world bank document...mr. pham van thach director of thai hoa ww ppmu co mr. pham van dung director...

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VIETNAM URBAN WATER SUPPLYAND WASTEWATER PROJECT

Credit No. 4948 - VN; Credit No. 5817 - VN;and Loan No. 8621 - VN

(AUDITED) AGGREGATED FINANCIAL STATEMENTSPeriod from 01 January 2018 to 28 February 2019

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IVietnam Urban Water Supply and Wastewater ProjectCredit No. 4948 - VN, Credit No. 5817 - VN, and Loan No. 8621 - VN

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CONTENTS Page

PART I INDEPENDENT AUDITORS' REPORT ONTHE AGGREGATED FINANCIAL STATEMENTS

Report of the Project Management Units 3-4Independent Auditors' Report on the Aggregated Financial statements 5-6(Audited) Aggregated Financial statements

Statement of Aggregated Funds and Expenditures 7Statement of Aggregated Funds balance 8Statement of Designated Accounts 9-12Statement of Withdrawals and Reconciliation of Funds 13-14 ,Notes to the Aggregated Financial statements 15-23

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Annex Accumulated Fund received from the World Bank at PPMUs of the 24Component 1

PART II INDEPENDENT AUDITORS' REPORT ON 25-26THE INTERNAL CONTROL

PART III INDEPENDENT AUDITORS' REPORT ON 27-28I THE COMPLIANCE

PART IV MANAGEMENT LETTER 29-34

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IVietnam Urban Water Supply and Wastewater ProjectCredit No. 4948 - VN, Credit No. 5817 - VN, and Loan No. 8621 - VN

REPORT OF THE PROJECT MANAGEMENT UNITS

The Central Project Management Units ("CPMUs") and Provincial Project Management Units("PPMUs") of the Vietnam Urban Water Supply and Wastewater Project ("the Project") presents thisreport and the Aggregated Financial Statements of the Project for the period from 01 January 2018 to28 February 2019.

The Project

The Project is implemented under the Credit No. 4948 - VN dated 13 July 2011, 5817 - VN dated 25July 2016 and Loan No. 8621 dated 25 July 2016 (Amendment to the Credit No. 4948 - VN dated 13July 2011) ("the Agreements") between the Socialist Republic of Vietnam and the World Bank ("WB").

The Project Management Units

Members of the Project Management Units in the period and to the reporting date are:

Ms. Tran Thi Ngoc Thanh Deputy Director in charge of the CPMU1Ms. Luong Thi Hong Hanh Deputy Director in charge of the CPMU2Mr. Pham Van Hung Director of Uong Bi WS PPMUMr. Dinh Ngoc Van Director of Ninh Binh WS PPMUMr. Nguyen Huu Hoai Phuong Director of Phu Quoc WS PPMUMr. Nguyen Van Thien Director of My Phuoc WS PPMUMr. Ngo Duc Trung Director of Tam Ky WS PPMUMr. Ha Ngoc Que Director of Da Lat WS PPMU and Da Lat WW PPMUMr. Do Van Phong Director of Dong Xoai WS PPMU and Dong Xoai WW PPMUMr. Pham Van Nam Director of Bim Son WW PPMUMr. Pham Van Thach Director of Thai Hoa WW PPMU coMr. Pham Van Dung Director of Dong Ha WW PPMUMr. Le Xuan Dan Director of Ninh Binh W PPMU 3KMr. Dang Ba Du Director of Tam Ky WW PPMU ..

Auditors

The auditors of AASC Limited have taken the audit of the Aggregated Financial Statements of the Project.

3 Responsibilities of the Project Management Units

The Project Management Units are responsible for preparing the separate Financial Statements ofeach Project Management Unit and aggregation of Financial Statements for whole project (basingupon separate Financial Statements of PPMUs and CPMUs), including Statement of AggregatedFunds and Expenditures, Statement of Aggregated Funds balance, Statements of DesignatedAccounts and Statements of Withdrawals and Reconciliation of Funds, which give a true and fair viewof the financial position as at 28 February 2019 and of its funds received and expenditures for theperiod then ended and comply with the accounting policies described in the attached Notes to theAggregated Financial Statements.

The CPMUs and PPMUs assure that the accounting records were fully maintained to prepare theFinancial Statements in accordance with the applied accounting policies and to disclose, withreasonable accuracy at any time, the financial position of the Project.

The CPMUs and PPMUs are also responsible for maintaining an effective internal control asmanagement determines necessary to enable the preparation of Aggregated Financial Statementsthat are free from material misstatement, whether due to fraud or error, and comply with relevant laws,regulations and other provisions of the funding agreements that could have a direct and materialfinancial effect on the Aggregated Financial Statements.

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1Vietnam Urban Water Supply and Wastewater ProjectCredit No. 4948 - VN, Credit No. 5817 - VN, and Loan No. 8621 - VN

On behalf of the Project Management Units

II Tran Thi NgocThanh

Deputy Director in chargeCentralProject Management Unit 1

Hanoi, 20 September2019

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No.: 200919. 0N0 /BCTC.FIS2

INDEPENDENT AUDITORS' REPORT ON THE AGGREGATED FINANCIAL STATEMENTS

I To: The Project Management Units ofVietnam Urban Water Supply and Wastewater Project

Opinion

We have audited the accompanying Aggregated Financial Statements of the Vietnam Urban WaterSupply and Wastewater Project ("the Project") from page 7 to page 24, which comprise Statement of

Aggregated Funds balance as at 28 February 2019, Statement of Aggregated Funds andExpenditures, Statements of Designated Accounts, Statements of Withdrawals and Reconciliation ofFunds for the period then ended, and Notes to the Aggregated Financial Statements, including asummary of significant accounting policies.

In our opinion:

The accompanying Aggregated Financial Statements give a true and fair view of the financialposition of the Project, including the balance of the Designated Accounts as at 28 February2019, funds received and expenditures incurred, movements of the Designated Accounts for theperiod then ended in accordance with the basis of the principal accounting policies described inthe Notes to the Aggregated Financial Statements and the provisions of the Credit No. 4948 -VN dated 13 July 2011; No. 5817 - VN dated 25 July 2016 and Loan No. 8621 - VN dated 25July 2016 (Amendment to the Credit No. 4948 - VN dated 13 July 2011).

