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Auditor reveals success for four State-owned firms   2008-08-29 - Viet Nam News

Four State-owned corporations, Vinalines, Viet Nam Multimedia Corporation (VTC) and Khatoco and Resco, have recorded profit in 2007 and not violated any major Government regulations, according to audit results unveiled by the State Audit Office of Vietnam on Wednesday.

Audits of the four corporations' financial reports showed that in 2007 nine of VTC's 13 parent and subsidiaries recorded profits, and all parent and subsidiary units of the other three corporations also recorded profits.

Total pre-tax profit was more than VND1 billion (US$60,000) for Viet Nam National Shipping Lines (Vinalines), VND34.67 million for VTC, VND185.77 million for Khanh Viet Corporation (Khatoco), and VND280.74 million for Sai Gon Real Estate Corporation (Resco), according to the State Audit Office's report.

Regarding investment separate from their primary businesses, only Vinalines invested VND62 billion to set up two real estate trading companies and VND29.7 billion to open two securities companies.

Le Minh Khai, deputy head of the audit office, said that return on equity for the corporation was a reasonable criterion to define the effectiveness of their business because if they made profit and didn't undergo any deficit, their return on equity would be quite high.

Return on equity was 13.6 per cent for Vinalines, 17.3 per cent for VTC, 25 per cent for Khanh Viet and 20 per cent for Resco.

The audit concluded that the four corporations operating under the parent-subsidiary mode have transparent finances and effective operations, especially considering the challenges of the economy.

However, the office report pointed out that the four corporations violated some regulations on accounting, business results, and management of assets, capital, revenue, income and expenditure.

The office said it plans in 2008 undergo 135 auditing courses, an increase of 15 per cent over 2007, including an audit of the State budget, money and assets of 35 provinces and cities controlled by the central authorities and 20 ministries and central offices.

It also plans to produce financial reports on 23 groups, corporations and financial and banking organisations. By August 22, the office finished 49 audits and produced 35 audit reports.

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