Do Duc Phoc, head of the State Audit Office of Vietnam said that from 2012 to 2016, they had proposed VND115.2trn (USD5.1bn) in fines. VND35.9trn was proposed in 2016, the highest amount for the past 22 years and 1.8 times higher than 2015.
There are many wrongdoings and shortcomings detected in the restructuring and equitisation processes of various firms and banks. According to the office, the wrongdoings in evaluating state capital investments and the value at six firms including Petrovietnam Power Corporation and Vietnam Rubber Group worth VND13trn.
Talking about the audit results of build, operate and transfer projects, the office proposed to reduce the payback period of various projects such as the Highway 1 expansion and the Ho Chi Minh Highway upgrade projects. Violations have also been found while inspecting the management of fee-based public services in big cities.
Prime Minister Nguyen Xuan Phuc at a meeting with State Audit Office of Vietnam
In 2017, the office plans to carry out 234 inspections on state budget statements at the Ministry of Finance and the Ministry of Planning and Investment, the management over state assets at 14 ministries and departments in 2015 and other inspections at state-owned firms and financial institutes.
Prime Minister Nguyen Xuan Phuc said the work of the State Audit Office must be transparent to ensure transparency in the economic management and discover shortcomings of the current regulations and management system.
"The State Audit Office of Vietnam is an important tool to supervise and prevent state asset and power abuse," he said.
He went on to say that all agencies that use state budget must be audited carefully and that everyone expected accurate and transparent results from the office.