In addition, with respect to Statements of Expenditure, adequate supporting documents havebeen fully maintained to support to the replenishment requests submitted to the World Bank.The expenditures are eligible and in right purposes of the Credit No. 4948 - VN dated 13 July2011; No. 5817 - VN dated 25 July 2016 and Loan No. 8621 - VN dated 25 July 2016(Amendment to the Credit No. 4948 - VN dated 13 July 2011).

Basis of opinion

We conducted our audit in accordance with International Standards on Auditing ("ISAs"). Ourresponsibilities under those standards are further described in the Auditors' Responsibilities for theAudit of the Aggregated Financial Statements section of our report. We are independent of ProjectManagement Units in accordance with the international Ethics Standards Board for Accountants'Code of Ethics for Professional Accountants ("IESBA Code"), and we have fulfilled our other ethicalresponsibilities in accordance with the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of Project Management Units for the Aggregated Financial Statements

The Project Management Units is responsible for the preparation of the Aggregated financialstatements in accordance with the principal accounting policies described in Notes to theAggregated Financial Statements, and for such internal control as management determines isnecessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.

In preparing the Aggregated Financial Statements, Project Management Units are responsible forassessing the Project's ability to continue as a going concern, disclosing, as applicable, mattersrelating to going concern and using the going concern basis of accounting unless ProjectManagement Units either intends to cease operations, or has no realistic alternative but to do so.

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A member of International

HANG KIEM TOAN AASC 5

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II Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the Aggregated FinancialStatements as a whole are free from material misstatement, whether due to fraud or error, and toissue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with ISAs will alwaysdetect a material misstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate, they could reasonably be expected toinfluence the economic decisions of users taken on the basis of these Aggregated FinancialI Statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintainprofessional skepticism throughout the audit. We also:

I Identify and assess the risks of material misstatement of the Aggregated FinancialStatements, whether due to fraud or error, design and perform audit procedures responsive tothose risks, and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error, as fraud may involve collusion, forgery, intentionalomissions, misrepresentations, or the override of internal control.

I Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anI opinion on the effectiveness of the Project's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by Project Management Units.

I Conclude on the appropriateness of Project Management Units use of the going concernbasis of accounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Project's ability tocontinue as a going concern. If we conclude that a material uncertainty exists, we are requiredto draw attention in our auditors' report to the related disclosures Aggregated FinancialStatements or, if such disclosures are inadequate, to modify our opinion. Our conclusions arebased on the audit evidence obtained up to the date of our auditors' report. However, futureevents or conditions may cause the Project to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Aggregated FinancialStatements, including the disclosures, and whether the Aggregated Financial Statementsrepresent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with the Project Management Units regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

AASC Limited

Do (Ulanh Cuong Nguyen Pham HungDeputy General Director Auditor in-chargeCPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2015-002-1

Hanoi, 20 September 2019

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Vietnam Urban Water Supply and Wastewater Project Aggregated Financial StatementsCredit No. 4948 - VN; Credit No. 5817 - VN; and Loan No. 8621 - VN Period from 01/01/2018 to 28/02/2019

STATEMENT OF AGGREGATED FUNDS AND EXPENDITURESPeriod from 01 January 2018 to 28 February 2019

Accumulated From 01/01/2018 AccumulatedNote to 31/12/2017 to 28/02/2019 to 28/02/2019

VND VND VND1. Funds1 Funds received from the World Bank 3 3,639,893,114,992 199,427,674,728 3,839,320,789,7202 Counterpart funds 4 803,230,652,634 63,687,515,516 866,918,168,1503 Other funds (Foreign exchange rate differences) 21,883,042,028 747,439,026 22,630,481,054

4,465,006,809,654 263,862,629,270 4,728,869,438,924

11. Expenditures1 Civil works, equipment and goods 3,847,031,268,819 56,936,531,670 3,903,967,800,4892 Consultant and Technical assistance 333,110,910,649 6,218,024,767 339,328,935,4163 Project management costs, compensation, approvals 565,848,558,529 46,355,111,540 612,203,670,069

5 4,745,990,737,997 109,509,667,977 4,855,500,405,974

Ill. Surplus/(Deficit) (280,983,928,343) 154,352,961,293 (126,630,967,050)

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IVietnam Urban Water Supply and Wastewater Project Aggregated Financial StatementsCredit No. 4948 - VN; Credit No. 5817 - VN; Period from 01/01/2018and Loan No. 8621 - VN to 28/02/2019

STATEMENT OF AGGREGATED FUNDS BALANCEAs at 28 February 2019

28/02/2019 31/12/2017Note VND VND

3 Surplus/ (Deficit)

(Deficit) as at beginning (280,983,928,343) (130,906,973,974)Surplus/ (Deficit) in the period 154,352,961,293 (150,076,954,369)(Deficit) as at closing (126,630,967,050) (280,983,928,343)

I Represented by:

Current assets 33,707,516,734 106,937,334,993

Cash on hand 38,712,869 138,243,305Cash at bank, treasuary 6 22,229,935,531 83,782,079,352Advances to staff 102,990,000 102,990,000Advances to contractors 7 6,109,801,896 22,590,982,200Other receivables 8 5,226,076,438 323,040,136

Current liabilities 160,338,483,784 387,921,263,336

Payables to contractors 9 81,040,875,511 295,231,340,883Payables to employees 49,984,000 245,687,900Personal income tax payable - 28,712,5003 Other payables 10 79,247,624,273 92,415,522,053

Net worth (126,630,967,050) (280,983,928,343)

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IVietnam Urban Water Supply and Wastewater Project Aggregated Financial StatementsCredit No. 4948 - VN; Credit No. 5817 - VN; Period from 01/01/2018and Loan No. 8621 - VN to 28/02/2019

STATEMENT OF FIRST GENERATION DESIGNATED ACCOUNT - COMPONENT I

For the period: From 01/01/2018 to 28/02/2019Account No: 0010370255077Account Holder: Central Project Management Unit IBank: JSC Bank for Foreign Trade of Vietnam - Head OfficeAddress: No. 198, Tran Quang Khai Street, Hoan Kiem District, HanoiCurrency: USD

