:0 GrantThornton U U U U U I U U I. Financial Statements and Independent Auditors' Report. Vietnam Escuela Nueva Project

Transcription

1 Public Disclosure Authorized H :0 GrntThornton Finncil Sttements nd ndependent Auditors' Report Public Disclosure Authorized Vietnm Escuel Nuev Project nder Grnt Agreement No. GPE TF For the period from 1 Jnury 2016 to 30 September 2016 Public Disclosure Authorized Public Disclosure Authorized Grnt Thornton (Vietnm) Limited A member of Grnt Thornton nterntionl Ltd ('GTL') GTL nd the member firms re not worldwide prtnership Services re delivered independently by the member firms.

2 Vietnrn Escuel Nuev Project Grnt Agreement No. OPE TF Contents Prt - Finncil Sttements 1 Pge Report of the Project Mngement nit 2 ndependent Auditors' Report 4 Blnce sheet 6 Sttement of Sources nd ses of funds 7 Sttement of Designted ccount 8 Sttement of grnt withdrwls 9 Notes to the finncil sttements 10 Prt - Auditors' Report on the Complince 26 Prt - Auditors' Report on the nternl Control 29

3 8 8 A Vietnm Escuel Nuev Project Grnt Agreement No. GPE TFO13048 ' 1 Prt * Finncil Sttements 8 8 *

4 3 Vietnm Escuel Nuev Project 2 Grnt Agreement No. GPE TF Report of the Project * Mngement nit 3 The Project Mngement nit ("PM") submits its report together with the udited finncil sttements of the Vietnm Escuel Nuev Project ("the Project") for the period from 1 Jnury 2016 to 30 September Auditors The finncil sttements for the period from 1 Jnury 2016 to 30 September 2016 hve been udited by Grnt Thornton (Vietnm) Limited. Project Mngement nit The members of the PM re responsible for overll direction nd mngement of the Project during the yer nd to the dte of this report were: Nme Mr. Phm Ngoc Dinh 'Mr. Bui Hong Qung Ms. Trn Thi Kim Lien Position Director Deputy Director Chief Accountnt Sttement of the Project Mngement nit The Project Mngement nit is responsible for prepring Finncil Sttements for the period from Jnury 2016 to 30 September 2016 ("the yer") which give true nd fir view of: * the finncil position of the Project; * the funds received nd expended for the yer; * the ctivities of the designted ccount for the period nd the blnce of this ccount s t 30 September 2016; nd * the finds withdrwn for the yer. n prepring those Finncil Sttements, the Project Mngement nit is required to: * select suitble ccounting policies nd then pply them consistently in ccordnce with the Grnt Agreement No. GPE TFF between Socilist Republic of Vietnm nd nterntionl Bnk for Reconstruction nd Development/nterntionl Development Assocition ("DA") nd the Project mplementtion Mnul; * mke judgements nd estimtes tht re resonblc nd prudent; * stte whether pplicble ccounting principles hve been followed, subject to ny mteril deprtures disclosed nd explined in the finncil sttements; nd * design nd implement n effective internl control system for the purpose of properly 3 prepring nd presenting the finncil sttements so s to minimise errors nd fruds. The Project Mngement nit confirms tht they hve complied with the bove requirements in prepring the Finncil Sttements.

5 8 Vietnm Escuel Nuev Project Grnt Agreement No. GPE TFO3048 The Project Mngement nit is responsible for ensuring tht proper ccounting records re kept which disclose, with resonble ccurcy t ny time, the finncil position of the Project nd to ensure tht the ccounting records comply with the ccounting system s described in the Project mplementtion Mnul. They re lso responsible for sfegurding the ssets of the Project nd hence 3 for tking resonble steps for the prevention nd detection of frud nd other irregulrities. Approvl of the finncil sttements We hereby pprove the ccompnying finncil sttements on pges 6 to 25 which give true nd fir view of the fund blnce of the Project s t 30 September 2016, blnce of the designted ccounts for the Grnt fund s t 30 September 2016 nd the funds received nd disbursed for the period from 1 Jnury 2016 to 30 September 2016, in ccordnce with the ccounting policies s described in Note 2 to the finncil sttements nd in the opinion of the PM1, the grnt withdrwls hve been dequtely reconciled to the sttements of expenditure prepred by the Project Mngement during the yer, nd such sttements of expenditure were dequtely supported. For ' i behlf of the Project Mnigement nit, ' Phr Dinh A 4rect Slnot, Vietnm 30 November S S

