Nearly 90 percent of audited enterprises recorded profitable results in2008 despite the negative impacts of the global economic crisis,according to a report from the State Audit of Vietnam.
These enterprises have significantly contributed to boosting economic growth and tackling social problems, the report says.
Twelve out of 20 state corporations, which had a total pre-tax profitof 16.6 trillion VND (874 million USD), recorded better business resultsthan for 2007, while some performed ineffectively, losing part of theircapital. Ten out of 20 state cooperations had invested into theirnon-traditional fields.
Finances at some statecorporations were poorly managed, leaving huge bad debts such as thoseof the Southern Food Corporation, Hanoi Construction Corporation andViettel Corporation's commercial and export company.
TheSAV's report, released in Hanoi on July 29, presents SAV'sauditing results of 2009 and a report on implementation of auditors'proposals in 2008.
All of the 16 state budget revenuesources beat planned targets, except for petrol fees, which onlyaccounted for 90.7 percent of the target, said Deputy General Auditor LeMinh Khai at the press conference to release the report.
Khai said that even if an increase due to inflation is factored in, revenues still recorded an increase of nearly 14 percent.
Domestic revenue accounted for nearly 56 percent of the total statebudget. Revenues from state corporations increased by 43.2 percent over2007, 13.7 percent higher than targeted in the plan.
Revenue from raw oil was 37 percent higher than targeted and 14 percent higher than in 2007, said Khai.
However, revenue planning didn't always closely follow practices, andin several cases, realised revenue sources were higher than had beenplanned. Khai said some corporations didn't even have a revenue plan.
The SAV has proposed to ask the Ministry of Finance for a higherplanned revenue of 4.5 trillion VND (237 million USD), of which 3.3trillion VND (174 million USD) would be allocated for the state budget.
A decrease in state budget expenditure of 3.4 trillion VND (179 millionUSD) was also proposed, as a significant amount of funds had beenmisspent.
The report said many localities had higherexpenditures than planned, and many of them spent as much as 30 per centmore than what they should have.
The audited government'sforeign debt by the end of 2008 was 432.3 trillion VND (228 million USD), accounting for 29.3 per cent of Gross Domestic Product (GDP), andtotal government debt accounted for 33.4 percent GDP.
According to the audit results, banks, insurance companies and othercredit institutions in general performed effectively and followedsecurity regulations set by the State Bank of Viet Nam. Many of themfocused on increasing their service quality and diversity.
120 projects experienced some delays due to efforts to curb inflation,stabilise the macro economy and ensure sustainable development. Thetotal number of delayed or cancelled projects in 2008 was 1,884, withtotal capital of 5.66 trillion VND (298 million USD).
TheSAV proposed to replace or amend 45 legal documents that were not inline with State regulations, and also urged the issuance of 20 newpolicies and guidance documents./.
These enterprises have significantly contributed to boosting economic growth and tackling social problems, the report says.
Twelve out of 20 state corporations, which had a total pre-tax profitof 16.6 trillion VND (874 million USD), recorded better business resultsthan for 2007, while some performed ineffectively, losing part of theircapital. Ten out of 20 state cooperations had invested into theirnon-traditional fields.
Finances at some statecorporations were poorly managed, leaving huge bad debts such as thoseof the Southern Food Corporation, Hanoi Construction Corporation andViettel Corporation's commercial and export company.
TheSAV's report, released in Hanoi on July 29, presents SAV'sauditing results of 2009 and a report on implementation of auditors'proposals in 2008.
All of the 16 state budget revenuesources beat planned targets, except for petrol fees, which onlyaccounted for 90.7 percent of the target, said Deputy General Auditor LeMinh Khai at the press conference to release the report.
Khai said that even if an increase due to inflation is factored in, revenues still recorded an increase of nearly 14 percent.
Domestic revenue accounted for nearly 56 percent of the total statebudget. Revenues from state corporations increased by 43.2 percent over2007, 13.7 percent higher than targeted in the plan.
Revenue from raw oil was 37 percent higher than targeted and 14 percent higher than in 2007, said Khai.
However, revenue planning didn't always closely follow practices, andin several cases, realised revenue sources were higher than had beenplanned. Khai said some corporations didn't even have a revenue plan.
The SAV has proposed to ask the Ministry of Finance for a higherplanned revenue of 4.5 trillion VND (237 million USD), of which 3.3trillion VND (174 million USD) would be allocated for the state budget.
A decrease in state budget expenditure of 3.4 trillion VND (179 millionUSD) was also proposed, as a significant amount of funds had beenmisspent.
The report said many localities had higherexpenditures than planned, and many of them spent as much as 30 per centmore than what they should have.
The audited government'sforeign debt by the end of 2008 was 432.3 trillion VND (228 million USD), accounting for 29.3 per cent of Gross Domestic Product (GDP), andtotal government debt accounted for 33.4 percent GDP.
According to the audit results, banks, insurance companies and othercredit institutions in general performed effectively and followedsecurity regulations set by the State Bank of Viet Nam. Many of themfocused on increasing their service quality and diversity.
120 projects experienced some delays due to efforts to curb inflation,stabilise the macro economy and ensure sustainable development. Thetotal number of delayed or cancelled projects in 2008 was 1,884, withtotal capital of 5.66 trillion VND (298 million USD).
TheSAV proposed to replace or amend 45 legal documents that were not inline with State regulations, and also urged the issuance of 20 newpolicies and guidance documents./.