PART A: ACTIVITIES Note USD USD

Opening balance 2,839,098.53

Add:Total amounts deposited by the World Bank 8,076,561.00Amount refunded from the Second Generation Designated 326,917.54Accounts of- My Phuoc WS PPMU 75,537.19- Dong Ha WW PPMU 60,927.70- Dong Xoai WS PPMU 60,000.00- Tam Ky WW PPMU 58,531.30- Da Lat WW PPMU 30,036.73- Dong Xoai WW PPMU 27,103.78- Da Lat WW PPMU 11,701.67- Ninh Binh WS PPMU 3,079.17

8,403,478.54Deduct: Total amounts withdrawn (10,484,575.12)

I Closing balance 758,001.95

I PART B: RECONCILIATION

1. Amount advanced by the World Bank 10,568,571.432. Deduct: Amount recovered by the World Bank (6,938,841.80)3. Present outstanding amount advanced to 3,629,729.63

4. Closing balance 758,001.955. Add:

Amounts withdrawn and not yet claimed at CPMU1 (1) 2,345,942.28Amount advanced to the Second Generation Designated 536,561.40Accounts

2,882,503.686. Deduct: Refund received from the current account (10,776.00)of Dong Xoai WS PPMU in 2017

7. Total advances accounted for 3,629,729.63

(1) The amounts have been claimed at Withdrawal application No. 84-HP1 dated 28/08/2019 and No.3 85-HP1 dated 27/09/2019.

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Vietnam Urban Water Supply and Wastewater Project Aggregated Financial StatementsCredit No. 4948 - VN; 5817 - VN; and Loan No. 8621 - VN Period from 01/01/2018 to 28/02/2019

STATEMENT OF AGGREGATED SECOND GENERATION DESIGNATED ACCOUNTS - COMPONENT IFor the period: From 01/01/2018 to 28/02/2019Bank: JSC Bank for Foreign Trade of Vietnam - BranchesCurrency: USD

Uong Bi Ninh Binh Phu Quoc My Phuoc Tam Ky Da Lat Dong XoaiPART A: ACTIVITIES WS PPMU WS PPMU WSPPMU WS PPMU WS PPMU WS PPMU WS PPMUUSD USD USD USD USD USD USD

Opening balance - 72,925.39 - 100,000.00 - 49,891.73 60,000.00Add: Total amounts deposited from First Generation - - - -.

Designated Account for Component 1Deduct:

Total amounts withdrawn - (69,846.22) - (24,462.81) - (19,855.00)Amount refund to CPMU1 - (3,079.17) - (75,537.19) - (30,036.73) (60,000.00)

- (72,925.39) - (100,000.00) - (49,891.73) (60,000.00)

Closing balance - - -

PART B: RECONCILIATION

1. Amount advanced by the CPMU1 - 100,000.00 - 100,000.00 - 100,000.00 60,000.002. Deduct: Amount recovered by CPMU1 - (96,921.05) - (24,462.81) - - -3. Deduct: Amount refund to CPMU1 - (3,079.17) - (75,537.19) - (30,036.73) (60,000.00)4. Present outstanding amount advanced to - (0.22) - - - 69,963.27 -

5. Closing balance (1) . -6. Add: Amounts withdrawn and not yet claimed (2) - - - - 69,941.897. Deduct: Payables of bank fee - (0.22) - - - 21.38

8. Total advances accounted for - (0.22) - - - 69,963.27 -

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STATEMENT OF AGGREGATED SECOND GENERATION DESIGNATED ACCOUNTS - COMPONENT I (CONTINUED)For the period: From 01/01/2018 to 28/02/2019Bank: JSC Bank for Foreign Trade of Vietnam - BranchesCurrency: USD

Bim Son Thai Hoa Dong Ha Ninh Binh Da Lat Tam Ky Dong XoaiPART A: ACTIVITIES WW PPM U WW PPM U WW PPM U WW PPM U WW PPM U WW PPM U WW PPM U TotalUSD USD USD USD USD USD USD USD

Opening balance 9,675.26 92,601.00 60,927.70 - 57,392.84 58,531.30 27,103.78 589,049.00Add: Total amounts deposited from First Generation 90,364.48 - - - - - - 90,364.48Designated Account for Component 1Deduct:

Total amounts withdrawn (70,050.59) (35,253.37) - - (45,691.17) - - (265,159.16)Am ount refund to CPM U1 - (60,927.70) - (11,701.67) (58,531.30) (27,103.78) (326,917.54)(70,050.59) (35,253.37) (60,927.70) - (57,392.84) (58,531.30) (27,103.78) (592,076.70)

Closing balance 29,989.15 57,347.6346 - - - - 87,336.78


1. Amount advanced by the CPMU1 100,000.00 100,000.00 100,000.00 97,759.02 100,000.00 100,000.00 100,000.00 1,057,759.022. Deduct: Amount recovered by CPMU1 - - - - - - (72,896.22) (194,280.08)3. Deduct: Amount refund to CPMU1 - - (60,927.70) - (11,701.67) (58,531.30) (27,103.78) (326,917.54)4. Present outstanding amount advanced to 100,000.00 100,000.00 39,072.30 97,759.02 88,298.33 41,468.70 - 536,561.405. Closing balance (1) 29,989.15 57,347.63 - - - - - 87,336.786. Add: Amounts withdrawn and not yet claimed (2) 70,050.59 42,652.37 39,072.30 97,759.02 88,298.33 41,468.70 - 449,243.207. Deduct: Payables of bank fee (39.74) - - - - - (18.58)

8. Total advances accounted for 100,000.00 100,000.00 39,072.30 97,759.02 88,298.33 41,468.704. 536,561.40

(1) Closing balances of the second generation designated account of Bim Soan WW PPMU and Thai Hoa WW PPMU have been respectively transferred to CPMUat 16/09/2019 and 13/11/2019;

(2) The amounts have been claimed by CPMU at Withdrawal application No. 84-HP1 and No. 85-HP1.