6 :0 GrntThornton ndependent Auditors' Report on the finncil sttements of the Vietnm Escuel Nuev Project Grnt Agreement No. GPE TF for the period from 1 Jnury 2016 to 30 September Grnt Thornton fvletnm) Limited 18th Floor, Ho Sinh nternionvl Office Sullding 106 Horig Owe Viet Street Cu Gly Disticot, Hnci Vietnm To: The Project Mngement nit Ths+84 (4) F +84 (4) We hve udited the ccompnying blnce sheet of the Vietnm Escuel Nuev Project ('the Project") s t 30 September 2016, nd the sttement of sources nd uses of hinds, sttement of designted ccount nd sttement of withdrwls for the period from 1 Jnury 2016 to 30 3 September 2016 nd the notes thereto (collectively referred to s "Finncil Sttements") s set out on pges from 6 to 25. Project Mngement nit's responsibility for the finncil sttements 3 The Project Mngement nit is responsible for the preprtion -nd fir presenttion of these finncil sttements in ccordnce with ccounting policies s described in Note 2 nd for such internl control s mngement detenmines is necessry to enble the preprtion of finncil sttements tht re free from mteril missttement, whether due to frud or error. Auditors' responsibility Our responsibility is to express n opinion on these finncil sttements bsed on our udit. We conducted our udit in ccordnce with nterntionl Stndrds on Auditing. Those stndrds 5 require tht we comply with ethicl requirements nd pln -nd perform the udit to obtin resonble ssurnce whether the sttements re free from mteril missttement. An udit involves performing procedures to obtin udit evidence bout the mounts nd 3 disclosures in the sttements. The procedures selected depend on the uditor's judgment, including the ssessment of the risks of mteril missttement of the sttements, whether due to frud or 3 error. n mking those risk ssessments, the uditor considers internl control relevnt to the Project's preprtion nd fir presenttion of the sttements in order to design udit procedures 3 tht re pproprite in the circumstnces, but not for the purpose of expressing n opinion on the effectiveness of the Project's internl control. An udit lso includes evluting the ppropriteness of ccounting policies used nd the resonbleness of ccounting estimtes mde by Project Mngement nit, s well s evluting the overll presenttion of the sttements. 1 We believe tht the udit evidence we hve obtined is sufficient nd pproprite to provide bsis 3 for our udit opinion. Grnt Thornton (Vietnm) Limited A member of Grnt Thornton nterntionl Ltd (GTL'). GTL nd the member firms re not worldwide prtnership. Services re delivered independently by the member firms.

7 . 0 GrntThornton Opinion n our opinion, in ll mteril respects: - The ccompnying finncil sttements give true nd fir view of the finncil position s t 30 September 2016 s well s of the funds received nd expenditures of the Project for the period from 1 Jnury 2016 to 30 September 2016 in conformity with the ccounting policies described in Note 2 of the Notes to the finncil sttements. - The ccompnying sttements of designted ccounts give true nd fir view of the blnce of the designted ccount s t 30 September 2016 nd the Project's receipts nd disbursements vi this designted ccounts for the period from 1 Jnury 2016 to 30 September 2016 in conformity with the relevnt covennts of Grnt Agreement No. GPE TF013048, the Project mplementtion Mnul nd relevnt regultions estblished by the World Bnk, Withdrwl Applictions were dequtely reconciled to the sttements of expenditures ("SOEs") prepred by the Project Mngement nit for the yer nd those SOEs were dequtely supported by ccounting vouchers. * ORNTON (VETNAM) LMTED ' N uyen, rung.audito using i Certificte No ' Genrl rector Bui Trn Phuong Minh Auditor's Prctising Certificte No Auditor Hnoi, Vietnm 30 November B Grnt Thornton (Vietnm) Limited. All rights reserved.

8 5 Vietnm Escuel Nuev Project 6 Grnt Agreement No. GPE TFO13048 Blnce sheet 5Notes 30 September December 2015 ASESVND VND S csh 4; ,132,020, ,487,365,014 Csh on hnd 207,690, ,964,863 Csh t bnkc 12,924,330, ,410,151 Receivbles 782,602, ,070,389,197 Advnce to lower levels 5; ,235, ,356,231,559 sadvnces to suppliers ,000, ,480,0(0 Advnce to stff ,180, ,579,150 3 ~TOTAL Other receivbles ; ,186,402 3,253,098,488 ASSETS 13,914,622, ,5,5,1 Notes, 30 September 20621Deeme621 5 RESORCES Libilities 24733,444,370 4,273,596,401 3Pybles to suppliers 13,3 1,379,878,409 3,434,829,494 Cs 4in 131 Tx nd pybles to Stte 1313h00i Budget 9 7;: im87,36,01 47,985, ,714,581 Cs onie hnc27,o040n Pybles to stff ,041,024, ,269,565 ASET Other pybles ,556, ,792,751 Fund blnce 11,181,178, ,254,157,810 Fund blnce crried forwrd 11,181,178, ,284,157,810 TOTAL RESORCES 13,914,622, ,557,754,211 AdcSosf1.,8,0 1,7,5 Oteeevbe ;1 6 8,0,5,9,8 OA SES1,1 2,9 6,6,5,1 H The notes set out on pges from 10 to 25 n integrl prt of these finncil sttements.

