The State Audit of Vietnam (SAV) on December 21 announced its auditing plan for 2013 which will cover major banks and groups.
Next year, the SAV will audit the state-owned Vietnam Commercial Joint Stock Bank for Foreign Trade (Vietcombank), Vietnam Development Bank (VDB), Commercial Joint-Stock Bank of Industry and Trade of Vietnam (VietinBank) and Vietnam Bank for Agricultural and Rural Development (Agribank). It will also audit six state-owned groups and 18 corporations.
Big names on the list are Vietnam National Coal and Mineral Industries Group (Vinacomin), Electricity of Vietnam Group (EVN), Vietnam National Oil and Gas Group (PetroVietnam), Vietnam Posts and Telecommunications Group (VNPT), Song Da Holdings and Urban Development Investment Corporation (UDIC).
The SAV will audit a total of 119 units in 2013, down 42 compared to 2012; however, the value of the firms in next year’s list is bigger.
The 2013 auditing programme will focus on land management and use, real estate, housing and urban development, mineral and natural resource use and business. Issues related to the country’s economic restructuring, particularly projects involving public investment restructure will be paid particular attention to.
Other contents will include transfer pricing of foreign-invested companies and monetary management policies such as interest rates and foreign exchange rate controls as well as solutions to ease difficulties for business activities.
According to the SAV, all groups and commercial joint stock banks will be audited from 2013 to 2015 as part of the restructuring of state-owned enterprises and banks.
Deputy State Auditor General Le Minh Khai said activities by state-owned groups and banks were sensitive, posing risks of corruption and losses to the national budget; therefore, they would be the focus of the auditing plan next year.
The auditing will help to assess financial situation and operational efficiency, particularly the non-core investment efficiency of groups. Based on these assessments, the SAV will propose measures for the restructuring of state-owned enterprises and banks.