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IVietnam Urban Water Supply and Wastewater Project Financial StatementsCredit No. 4948 - VN; 5817 - VN; Period from 01/01/2018and Loan No. 8621 to 28/02/2019

STATEMENT OF DESIGNATED ACCOUNT - SUB-COMPONENT 2A

For the period: From 01/01/2018 to 28/02/2019Account No: 0010370255078Account Holder: Central Project Management Unit 1Bank: JSC Bank for Foreign Trade of Vietnam - Head OfficeAddress: No 198, Tran Quang Khai Street, Hoan Kiem District, HanoiCurrency: USD

PART A: ACTIVITIES Note USD USD

Opening balance 78,199.55

Deduct: Total amounts withdrawn (7,751.37)

Closing balance 70,448.18


1. Amount advanced by the World Bank 200,000.002. Deduct: Amount recovered by the World Bank (129,551.82)3. Present outstanding amount advanced to 70,448.18

4. Closing balance (1) 70,448.18

5. Total advances accounted for 70,448.18

I (1) The closing balance of First designated account of Component 2A has been refunded to WorldBank on 25/09/2019.

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STATEMENT OF WITHDRAWALS AND RECONCILIATION OF FUNDSComponent 1At CPMU1For the period from 01 January 2018 to 28 February 2019

Withdrawal applications Amount claimed Amount receivedSub-Component Sub-Component

No. Date Currency 1A 1B Total Date Amount Variances Note(a) (b) (b)-(a)

Designated Account

77-HP1 21/12/2017 USD 1,390,176.71 2,686,384.29 4,076,561.00 18/01/2018 4,076,561.0078-HP1 22/03/2018 USD 2,261,616.57 3,749,207.18 6,010,823.75 02/05/2018 4,000,000.00 (2,010,823.75) (1)83-HP1 06/12/2018 USD 1,659,995.57 3,268,022.48 4,928,018.05 26/12/2018 - (4,928,018.05) (1)

Direct Payment

79-HP1 26/02/2018 VND - 3,740,344,852 3,740,344,852 22/03/2018 3,740,344,852 - (2)80-HP1 26/02/2018 VND - 2,304,349,520 2,304,349,520 22/03/2018 2,304,349,520 - (2)81-HP1 20/03/2018 VND 2,196,562,184 - 2,196,562,184 03/05/2018 2,196,562,184 - (2)82-HP1 30/04/2018 VND - 5,500,397,497 5,500,397,497 19/04/2018 5,500,397,497 - (2)

Total amounts in USD 5,311,788.85 9,703,613.95 15,015,402.80 8,076,561.00 (6,938,841.80)

Total amounts in VND 2,196,562,184 11,545,091,869 13,741,654,053 13,741,654,053 -

(1) Recovered by the World Bank;

(2) Withdrawal application No.79-HP1, No.80-HPI, No.81-HP1 and No.83-HP2 have been paid directly from the World Bank to contractors at PPMU WW DaLat, PPMU WS Ninh Binh and PPMU WW Bim Son.

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STATEMENT OF WITHDRAWALS AND RECONCILIATION OF FUNDSSub-Component 2AAt CPMU1For the period 01 January 2018 to 28 February 2019

Withdrawal applications Amount claimed Amount receivedSub-Component

No. Date Currency 2A Total Date Amount Variances Note(a) (b) (b)-(a)

Designated Account

19-HP2A 21/12/2017 USD 80,784.17 80,784.17 - (80,784.17)20-HP2A 15/06/2018 USD 48,767.65 48,767.65 - (48,767.65)

Direct Payment

21-HP2A 28/01/2019 VND 2,310,000,000 2,310,000,000 11/02/2019 2,310,000,000

Total amounts in USD 129,551.82 129,551.82 - (129,551.82) (1)

Total amounts in VND 2,310,000,000 2,310,000,000 2,310,000,000 -

(1) Recovered by the World Bank.

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IVietnam Urban Water Supply and Wastewater Project Aggregated Financial StatementsCredit No. 4948 - VN; 5817 - VN; Period from 01/01/2018and Loan No. 8621 - VN to 28/02/2019

NOTES TO THE AGGREGATED FINANCIAL STATEMENTSPeriod from 01 January 2018 to 28 February 2019

1. Background

The Vietnam Urban Water Supply and Waswater Project ("the Project") is implemented under theCredit No. 4948 - VN dated 13 July 2011; No. 5817 - VN dated 25 July 2016 and Loan No. 8621- VN dated 25 July 2016 (Amendment to the Credit No. 4948 - VN dated 13 July 2011) (the"Agreements") between the Socialist Republic of Vietnam and the World Bank ("WB"). Totalproject cost is estimated to be USD 236.2 million, in which WB funding of USD 200 million and3 counterpart funding by Vietnamese Government of USD 36.2 million.

The main objective of the Project is to increase access to sustainable water services andenvironmental sanitation in selected urban areas in Project Provinces. The Project includes maincomponents as follows:

(i) Component 1: Investment and Project Implementation (implemented by the participatingprovinces, covering 7 water supply Sub-projects - under Sub-Component 1A and 7environmental sanitation Sub-project - under Sub-Component 1B); Including 3 expenditurecategories: (i) Civil works, equipment and goods; (ii) Consulting and Technical assistance; (iii)PPMU cost, compensation and approvals; and

I (ii) Component 2: Technical Assistance on Institutional Strengthening and Project Monitoring(Implemented by Ministry of Construction - Management Board of Urban TechnicalInfrastructure Development Projects ("CPMUI") - under Sub-Component 2A; and TechnicalAssistance on Improving the Efficiency of Investments and Operations (implemented byMinistry of Planning and Investment ("CPMU2") - under Sub-Component 2B).

The Project has become effective on 07 October 2011 and closes on 31 December 2019.