9 Vietnm Escuel Nuev Project 7 Grnt Agreement No. GPE TF Sttement of Sources nd ses * of funds Period from Cumultive from 1 Jnury 2016 to Yer ended nception to Notes 30 September December September 2016 VND VND VND SORCES 42,926,407, ,243,912,257 1,845,835,420,290 DA fund 8 35,491,961, ,152,478,930 1,802,809,588,902 Counterprt fund 9 6,642,268,804 11,542,731,294 36,567,437,100 Others ,186,861 1,548,702,033 6,458,394,288 SES OF FNDS ,170,182, ,920,373,074 1, ,588 Mteril development for pedgogic renovtion 23,018,642,213 6,681,223,608 71,389,658,746 Trining nd mteril provision 109,502,611, ,041,331, ,045,032,926 School-bse support for VNEN implementtion 102,985,674, ,869,385, ,899,666,405 Project mngement nd knowledge 62,411,719, ,026,890, ,126,129,695 Others 251,834, ,640, ,436,816 (Deficit)/Surplus of sources over use of funds (245,243,775,171) (69,676,460,817) 6,414,495,702 Foreign exchnge difference (869,204,013) 3,363,628,902 4,766,682,924 Fund blnce t the beginning of the yer/period 257,284,157, ,596,989,725 Fund blnce t the end of the yer/period 11,181,178, ,284,157,810 11,181, Prn/d by: 30 September December 2016 Csh 13,132,020, ,487,366,014 Advnces to stff 1,180, ,579,150 Advnces to lower levels 113,235, ,356,231,659 Prepyment to suppliers 107,000, ,480,000 Other receivbles 561,185,402 3,263,098,488 Pybles to suppliers (1,379,878,409) (3,434,829,494) Tx pybles to Stte Budget (47,985,000) (343,714,581) Pybles to stff (1,041,024,264) (343,259,665) Other pybles (264,556,697) (151,792,751) 11,181,178, ,284,157,810 '8 q4noi, 30 November 2016 THAN LH A ~o Din Tn Ti Kim Lien 3or Chief Accountnt 8 The notes set out on pges from 10 to 25 n ntegrl prt of these finncil sttements.

10 Vietnm Escuel Nuev Project 8 Grnt Agreement No. GPE TF Sttement of Designted ccount For the period: For the period from 1 Jnury 2016 to 30 September 2016 Depository Bnk: Vietnm Joint Stock Commercil Bnk for ndustry nd Trde Address: No.34 Cu Nm, Hon Klein District, Hnoi City Credit Agreement: GPE TF Currency: SD ~Notes JSD Prt A- Account ctivity Opening blnce s t 1 Jnury ,336, Add: 5 Totl mount replenished to Designted Account 1,595, Bnk interests S Less: Totl mount withdrwn from Designted Account (6,619,900.21) Bnk chrges Closing blnce s t 30 September , Prt B- Account reconcilition Amount dvnced by World Bnk t 1 Jnury ,000, Less: Amount recovered by World Bnk 12,688, Amount returned to World Bnk , Add: Amount replenished by World Bnk Outstnding mount dvnced to the Designted Account t 30 September Account blnce s t 30 September , Add:- * Amount withdrwn but not yet climed Deduct., 5Amount returned to World Bnk j Outstnding mount dvnced to the Designted Account t 5 30 September 2016 * 0 vember h oe e u npgsfo 0t 5 itg to hs ic GC HO S S S ViTWPlm c Dinh Trn Thi Kim Lien or Chief Accountnt

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12 t Vietnm Escuel Nuev Project 10 Grnt Agreement No. GPE TF Notes to the finncil sttements 1 The Project The Vietnm Escuel Nuev Project ("the Project") opertes under Grnt Agreement No. GPE TFO 3048 dted 9 Jnury 2013 between the Socilist Republic of Vietnm nd nterntionl Bnk for Reconstruction nd Development/nterntionl Development Assocition ("DA"). The objective of the Project is to crete conditions for children of disdvntged groups to complete high-qulity primry curriculum through pedgogic renovtion, especilly techinglerning methods; nd drw prcticl lessons on pedgogic renovtion ntionwide (centrl nd locl levels) to rech qulified nd sustinble eduction. The Centrl Project Mngement nit ("CPM") is locted t 3B The Gio, Hi B Trung District, Hnoi, Vietnm. There re Provincil Project Mngement nits ("PPMs") nd Schools locted in 63 provinces of Vietnm. These Provinces nd Schools re divided into three groups, including: * Priority group includes 20 difficulty provinces (H Ging, Co Bng, Lo Ci, Lng Son, Ho Binh, Dien Bien, Son L, Thnh Ho, Nghe An, Qung Tri, Khnh Ho, Qung Nm, Kon Tum, Gi Li, Dk Lc, Binh Phuoc, Ninh Thun, Kien Ging, Tr Vinh, Soc Trng), 248 districts nd 1,143 primry schools. Priority group 2 includes 21 medium provinces (Bc Kn, Tuyen Qung, Yen Bi, Thi Nguyen, Phu Tho, Bc Ging, Qung Ninh, Li Chu, Qung Binh, ThuTice-Hue, Qung Ngi, Binh Dinh, Phu Yen, Dk Nong, Lm Dong, Binh Thun, Dong Ni, C Mu, Bc Lieu, An Ging, Hu Ging), 202 districts nd 282 primry schools. * Priority group 3 includes 22 dvntge provinces (Hnoi City, Hi Phong City, D Nng City, Ho Chi Minh City, Cn Tho City, Vinh Phuc, Bc Ninh, Hi Duong, Hung Yen, H Nm, Nm Dinh, Thi Binh, Ninh Binh, H Tinh, Ty Ninh, Binh Duong, B Rin - Vung Tu, Long An, Dong Thp, Ben Tre, Vinh Long, Tien Ging) nd 22 primry schools. 8 The Project commenced its execution since 1 July 2012 nd to be completed on 30 September The finncings from the Project Prtners re s follows: * DA SD84.6 million * Counterprt fund SD3 million 206 Thicnsfo h rjetprnr r sflos * DS8. ilo e Component D; Project mngement nd knowledge. *Sonepr ud D ilo Prjc tdwl elctdt orcmoet,icuig Project's hind will be lloc ted to four components, including: Component A: Mteril development for pedgogic reniovtion. * Component B: Trining nd mteril provision. * Component C: School-bsed support for 'VNEN implementtion.

