coffee Production and 53,257,263,778 18,434,918,104 - 71,692,181,882 88,334,128,111 29,992,499,447 - 118,326,627,558 Rejuvenation 4 Component D: Project Management, Monitoring, and Evaluation 36,395,357,575 11,226,232,309 - 47,621,589,884 90,284,069,933 28,213,176,716 - 118,497,246,649 5 Others (Bank charges) 52,324,839 - - 52,324,839 66,288,207 - - 66,288,207 II. Credit line 801,069,260,000 - 28,939,625,485 830,008,885,485 1,416,317,694,600 - 39,207,081,437 1,455,524,776,037 1 Sub-component 82: Supporting private sector investments in upgrading 78,627,000,000 - - 78,627,000,000 262,040,534,600 - - 262,040,534,600 rice processing technology and facilities for high value and quality rice 2 Sub-component C2: Supporting sustainable coffee rejuvenation/ 722,442,260,000 - - 722,442,260,000 1,154,277,160,000 - - 1,154,277,160,000 replanting 3 Interest paid to the Ministry of Finance - - 28,939,625,485 28,939,625,485 - - 39,207,081,437 39,207,081,437 C. Excess/(Deficit) of Receipts over Disbursements 45,686,515,775 (534,370,094) 14,816,198,465 59,968,344,146 138,095,431,530 933,079,369 19,472,831,297 158,501,342,196 I. Non-credit line 55,603,646,991 (534,370,094) 55,069,276,897 60,385,940,118 933,079,369 - 61,319,019,487 II, Credit line (9,917,131,216) - 14,816,198,465 4,899,067,249 77,709,491,412 - 19,472,831,297 97,182,322,709 Exchange differences of Non-credit line 2,937,665,127 - - 2,937,665,127 3,543,679,688 - - 3,543,679,688 Exchange differences of Credit line 3,903,215,856 - (12,284,012) 3,890,931,844 7,134,420,811 - (139,833,622) 6,994,587,189 45 ____ ____ -0. � � и �а оо _ _ _ F GI е-1 � у • • • м о о о г � О z о о � т � ,' `�-' °о °о �т �и т ,г;. � W= N � ~ а+ °' о ш � ^ °v v rn ш � � L .. О �О Q� О_ М М � N N У' 1i �1� � �fJ сд ` О V 1 Ш i". 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D5thFloor, Vinaconex Tower, SD elo itte 34 Lang Ha Street, Lang Ha Ward, Dong Da District, Hanoi, Vietnam Tel :+84 24 6288 3568 Fax:+84 24 6288 5678 INDEPENDENT AUDITORS' ASSURANCE REPORT ON INTEWW Ie6A0 e.com/vn To: The Project Management Unit of the Vietnam Sustainable Agriculture Transformation Project Report on internal control We have audited, in accordance with International Standards on Auditing, the financial statements of the Vietnam Sustainable Agriculture Transformation Project (the "Project") for the year ended 31 December 2018 and issued the Independent auditors' report thereon dated 25 June 2019 expressing an unmodified opinion on those financial statements. In connection with our audit of the Project's financial statements, we also examined the effectiveness of internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as of internal control over financial reporting, and issue the Report of Independent Auditor on internal control. Responsibilities of Project Management Unit As stated in the Statement of the Project Management Unit on page 2 and page 3, the Project Management Unit is responsible for designing and maintaining effective internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as over financial reporting for the purpose of properly preparing and presenting the financial statements so as to minimise errors and frauds; and takes responsibility for its assertions as to the effectiveness of such internal control. Our Independence and Quality Control We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. We apply International Standard on Quality Control 1 and accordingly maintain a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Auditor's Responsibilities Our responsibility is to express an opinion on the effectiveness of internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as internal control over financial reporting based on our examination based on the evidence we have obtained. We conducted our reasonable assurance engagement in accordance with International Standard on Assurance Engagements 3000, Assurance Engagements other than Audits and Reviews of Historical Financial Information ("ISAE 3000"), issued by the International Auditing and Assurance Standards Board. That standard requires that we plan and perform this engagement to obtain reasonable assurance about whether, in all material respects, the management has maintained effective internal control over compliance with the requirements that could have a direct and material financial effect on the financial statements as well as internal control over financial reporting. Deloitte refers to one or more of Deloitte Touche Tohmatsu Ltd., a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms. 47 Deloitte INDEPENDENT AUDITORS' ASSURANCE REPORT ON INTERNAL CONTROL (Continued) Auditors' Responsibilities (Continued) Our examination included obtaining an understanding of internal control over compliance with requirements that could have a direct and material financial effect on the financial statements as well as of internal control over financial reporting, testing, and evaluating the design and operating effectiveness of the internal control, and performing such other procedures as we considered necessary in the circumstances to obtain sufficient appropriate evidence on which to base our opinion. Because of inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not to be detected. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, as well as our findings as presented in the Management Letter on pages from 52 to 66. Opinion In our opinion, the Project Management Unit has maintained, in all material respects, effective internal control over compliance with requirements that could have a direct and material financial effect on the Project's financial statements as well as over financial reporting for the year ended 31 December 2018. Khuc Thi Lan Anh Nguyen Anh Tuan Deputy General Director Auditor Audit Practising Registration Certificate Audit Practising Registration Certificate No. 0036-2018-001-1 No. 1472-2018-001-1 DELOITTE VIETNAM COMPANY LIMITED 25 June 2019 Hanoi, S.R. Vietnam 48 U U U U U U U U U U U U U U U * PART III U * INDEPENDENT AUDITORS' ASSURANCE REPORT ON COMPLIANCE U U U U U U U U U U U U U U U U STATEMENT OF THE PROJECT MANAGEMENT UNIT ON COMPLIANCE The Project Management Unit is responsible for complying with Financing Agreement - Credit number Cr. 5704-VN, laws and regulations applicable to the Project. The Project Management Unit confirms the following: * An effective internal control has been designed and maintained over compliance with Loan Agreement No. ABC-VIE(SF) and Grant Agreement No. XYZ-VIE(EF), laws and regulations applicable to the Project; * The Project has complied with Financing Agreement - Credit number Cr. 5704-VN, laws and regulations that could have a direct and material financial effect on the Project's financial statements for the year ended 31 December 2018; * The Project's receipts and disbursements via the designated account for the year ended 31 December 2018 are in accordance with the relevant covenants of Financing Agreement - Credit number Cr. 5704-VN and prevailing relevant regulations established by the World Bank; * The withdrawal applications were adequately reconciled to the statements of expenditures (SOEs) prepared by the Project Management Unit for the year ended 31 December 2018 and those SOEs were adequately supported; * The proceeds of the loan were used only for the purpose(s) of the Project. For and on bhalf of the Project Management Unit, Dang Minh Cuong Deputy Director Non-credit Line Hanoi, 25 June 2019 Truong Hong Hai Deputy Director Credit Line (Under Decision No. 165/QD-QLRR2 dated 27 May 2019 of the Director) Hanoi, 25 June 2019 49 Deloitte Vietnam Company Ltd. . 5thFloor, Vinaconex Tower, 34 Lang Ha Street, Lang Ha Ward, Dong Da District, Hanoi, Vietnam Tel :+84 24 6288 3568 Fax:+84 24 6288 5678 Website: www.deloitte.com/vn INDEPENDENT AUDITORS' ASSURANCE REPORT ON COMPLIANCE To: The Project Management Unit of the Vietnam Sustainable Agriculture Transformation Project in Vietnam Report on compliance We have audited, in accordance with International Standards on Auditing, the financial statements of the Vietnam Sustainable Agriculture Transformation Project (the "Project") for the year ended 31 December 2018 and issued the Independent Auditors' report thereon dated 25 June 2019 expressing an unmodified opinion on those financial statements. In connection with the audit of the financial statements, we also performed procedures on the Project's compliance with Financing Agreement - Credit number Cr. 5704-VN, laws and regulations that have a direct and material financial effect on the Project's financial statements for the year ended 31 December 2018 (the "requirements"). Responsibilities of Project Management Unit The Project Management Unit is responsible for complying with Financing Agreement - Credit number Cr. 5704-VN, laws and regulations applicable to the Project. Our Independence and Quality Control We have complied with the independence and other ethical requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. We apply International Standard on Quality Control 1 and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Auditors'Responsibilities Our responsibility is to express an opinion on Project's compliance based on the evidence we have obtained. 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 conducted our reasonable assurance engagement in accordance with International Standard on Assurance Engagements 3000, Assurance Engagements other than Audits and Reviews of Historical Financial Information ("ISAE 3000"), issued by the International Auditing and Assurance Standards Board. That standard requires that we plan and perform this engagement to obtain reasonable assurance about whether, in all material respects, the Project has complied with the requirements. An reasonable assurance engagement in accordance with ISAE 3000 to report on the compliance with the requirements involves performing procedures to obtain evidence about whether the Project's activities are free of material noncompliance 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 auditor's judgment, including the assessment of risks that the Project does not comply with the requirements and whether such noncompliance could have a direct and material financial effect on the Project's financial statements. Our procedures included testing the compliance with the requirements that we consider necessary to provide reasonable assurance that the requirements are complied by the Project. Deloitte refers to one or more of Deloitte Touche Tohmatsu Ltd., a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms. 50 Deloitte INDEPENDENT ASSURANCE REPORT ON COMPLIANCE (Continued) We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, as well as our findings as presented in the Management Letter on pages from 52 to 66. Opinion In our opinion: * The Project has complied, in all material respects, with Financing Agreement - Credit number Cr. 5704-VN, laws and regulations that could have a direct and material financial effect on the Project's financial statements for the year ended 31 December 2018; * The Project's receipts and disbursements via the designated accounts for the year ended 31 Decemebr 2018 in accordance with the relevant covenants of Financing Agreement - Credit number Cr. 5704-VN and prevailing relevant regulations established by the World Bank; * The withdrawal applications were adequately reconciled to the statements of expenditures (SOEs) prepared by the Project Management Unit for the year ended 31 December 2018 and those SOEs were adequately supported; * The proceeds of the loan were used only for the purpose(s) of the Project. Khuc ThT Lan Anh Nguyen Anh Tuan Deputy General Director Auditor Audit Practising Registration Certificate Audit Practising Registration Certificate No. 0036-2018-001-1 No. 1472-2018-001-1 DELOITTE VIETNAM COMPANY LIMITED 25 June 2019 Hanoi, S.R. Vietnam 51