The Project is managed by the Central Project Management Units (CPMUs) and Provincial

Project Management Units (PPMUs), and their offices are located at:

Central Proiect Management UnitsN

CPMU 1 No. 37 Le Dai Hanh Street, Hoan Kiem District, HanoiCMPU 2 No. 6B Hoang Dieu Street, Ba Dinh District, Hanoi

Sub-Component 1A

Uong Bi WS PPMU No 449 Nguyen Van Cu Street, Ha Long city, Quang NinhNinh Binh WS PPMU Vo Thi Sau Street, Ninh Binh city, Ninh BinhTam Ky WS PPMU No. 86-88 Phan Boi Chau Street, Tam Ky city, Quang NamDa Lat WS PPMU No. 7 Bui Thi Xuan Street, Da Lat city, Lam DongDong Xoai WS PPMU Nguyen Van Linh Street, Dong Xoai town, Binh PhuocMy Phuoc WS PPMU No. 11 Ngo Van Tri street, Thu Dau Mot town, Binh DuongPhu Quoc WS PPMU No. 271 Mac Cuu street, Rach Gia city, Kien Giang

Sub-Component 1 B

Ninh Binh WW PPMU No. 33 Le Dai Hanh Street, Ninh Binh City, Ninh BinhBim Son WW PPMU No. 28 Tran Phu street, Bim Son town, Thanh HoaDong Ha WW PPMU No. 68C Highway No. 9, Dong Ha city, Quang TriThai Hoa WW PPMU Kim Tan block, Thai Hoa town, Nghe AnTam Ky WW PPMU No. 64 Hung Vuong street, Tam Ky city, Quang NamDa Lat WW PPMU No. 7 Bui Thi Xuan Street, Da Lat city, Lam DongDong Xoai WW PPMU Nguyen Van Linh Street, Dong Xoai town, Binh PhuocDi An WW PPMU 11 Ngo Van Tri, TP Thu Dau Mot, Binh Duong

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The Component 1 is carried out by 07 Water Supply PPMUs ("WS PPMUs") and 07 Water wastePPMUs ("WW PPMUs") as follows:

Province Sub-component 1A Sub-component 1B

Uong Bi city (Quang Ninh province) Uong Bi WS PPMU N/ANinh Binh city (Ninh Binh province) Ninh Binh WS PPMU Ninh Binh WW PPMUTam Ky city (Quang Nam province) Tam Ky WS PPMU Tam Ky WW PPMUDa Lat city (Lam Dong province) Da Lat WS PPMU Da Lat WW PPMUDong Xoai town (Binh Phuoc province) Dong Xoai WS PPMU Dong Xoai WW PPMUPhu Quoc island (Kien Giang province) Phu Quoc WS PPMU N/AThai Hoa town (Nghe An Province) N/A Thai Hoa WW PPMUDong Ha city (Quang Tri province) N/A Dong Ha WW PPMUBim Son town (Thanh Hoa province) N/A Bim Son WW PPMUMy Phuoc urban and industrial areas My Phuoc WS PPMU N/A(Binh Duong province)

2. Principal Accounting Policies

a. Basis of preparation of the Aggregated Financial Statements

The annual accounting period commences from 1st January and ends at 31 December.The final accounting period commences from 1st January 2018 and ends at 28th February 2019.Aggregated Financial Statements has been prepared base on the aggregation of FinancialStatement of CPMU1 and other PPMUs from 01 January 2018 to 28 February 2019.

The Aggregated Financial Statements are prepared in accordance with the requirements of theWorld Bank and presented in Vietnamese Dong (VND), except for the Statements of DesignatedAccounts and Statements of Withdrawals and Reconciliation of Funds, which are prepared inUnited State Dollar (USD) and VND.

The principal accounting policies are summarized as below:

b. Foreign currencies

Funds received from the World Bank in foreign currency is converted into VND under the actualexchange rate announced by the service bank (mentioned at Note 2d) at transaction dates.

Other transactions in foreign currencies are converted to VND under actual exchange rateannounced by the service bank at transaction dates. All exchange differences from thesetransactions are recorded into Exchange rate difference account and presented as Other funds inon Statement of Aggregated Funds and Expenditures.

Monetary assets and liabilities denominated in foreign currencies are revaluated at the reportingdate under transfer buying rate of the service bank at the same date.

c. Funds and Expenditures

Funds:

Funds received from the World Bank are recorded when direct payment made to thecontractors/ suppliers or remittance made into the Designated Accounts.

> Counterpart funds of the Vietnamese Government are recorded when payments are madedirectly from the Vietnamese Government to contractors/suppliers or funds are remitted to theProject Management Units for settlement of the Project's activities.

Expenditures:

Expenditures are recognized when they are actually incurred. In which, interest expense of watersupply sub-projects is recorded on accrual basis and within its approved budget and generalexpenditures within "Consulting and technical assistance" are allocated from CPMU1.

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d. Designated Accounts and their interest

The First Generation Designated Account - Component 1 ("FGDA-C1") is the deposit account inUSD opened at the Head office of Joint Stock Commercial Bank for Foreign Trade of Vietnam forthe implementation activities of the Sub-Projects under Component 1. Payments from the FGDA-C1 are to advance and replenish the fund to the Second Generation Designated Accountsopened by the Provincial Project Management Units of 14 Sub-Projects or pay directly tocontractors/ suppliers for their expenditures in accordance with the relevant covenants of CreditNo. 4948 - VN dated 13 July 2011, 5817 - VN dated 25 July 2016 and Loan No. 8621 dated 25July 2016 (Amendment to the Credit No. 4948 - VN dated 13 July 2011), the Project'sOperations Manual and relevant regulations established by the World Bank.

Second Generation Designated Accounts - Component 1 are deposit accounts in USD opened atBranches of Joint Stock Commercial Bank of Foreign Trade of Vietnam by the Provincial ProjectManagement Units of 14 Sub-projects for the implementation of the Sub-projects activities underComponent 1. Payments out of the Second Generation Designated Accounts are made forexpenditures in accordance with the relevant covernants of Credit No. 4948 - VN dated 13 July2011, 5817 - VN dated 25 July 2016 and Loan No. 8621 dated 25 July 2016 (Amendment to theCredit No. 4948 - VN dated 13 July 2011), Project's Operations Manual and relevant regulationsestablished by the World Bank.

Designated Account - Sub-Component 2A ("DA-C2A") is the deposit account in USD opened atthe Head office of Joint Stock Commercial Bank for Foreign Trade of Vietnam for theimplementation activities under Sub-Component 2A. Payments out of the DA-C2A are made forexpenditures in accordance with the relevant covernants of Credit No. 4948 - VN dated 13 July2011, 5817 - VN dated 25 July 2016 and Loan No. 8621 dated 25 July 2016 (Amendment to theCredit No. 4948 - VN dated 13 July 2011), the Project's Operations Manual and relevantregulations established by the World Bank.