13 Vietnm Escuel Nuev Project Grnt Agreement No. GPE TF Principl ccounting policies 2.1 Bsis of ccounting 3 The Finncil Sttements, expressed in Vietnmese Dong ('WND'D, except for the sttements of designted ccounts nd sttement of withdrwls which re expressed in nited Sttes Dor 5 (" SD"). These Finncil Sttements re prepred in ccordnce wvith requirements of the World Bnk nd Decision 19/2006/QD-BTC dted 30 '.Mrch 2006 issued by the Ministry of Finnce of g Vietnm nd nterntionl Public Sector Accounting Stndrds. The Finncil Sttements were prep red on csh modified bsis, which is comprehensive bsis of ccounting other thn nterntionl Finncil Reporting Stndrds. Finncil Sttements of whole. Project re consolidted bsed on those of CPM nd PPMs Accounting period The first finncil1 yer of the Progrni is from 1 July 2012 (retroctive dte under Grnt 3 Agreement No. GPE TFO dted 9 Jnury 2013) to31 December Succeeding finncil yer will begins on Jnury nd ends onl 31 December. The lst finncil yer of the Progrmn is 3 from 1 Jnury 2016 to 30 September Foreign currency trnsltion Trnsctions rising in foreign currencies te trnslted into Vietnmese Dong (MVND") t the exchnge rtes ruling on the trnsction dte. t S - Foreigni exchnge differences re not csh flows. However, the effect of exchnge rte chnges on csh nd csh equivlents is reported seprtely in the sttement of sources nd uses of funds in order to reconcile fuind blnces t the beginning nd the end of the yer Recognition of funds nd expenditures Project funds nd expenditures re recognised on modified csh bsis. DA fund: Funds re recognised when direct pyment fronm World Bnk to suppliers or/nd receipts from World Bnk to Designted Account. 2 rni conigplce Counterprt fund: Fund is recognised when direct pyment fromn Tresury to suppliers. -Expenditures re recognised when incurred. S B 8 S to 3 Designted ccount Design-ted Account is the deposit ccount in SD opened t the Vietnm joint Stock Commercil Bnk for ndustry nd Trde for the implementtion of die Project ctivities. Pyments out of the Designted Account re mde for expenditures in ccordnce with the relevnt covennts of Grnt Agreement No. OPE. TF013048, die Projectes Opertions Mnul nd relevnt regultions estblished by the World Bnk.

14 i s E Vietnm Escuel Nuev Project 12 Grnt Agreemont No. GPE TF Csh Csh on hnc 30 September December 2015 VND VND CPM 182,428,122 30,513,000 PPM An Glng 732,080 PPM Bc eu - 5,480,000 PPM B[nh Dinh 1,492,000 PPM Binh Thun - 8,503,659 PPM C Mu. 8,429,400 PPM Co Bng - 5,568,322 PPM Dk Lk - 25,512,000 PPM Dk Nong - 4,032,201 PPM Dong Ni 9.109,540 21,699,440 PPM Gi Li 16,152,740 17,352,740 PPM H Ging 10,019,916 PPM Hu Ging 5,180,500 PPM Ho Binh 296,000 PPM Khnh Ho 2,724,771 PPM Kien Ging - 1,035,077 PPM Ll Chu - 9,762,700 PPM Lm Donq 6,469,101 PPM Lng Son 6,155,000 PPM Lo Ci 3,630,000 PPM Nghe An 8,500 PPM Ninh Thun 978,000 PPM Phu Tho - 2,000,000 PPM Qung Binh 427,000 PPM Qung Ngi - 21,272,000 PPM Qung Tri 627,000 PPM Soc Trn9 16,164,600 PPM Son L - 1,718,000 PPM Thi Nguyen 27,413,000 PPM Thnh Ho - 9,592,700 PPM Thu Thien Hue - 8,000 PPM Tr Vinh 4,438,714 PPM Tuyen Qun ,690, ,954,663 g B s