Designated Account - Sub-Component 2B ("DA-C2B") is the deposit account in USD opened atthe Northern Hanoi Branch of Vietnam Bank for Agriculture and Rural Development of activitiesunder Sub-Component 2B. Payments out of the DA-C2B are made for expenditures inaccordance with the relevant covernants of Credit No. 4948 - VN dated 13 July 2011, 5817 - VNdated 25 July 2016 and Loan No. 8621 dated 25 July 2016 (Amendment to the Credit No. 4948 -VN dated 13 July 2011), the Project's Operations Manual and relevant regulations established by3 the World Bank.

Interests of the Second Generation Designated Accounts of the Water Supply Sub-projects areconsidered as receipts of investors - Water supply companies, interests of the other DesignatedAccounts are considered as receipts of the State Budget and initially recorded as Other payablesin Statement of Aggregated Funds Balance and used to cover bank charges. At the end of theproject, outstanding interests will be returned to the Waters supply companies and theVietnamese Government. In case bank charges are not fully covered by the interests, the CPMUsand PPMUs will plan to settle by the counterpart funds (according to the Circular No.11 1/2016/TT-BTC dated 30 June 2016 which comes into force from 01 November 2016).

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3. Funds received from the World Bank

From 01/01/2018 to 28/02/2019 Accumulated to 28/02/2019Equivalent Equialent

USD to USD V to VND

Component 1 89687,980.74 197,117,674,728 174,204,338.87 3,776,715,850,3693 Advance - - 20,000,000.00 423,860,000,000Replenishment 8,076,561.00 183,376,020,675 138,396,120.45 3,021,757,357,259Direct payment 611,419.74 13,741,654,053 15,808,218.42 331,098,493,110

Sub-Component 2A 101,014.52 2,310,000,000 1,801,842.44 39,409,942,391Advance - 200,000.00 4,168,000,000Replenishment - - 952,269.06 21,150,329,654Direct payment 101,014.52 2,310,000,000 649,573.38 14,091,61Z737

Sub-Component 2B - - 1,085,375.04 23,194,996,960Advance - 200,000.00 4,165,600,000Replenishment - 971,312.70 20,982,759,972Refund - (85,937.66) (1,953,363,012)

199,427,674,728 3,839,320,789,720

4. Counterpart funds

From 01/01/2018 Accumulatedto 28/02/2019 to 28/02/2019

VND VND

0Component 1 62,380,281,949 853,979,130,419Sub-component 1A 57,161,529,118 438,154,297,142Uong Bi WS PPMU - 59,179,314,865Ninh Binh WS PPMU 21,925,586,814 73,650,956,845Tam Ky WS PPMU - 27,014,643,708Da Lat WS PPMU 32843,548,768 88,641,740,997Dong Xoai WS PPMU 2,392,393,536 49,032 424,157My Phuoc WS PPMU - 104,897,636,334Phu Quoc WS PPMU - 35,737,580,236

I Sub-component 11 5,218,752,831 415,824,833,277Ninh Binh WW PPMU - 43,172,500,000Bim Son WW PPMU (1,031,773,206) 33,062, 314,059Dong Ha WW PPMU 2,500,000,000 95,922,085,000Thai Hoa WW PPMU (3,998,642,011) 57,958,857,989Tam Ky WW PPMU - 108,899,561,206Da Lat WW PPMU 5,859,270,746 35,292, 152,041Dong Xoai WW PPMU 1,889,897,302 41,517,362,982

I Component 2 1,307,233,567 12,939,037,731CPMU1 - Sub-component 2A 1,307,233,567 9,687,363,692CPMU2 - Sub-component 2B - 3,251,674,039

63,687,515,516 866,918,168,150

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5. Expenditures

From 01101/2018 Accumulatedto 28/02/2019 to 28/02/2019

VND VNDExpenditures covered by:

The World Bank 56,861,284,601 3,844,107,066,771The Counterpart fund 52,648,383,376 1,011,393,339,203

I 109,509,667,977 4,855,500,405,974

Expenditures are financed under the Credit No. 4948 - VN dated 13 July 2011; 5817 - VN dated25 July 2016 and Loan No. 8621 dated 25 July 2016 (Amendment to the Credit No. 4948 - VNdated 13 July 2011) as below:

No. Items Funded rate P}

A. Component 11. Civil works, equipments and goods 90% of total expenditures2. Consultant and technical assistance 100% of total expenditures

B. Component 2 100% of total expenditures

(*): Inclusive of local taxes and duties

I 1

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MMMM MM M MMMIM MM m m


Expenditures by Categories:

From 01/01/2018 to 28/02/2019 Accumulated to 28/02/2019World Bank fund Counterpart fund Total World Bank fund Counterpart fund Total

VND VND VND VND VND VND

Component 1 54,551,284,601 51,225,424,505 105,776,709,106 3,790,696,660,289 998,278,682,738 4,788,976,343,027Civil works, equipment and goods 51,197,122,834 5,739,408,836 56,936,531,670 3,505,831,956,953 397,643,783,134 3,903,475,740,087Consultant and Technical 3,354,161,767 553,863,000 3,908,024,767 284,864,703,336 1,464,886,000 286,329,589,336assistanceIn which: general expenditures - - 31,954,672, 742 - 31,954,672,742allocated from CPMU IProject management costs, - 44,932,152,669 44,932,152,669 - 599,170,013,604 599,170,013,604compensation, approvalsIn which: interest expense - 39,067,068,270 39,067,068,270 - 257,913,423,267 257,913,423,267

Sub-Component 2A 2,310,000,000 1,422,958,871 3,732,958,871 30,096,306,514 9,862,982,426 39,959,288,940Civil works, equipment and goods -Consultant and Technical 2,310,000,000 - 2,310,000,000 30,096,306,514 81,000,000 30,177,306,514assistanceProject management costs, - 1,422,958,871 1,422,958,871 - 9,781,982,426 9,781,982,426compensation, approvals

Sub-Component 2B - 23,314,099,968 3,251,674,039 26,565,774,007Civil works, equipment and goods - 492,060,402 - 492,060,402Consultant and Technical - 22,822,039,566 - 22;822,039,566assistanceProject management costs, - 3,251,674,039 3,251,674,039compensation, approvals