15 Vietnm Escuel Nuev Project 13 Grnt Agreement No. GPE TF S S 4. Csh (continued) 30 September December 2015 VND VND Csh n bnks CPM 11,429,178, ,334,986,498 PPM An Glng - 200,058,955 PPM Bc Ging - 322,071,451 PPM Sc Kn - 297,046,588 PPM Sc Lieu 290,617,814 PPM Binh Dinh - 348,946,032 PPM Binh Phuc 34,561, ,828,139 PPM Binh Thun - 250,423,151 PPM C Mu - 303,084,911 PPM Co Bng - 1,459,349,067 PPM Dk Lc - 932,907,572 PPM Dk Nng 13,399, ,556,011 PPM Dien Bien 1,061,112,291 PPM Dong Nt 226, ,667,338 PPM Gi Li 914,785,608 1,762,171,784 PPM H Ging - 1,452,981,634 PPM Hu Ging - 132,688,572 PPM Ho Binh 1,219,98,604 PPM Khnh Ho 809,198,353 PPM Kien Ging - 1,054,324,414 PPM Kon Tum - 1,039,815,862 PPM Li Chu - 199,700,505 PPM Lm Dong - 247,026,639 PPM Lng Son ,646,706 PPM Lo Cl - 1,361,910,116 PPM Nghe An - 1,739,861,364 PPM Ninh Thun - 802,471,992 PPML Phu The - 356,693,115 PPM Phu Yen - 166,014,127 PPM Qung Binh - 222,386,308 PPM Qung Nm 180,753,935 1,423,156,785 PPM Qung Ngl 13,536, ,510,232 PPM Qung Ninh - 450,595,364 PPM Qung Tri - 816, PPM Soc Trng - 989,823,697 PPM Son L 337,887,671 1,633,808,820 PPM Thi Nguyen - 259,433,737 PPM Thnh Ho - 1,538,314,998 PPM Thu Thien Hue - 228,037,882 PPM Tr Vinh - 693,252,527 PPM Tuyen Qung - 501,682,449 PPM Yen Bi - 247, ,924,330, ,226,410,151

16 Vietnm Escuel Nuev Project 14 Grnt Agreement No. GPE TFO Advnce to lower levels Advnces to lower levels were outstnding s t 30 September 2016: 30 September December 2016 CPM dvnce for priority group 3: 2,125,994,820 PPM He Noi 142,997,000 PPM Long An 77,793,220 PPM He Nm 88,255,500 PPM Hung Yen 91, PPM Ben Tre 88,051,900 PPM H Tinh- 93,428,500 PPM Vinh Long 95,722,700 PPM Ho Chi Minh City 65,001,500 PPM Hl Duong 112,415,500 PPM Dc Ninh 103,914,000 PPM Tien Ging 71,638,100 PPM Ninh Binh- 108,256,000 PPM Thi Binh 96,115,500 PPM Binb Duong 58,595,500 PPM D Nng 91,247,500 PPM Ty Ninh 51,303,500 PPM Vinh Phuc 131,415,500 PPM B Ri - Vung Tu 130,113,500 PPM Dong Thp 73,341,500 PPM Nm Dinh ,500 PPM Hi Phong 115,475,400 PPM Cn Tho 137,748,500 VND VND Advnce for priority group nd group 2: 113,235, ,229,236, 739 PPM An Ging - 715,754,135 PPM Bc Ging 880,000,000 PPM Bc Kn 649,000,000 PPM Bc Lieu 704,000,000 PPM Binh Oinh 1,229,046,996 PPM Binh Phuoc 1.619,522,850 PPM Binh Thun 682,000,000 PPM C Mu 737,000,000 PPM Co Bng 5,707,046,252 PPM Dk Lk 4,337,091,500 PPM Dk Nong 693,516,000 PPM Dien Bien 9,711,206,268 PPM Dong Nl (Note 13.2) 494, ,444,066 PPM Gi Li (Note 13.2) 110,206,315 5, ,503 PPM He Ging 4,389471,000 PPM Hu Ging 643,152,700 PPM Ho Binh 3,392,907,900 PPM Khnh Ho 1,494,044,480 PPM Kien Ging 3,154,762,000 PPM Kon Turn 3,303,082,700 PPM Li Chu 759,000,000 FPM Lm Dong 583,149,266 PPM Lng Son 7,756,265,540 PPM Lo Ci 7,648,949,400 PPM Nghe An 5,132,460,600 PPM Ninh Thun 1,662,701,519 PPM Phu Tho 715,000,000 PPM Phu Yen 510,577,946

17 Vietnm Escuel Nuev Project 15 G r nt Ag reeme nt N o. G PE TFO Advnce to lower levels (continued) 30 September December 2015 VND VND PPM Qung Binh 693, PPM Qung Nm 3,466,526,726 PPM Qung Ngi 836,000,000 PPM Qung Ninh 892,000,000 PPM Qung Tri 2,496,895,000 PPM Soc Trng 3,555,352,300 PPM Son L 7,229,698,933 PPM Thi Nguyen 792,000,000 PPM Thnh Ho (Note 13.2) 2,535,000 4,937,528,000 PPM Thu Thien Hue - 429,000,000 PPM Tr Vnh 2,481,1 79,859 PPM Tuyen Qung 947,296,300 PPM Yen Bi 715,000, ,235,903 10,355,231,559 Totl 5