56,861,284,601 52,648,383,376 109,509,667,977 3,844,107,066,771 1,011,393,339,203 4,855,500,405,974

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6. Cash at bank, treasury

28/02/2019 31/12/20173 VND VND

Component 1 20,599,060,164 82,009,686,552First Generation Designated Account - Component 1 17,547,745,143 64,348,168,183Second Generation Designated Account - - 6,480,072,410Sub-Component 1ASecond Generation Designated Account - 2,043,993,262 7,001,341,525Sub-Component 1BInterest from Second Generation Designated Account 22,746,303 22,603,284- Sub-Component 1AInterest from Second Generation Designated Account 28,457,901 33,133,669- Sub-Component 1BTreasury account 891,972,686 3,223,155,705Others 64,144,870 901,211,776

Component 2 1,630,875,367 1,772,392,800Designated Account - Sub-Component 2A 1,630,875,367 1,772,392,800

I 22,229,935,531 83,782,079,352

7. Advances to contractors

28/02/2019 31/12/2017VND VND

Component 1 6,109,801,896 22,590,982,200Sub-component 1A 66,378,360 706,460,910Ninh Binh WS PPMU - 640,082, 550Phu Quoc WS PPMU 66,378,360 66,378,360

Sub-component 1B 6,043,423,536 21,884,521,290Bim Son WW PPMU - 50,211,944Thai Hoa WW PPMU 168,903,871 5,887,696,882Da Lat WW PPMU 5,655,474,132 15,817,772,614Dong Xoai WW PPMU 219,045,533 128,839,850

6,109,801,896 22,590,982,200

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8. Other receivables

28/02/2019 31/12/20173 VND VND

Receivables of Lam Dong Water Supply and 5,000,000,000 -Sewerage JSC (1)Others 226,076,438 323,040,136

5,226,076,438 323,040,136

(1) Joint venture of Bach Dang Construction JSC and No.1 Nghe An Irrigation Engineering JSCtransferred a penalty for contract of Package DLWW - 04. However, this amount has beentransferred to payment account of Lam Dong Water Supply and Sewerage JSC instead ofSecondary account of Da Lat WW PPMU.

9. Payables to contractors

28/02/2019 31/12/20173 VND VND

Component 1 81,040,875,511 295,060,060,249Sub-component 1A 17,761,912,789 72,107,338,279

Uong Bi WS PPMU 2,383,925,793 2,742,249,221Ninh Binh WS PPMU 928,072,770 19,851,484,198Tam Ky WS PPMU 13,648,771,810 14,007,095,238Da Lat WS PPMU - 15,656,490,300Dong Xoai WS PPMU 780,189,148 19,112,419,198My Phuoc WS PPMU 20,953,268 379,276,696Phu Quoc WS PPMU - 358,323,428

Sub-component 1B 63,278,962,722 222,952,721,970Ninh Binh WW PPMU 25,220,307,428 25,220,307,428Bim Son WW PPMU 5,991,316,228 38,251,666,248Dong Ha WW PPMU 407,652,000 4,902,523,428Thai Hoa WW PPMU 13,006,454,926 57,677,830,354Tam Ky WW PPMU 5,731,247,526 33,006,610,614Da Lat WW PPMU 1,157,443,471 41,404,045,888

Dong Xoai WW PPMU 11,764,541,143 22,489,738,010

Component 2 - 171,280,634CPMU1 - Sub-component 2A - 171,280,634

81,040,875,511 295,231,340,883

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10. Other payables

28/02/2019 31/12/20173 VND VND

Interest payables 59,943,499,027 65,392,389,643Water Supply and Wastewater Companies (1) 16,317,185,933 23,772,221,791Interests of Bank accounts 59,598,851 137,814,218Foreign contractor tax 132,047,127 132,047,127Temporary loan 191,538,940 100,000,000Others 2,603,754,395 2,881,049,274

79,247,624,273 92,415,522,053

I (1) Temporary loans from Quang Nam Water Draining Supplying JSC and Lam Dong WaterSupply and Sewerage Co., Ltd to pay expenses financed by counterpart funds from Quang NamPeople's Committee and Lam Dong People's Committee with the amount as at 28/02/2019 ofVND 15,705,250,457 and VND 515,735,476 respectively.

11. Subsequent events

I There have been no significant events occurring after the reporting date, which would requireadjustments or disclosures to be made in the Aggregated Financial Statements.

12. Corresponding figures

The corresponding figures are the Aggregated Financial Statements for the fiscal year ended asat 31 December 2017, which were audited by AASC Limited.

13. Approval of the Aggregated Financial Statements

The Aggregated Financial Statements were approved by the Project Management Units forissuance on 20 September 2019.

Orn ,behaf of the Project Management UnitsI

Tran Thi Ngoc Thanh Hoang Le ThuyDepity1Drector in charge Chief AccountantCentral Project Management Unit 1 Central Project Management Unit 1


III

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Annex 1: Accumulated Fund received from the World Bank at PPMUs of the Component 1

Accumulated From 01/01/2018 Accumulatedto 31/12/2017 to 28/02/2019 to 28/02/2019

VND VND VND

Sub-Component 1AUong Bi WS PPMU (1) 177,870,911,743 72,147,674 177,943,059,417Ninh Binh WS PPMU (1) 218,336,088,867 27,056,256,500 245,392,345,367Tam Ky WS PPMU 263,008,420,043 358,323,428 263,366,743,471Da Lat WS PPMU (1) 223,140,174,054 29,704,584,724 252,844,758,778Dong Xoai WS PPMU 237,198,871,232 15,234,061,020 252,432,932,252My Phuoc WS PPMU (1) 431,041,682,352 (1,784,941,836) 429,256,740,516Phu Quoc WS PPMU (1) 224,519,137,845 178,962,271 224,698,100,116

Sub-Component 1BNinh Binh WW PPMU 352,622,397,337 - 352,622,397,337Bim Son WW PPMU 168,924,506,492 30,506,513,471 199,431,019,963Thai Hoa WW PPMU 228,799,007,854 44,557,932,428 273,356,940,282Dong Ha WW PPMU 269,115,905,865 1,136,257,534 270,252,163,399Tam Ky WW PPMU 339,177,241,003 25,913,632,393 365,090,873,396Da Lat WW PPMU 204,286,875,418 48,094,861,444 252,381,736,8623 Dong Xoai WW PPMU 204,718,137,019 9,766,262,032 214,484,399,051

3,542,759,357,124 230,794,853,083 3,773,554,210,207

(1) In the period from 01/01/2018 to 28/02/2019, VND 1,502,954,717 has been recovered fromPPMUs (Uong Bi WS PPMU: VND 286,175,754; Ninh Binh WS PPMU: VND 500,958,335; Da LatWS PPMU: VND 110,532,222; My Phuoc WS PPMU: VND 425,927,249; Phu Quoc WS PPMU:VND 179,361,157) under the inspection result of State Audit Office of Vietnam and otherinspections agencies of settlement.

24>

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No.: 200919. CIC/BCTC.FIS2

INDEPENDENT AUDITORS' REPORT ON THE INTERNAL CONTROL SYSTEM

To: The Project Management Units ofVietnam Urban Water Supply and Wastewater Project

I We have audited, in accordance with International Standards on Auditing, the Aggregated FinancialStatements of the Vietnam Urban Water Supply and Wastewater Project ("the Project") for theperiod from 01 January 2018 to 28 February 2019 and issued the auditors' report thereon dated 20September 2019 expressing an opinion on those Aggregated Financial Statements.

In connection with our audit of the Aggregated Financial Statements, we also examined theeffectiveness of internal control over compliance with requirements that could have a direct andmaterial financial effect on the Aggregated Financial Statements as well as the internal control overAggregated Financial Reporting for the period from 01 January 2018 to 28 February 2019.

Responsibilities of the Project Management Units

The Project Management Units is responsible for maintaining an effective internal control overcompliance with requirements that could have a direct and material financial effect on the AggregatedFinancial Statements as well as the internal control over Aggregated Financial Reporting.

Auditor's Responsibility

Our responsibility is to express an opinion on the effectiveness of internal control based on ourexamination.

Our examination was conducted in accordance with the International Standard on AssuranceEngagements (ISAE) 3000 (Revised). That standard requires that we comply with ethicalrequirements and plan and perform our procedures to obtain reasonable assurance about whether,in all material respects, the Project has maintained an effective internal control over compliancewith requirements that could have a direct and material financial effect on the Aggregated FinancialStatements as well as internal control over financial reporting.

Our examination included obtaining an understanding, testing, and evaluating the design andoperating effectiveness of the internal control, and performing other procedures as we considerednecessary in the circumstances to obtain sufficient appropriate evidence to provide a basis for our

opinion

Because of the inherent limitations of internal control over Aggregated Financial Reporting,including the possibility of collusion or improper management override of controls, materialmisstatements due to error or fraud may occur and not to be prevented or detected on a regularbasis. In addition, projections of any evaluation of the effectiveness of the internal control overAggregated Financial Reporting to future periods are subject to the risk that controls may becomeinadequate because of changes in conditions, or that the degree of compliance with the policies orprocedures may deteriorate.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion.

1

A member of 11 International

HANG K9M TOAN AASC 25

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Auditors' opinion

In our opinion, the Project has maintained an effective internal control over misstatements thatcould have a direct and material financial effect on the Project's Aggregated Financial Statementsfor the period from 01 January 2018 to 28 February 2019.

AASC Limited

Do Manh Cuong Nguyen Pham HungDeputy General Director Auditor in-chargeCPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2015-002-1


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II No.: 200919. -2 /BCTC.FIS2

I INDEPENDENT AUDITORS' REPORT ON THE COMPLIANCE

To: The Project Management Units ofVietnam Urban Water Supply and Wastewater Project

I We have audited, in accordance with the International Standards on Auditing, the AggregatedFinancial Statements of the Vietnam Urban Water Supply and Wastewater Project ("the Project")for the period from 01 January 2018 to 28 February 2019 and issued the auditors' report thereondated on 20 September 2019 expressing an opinion on those Aggregated Financial Statements.

In connection with the audit of the Aggregated Financial Statements, we also performedprocedures on the Project's compliance with the Credit No. 4948 - VN dated 13 July 2011, 5817 -VN dated 25 July 2016 and Loan No. 8621 dated 25 July 2016 (Amendment to the Credit No. 4948- VN dated 13 July 2011), law and regulations that have a direct and material effect on theProject's Aggregated Financial Statements for the period from 01 January 2018 to 28 February2019 ("the Requirements").

Responsibilities of the Project Management Units

I The Project Management Units is responsible for complying with the Requirements applicable tothe Project.

Auditor's Responsibility

Our responsibility is to express an opinion on the Project's compliance with the Requirementsbased on our procedures. We limited our tests of compliance to the requirements, and we did nottest compliance with all laws and regulations applicable to the Project.

We performed our work in accordance with the International Standard on Assurance Engagements(ISAE) 3000 (Revised). That standard requires that we comply with ethical requirements and planand perform our procedures to obtain reasonable assurance about whether, in all materialrespects, the Project has complied with the Requirements.

An assurance engagement to report on the compliance with the requirements at the Projectinvolves performing procedures to obtain evidence about whether the Project's activities are free ofmaterial noncompliance with the requirements, including obtaining an understanding of the internalcontrol relevant to the Project's compliance with the requirements. The procedures selecteddepend on the auditors' judgment, including the assessment of risks that the Project does notcomply with the requirements and whether such noncompliance could have a direct and materialfinancial effect on the Project's Aggregated Financial Statements. Our procedures included testingthe compliance with the requirements we consider necessary to provide a reasonable assurancethat the requirements are complied by the Project.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide abasis for our opinion.

II

A mernmber of International

HANG KIEM TOAN AASC 27

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III Auditor's Opinion

In our opinion, the Project has complied with the Requirements that could have a direct andmaterial financial effect on the Project's Aggregated Financial Statements for the period from 01January 2018 to 28 February 2019.

AASC Limited

Do Manh Cuong Nguyen Pham HungDeputy General Director Auditor in-chargeCPA Registered No.: 0744-2018-002-1 CPA Registered No.: 2893-2015-002-1


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world bank document...mr. pham van thach director of thai hoa ww ppmu co mr. pham van dung director...

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