18 Vietnm Escuel Nuev Project 16 Grnt Agreement No. GPE TF Other receivbles 30 September December 2015 neligible Other receivbles expenses (1) (ii) Totl VND VND VND VND CPM - 430,396, ,396, ,016 PPM An Ging ,591,333 PPM Bc Glng ,613,098 PPM Bc Kn ,619,639 PPM Bc Lieu ,000 PPM Binh Dinh ,994,677 PPM Binh Phuc 16, ,310,000 63,059,070 PPM Binh Thun - 26,142,532 PPM C Mu ,616,194 PPM Co Bng , PPM Dk h 6,000,000 6,000, ,654,040 PPM Dk Nong ,368,938 PPM Dien Blen ,456,151 PPM Dong Ni - 24,053,985 24,053,985 - PPM Gi Lf - 30,916,740 30,916,740 48,781,846 PPM H Glng ,479,000 PPM Hu Ging ,117,404 PFM Ho Binh ,748,653 PPM Khnh Ho ,268,821 PPM Klen Glng ,057,067 PPM Kon Turn ,213,007 PPM Li Chu ,220,733 PPM Lm Dong - - 8,747,758 PPM Lng Son , PPM Lo Ci ,966,341 PPM Nghe An ,834,249 PPM Ninh Thun ,593,235 PPM Phu The ,141,207 PPM Phu Yen ,824,226 PPM Qung Binh ,084,245 PPM Qung Nm ,962,586 PPM Qung Ngi - 37,816,925 37,816,925 38,763,430 PPM Qung Ninh ,253,806 PPM QungTr - - PPM Soc Trng ,475,034 PPM Son L - 1,780,000 1,780, ,256,808 PPM Thi Nguyen ,427,296 PPM Thnh Ho - 10,783,600 10p783, ,568,988 PPM Thus Thien Hue - 3,125,301 3,128, ,001 PPM Tr Vinh ,427,362 PPM Tuyn Qung ,887,107 PPM Yen Bl ,535,940 16,310, ,876, ,186,402 3,232,345,488 (i) (ii) Represented receivbles from schools becuse ctul expenditures were over cost norms. Other receivbles represented interest income of PPMs nd schools nd receivble mounts from counterprt fund for sone expenditures disbursed by DA fund insted of counterprt fund t CPM. W

19 3 if Vietnm Escuel Nuev Project 17 Grnt Agreement No. GPE TFO Tx nd pybles to Stte budget 30 September December2015 VND VND Personl income tx: CPM - 240,418,300 PPM Dien Bien - 26,661,281 PPM Gi Li 47,985, ,000 PPM Son L - 40,680,000 47,985, ,714,581 8 Grnt fund from DA Period from Jnury 2016 Yer ended Cumultive from inception to 30 September December 2015 to 30 September 2018 Equivlent Equivlent Equivlent SD VND SD Advnces to Designted VND SD VND ccounts ("DA) (13,000,000.00) (270,596,000,000) -.. Replenishment to DA 14,283,577,24 306,086,961,788 16, ,478,930 84,288, ,802,809588,902 1,283,577,24 35,491, , ,152,478,930 54,288, ,802, , B

20 K Vietnm Escuel Nuev Project 18 Grnt Agreement No. GPE TF Counterprt fund Period from 1 Jnury 2016 Yer ended Cumultve from inception to 30 September December 2015 to 30 September 2016 VND VND VND CPM 2,332,477,261 1,802,117, ,461,438 PPM An Ging 63,761, ,965, ,324,040 PPM Bc Ging 75,785, ,554, ,339,000 PPM Bc Kn 98,850, ,800, ,650,000 PPM Binh Dinh 35,501, ,755, ,801,421 PPM Binh Phuoc 710,264,000 91,507,800 1,830,877,330 PPM Binh Thun 55,800,132 81,009, ,199,760 PPM C Mu 83,892, ,532, ,347,500 PPM Co Bng 185,431, ,913,000 1,592,591,000 PPM Dk Lk 158,382, ,879,550 1,099,859,764 PPM Dk Nong 90,902, ,686, ,514,020 PPM Dien Bien - 664,966,800 1,808,768,546 PPM Dong Ni - 48,569, ,727,600 PPM Gi Li 203,636, ,544, ,230,670 PPM H Ging 87,751, ,000, ,400,000 PPM Hu Ging 60,000,000-60,000,000 PPM Hoe Binh 133,302, ,500, ,402,000 PPM Khnh Ho 117,957, ,078, ,470,887 PPM Kien Ging 88,119, ,257,000 1,133,820,860 PPM Kon Tum 110,100, ,200, ,500,000 PPM Li Chu 56,732, ,778, ,430,575 PPM Lng Son 116,009, ,197, ,022,419 PPM Lo Cl 174,000, ,448,300 1,493,951,300 PPM Nghe An 214,260, ,232, ,492,712 PPM Ninh Thun 91,131, ,576, ,708,704 PPM Phu Tho 40,000, ,022, ,035,200 PPM Qung Binh 36,000,000 72,000, ,054,000 PPM Qung Nm 158,000, ,211,000 1,000,061,000 PPM Qung Ngi 98,143, ,926, ,895,600 PPM Qung Ninh 100,000, ,313, ,041,688 PPM Qung Tr 65,000, ,000, ,762,000 PPM Soc Trng 127,918, ,419, ,185,445 PPM Son L 339,577, ,881,622 2,336,095,622 PPM Thi Nguyen 0,000,000 80,000, ,000,000 PPM Thu Thien Hue 69,283, ,499, ,091,349 PPM Tr Vinh 104,238, ,691, ,984,870 PPM Tuyen Qung - 107,689, ,330,680 6,642,258,804 11,542,731,294 36,567,437,100 K

21 Vietnm Escuel Nuev Project 19 Grnt Agreement No. GPE TF Other fund Other fund represented interest income in CPM & PPMs nd income from selling bidding documents in CPM s follows: Period from 1 Jnury 2016 Yer ended Cumultive from inception to 30 September December 2015 to 30 September 2016 VND VND VND CPM 406,775,684 65,170, ,866,144 - nterest income 406,775,684 53,170, , 453,889 - income from selling bidding document - 12,000, , PPM An Ging 3,696, ,973 47,246,667 PPM Bc Ging 2,367,611 10,817,007 49,420,920 PPM Bc Kn 3,071,899 12,969,032 52,734,233 PPM Bc Lieu 13,891,804 7,769,082 35,802,890 PPM Binh Dinh 4,229,656 20,823,172 83,388,755 PPM Binh Phuoc 1,299,456 25,881, ,644,392 PPM Binh Thun 2,815,571 12,150,398 49,544,417 PPM C Mu 3,132,749 10,521, ,052 PPM Co Bng 21,680,533 79,935, ,687,760 PPM Dk Lk 18,048,203 48,250, ,049,202 PPM Dk Nong 3,661,621 14,761,315 50,345,122 PPM Dien Bien 65,642, ,533, ,361,302 PPM Dong Ni 29,545,020 5,64,125 49,171,651 PPM Gi Li 15,320,414 96,235, ,325,631 PPM H Ging 17,424, , , PPM Hu Ging 1,664,764 10,461,535 41, PPM Ho Binh 14,312,010 53,358, ,999,620 PPM Khnh Ho 4.872,653 24,551,874 95,805,206 PPM K[en Ging 1,141,724 14,902, ,386,486 PPM Kon Turn 10,989,331 49,805, ,492,622 PPM Li Chu 2,885,076 11,277,903 47,284,065 PPM Lm Dong 9,781,599 6,227,697 42,270,814 PPM Lng Son 21,220, ,365, ,491,610 PPM Lo Ci 19,310,400 81,742, ,994,033 PPM Nghe An 13,454,779 75,760, ,655,942 PPM Ninh Thun 7,975,077 29,184, , PPM Phu Th - 5,845,424 27,347,162 PPM Phu Yen 1,773,726 8,003,881 29,433,997 PPM Qung Bnh 2,691,884 9,105,869 41,798,492 PPM Qung Nm 9,114,631 58,937, ,931,049 PPM Qung Ngi 2,373,408 14,558,844 60,997,124 PPM Qung Nnh 8,903,284 4,695,352 32,710,740 PPM Qung Tri 8,393,153 33,477, ,532,105 PPM Soc Trng 63,884,249 10,037, ,623,357 PPM Son L 20,595,140 91,198, ,338,232 PPM Thl Nguyen 6,284,103 23,416,679 38,502,196 PPM Thnh HoE - 102,193, ,168,470 PPM Thu Thien Hue 2,528,662 7,038,147 29,695,446 PPM Tr Vinh 29,983,171 16,166, ,467,491 PPM Tuyen Qung 12,558, ,005 62,140p306 PPM Yen Bi 2,912,643 12,534,029 51,174, ,186, ,702,033 6,458,394,288

22 Vietnm Escuel Nuev Project 20 Grnt Agreement No. GPE TF Expenses by components, ctivities nd by sources of fund for the period from 1 Jnury 2016 to 30 September ses of funds by components nd by sources Period from 1 Jnury 2016 Yer ended Cumultive from inception to 30 S eptemnbeor Decemnber2015 to 30 Se ptem ber 2015G A A 1Expenditures by DA fundvnvdvd Mteril development for pedgogic renovtion 22,796,208,363 6,379,533,536 69,242,664,324 Trining nd mteril provision ,661, ,353,976, ,174,607,572 School-b se s up port fo r VNE N implementtlon 102,863,324, ,837,365, ,745,396,405 Project mngement nd knowledge 44,266,162,019 94,512,625, ,350,766,156 2A1,834_04A ,655,190, D,35,042,705 1,800,914,749,725 Expenditures by Counterprt fund Mteril development for pedgogic renovtion 222,333, ,690,072 2,146,794,422 Trining nid mteril provision 14,850, ,355,000 1,870,425,354 School-bse 11 EpneSyc support for VNEN moet,tvtisdb ore 5implementtion ffn o h 122,250,000 32,020, ,270,000 eidfo ur 06t 0Spe br21 Others 111 effnsb opnnsdb ore Peidfo ur 06Y ne Project mngement nd knowledge 8,155,557,964 10,514,265,297 34,334,685,087 8,514,991,814 11,535,330,369 uuiefo 38,506,174,863 neto to3etme 06 3 eebr05 t 0Spebr21 VNN N Totl expenditures 288,170,182, ,920, ,839,420,924,588 ExedtrsyAfn Meldvlpen o eoi reoin2,90.6, ,4,6,2 Triigdmtrrvso 0,8, ,7,4 4,7,0,7 ScolbsupotfrVE imnmnin ,3,6,6 4,4,9,0

23 Others 3,036,000 6,509,4t7 1,967,100 8,752,178 7,461,600 7,408,S51 9,316,72i5 1,80,034 32,500 39,017 15,990,870 8,14c,722 5,348, ,122 oportingcwsis 45,272,12B 44,45, ,730, ,016, ,64, ,049, ,425, ,202, ,629, ,206, ,108, ,500,076 3,550,00 46,364,000 otilers 705, ,570,167 2,754,87 92,580 15,171,468 6,595, , ,p00 33, ,268,149 2,572, ,00 2,946,200 Vietnm Escuel Nuev Project Grnt Agreement No. GPE TFO ses of funds by ctivities Forthe period from 1 jnury 2015 to 30 September 2016 CPM An Glng Bc GTng Bc Kn Sc Lieu Bnh Dinh BnhPhuoc BinhfThun C Mm cn Bng Dklik Dk Nong Dien Bion Dong Nol Goods 38,94,926,763 Consuing Servkm 71,674,033, , , ,900, ,000, ,133, ,000, ,00, ,000, ,000, ,000, ,000, ,000,00 110,00o,000 Trolnig & erkshops 23,524,333, ,590,800 69,264, ,120,000 28,322,40-44,076, ,10, ,00, ,046,720 Schvo gnmg 1,064,198,971 c82.000, ,00, ,000, ,00 1,052,145,900 1, ,000, ,004,000 6,557,709,600 4,334,00W ,20,000 9,073,729, ,29,330 ncrermentl operfng costs 19,039,186, ,894, ,712,900 13,500,000 47,449, ,694,73 1,020,410, ,290, , , ,332, ,907,300 99,202,018 - Others 72,331,447 1,286,000 2,096,80 1,234, , ,300 1,190,02$ 911,500 11,000 8,397,150 5,906,88 1,707,060 1,855,168 79,442,841 1,, ,78900_..341,122,273 2p56,600,25_ 976,279,591 _1,20,432,310 6,977,890,750 5,269,639,18_ 966, ,105,834, ,734,171 pe dfrom 1 Jry 2010 to 30 September2016 ci L m Ging HL Ging Ho Binh Khnh flo K"en Glng Kon Tum Li Chu Lem Dong Lng Son Lo Ci Nghe An Ninf Thun PimTh Goods.... ConsWng servics 4400,0 40,000,00C 11000, ,000, , ,068, ,000, ,00,000 14, Trning & 440,000, ,000, ,660, ,00, ,000,000 orkshops 212,471, ,124,700 - C0,700, , ,955,55 279,641,000 94,876,000 35,4e9, ,174,000 65b,220,400 1,047,210, ,410,700 Schoof grnts 5,112,400,100 4,389,000, ,537,000 3,208,99ß00 1,45,000,00 3,135,000,000 3,275,935,3y4 769,000, ,035,000 lncremonil 7561,M5,000 7,548,675,000 5,070,60,000 1,426,915,767 71,000,00 operting costs 447,030,E94 330ß99, ,520, ,956, ,402, ,328, ,921,000 80,137,475 4,120, ß49, ,294, ,403, ,024,636 88, ,15,737,884 5,779,733, , ,557,498,168 2,392,2n769 4,741,831,301 4,385, ,016,729 72, ,287 8,940160,570 6,89294,122 2,264,359, ,751,322 Goods Consubng Fcr the perjod fröm 1 Jnury 2016 to 30 September 2016 Phu Yen Qung Binh Qung Nem Qung Ngl Qung Ninh Qung Tri Smt Trng Son L Thi Nguyen Th " Thu Then Rue Tr Vinh T~yen Qung Yn Bl 5e~ges 110,000,00 110,000, ,520,000 08,000,00 223,400, ,000,0D 264,000, , ,000, ,00^, , ,000, ,000, ,000,000 Triring & wr~thops 94,088, ,396,000 24,476,00 75,133, ,087, ,664,000 84,550,000 84,550,000 71,720,900 34,770,000 85,651,840 - School grnts 505,000, ,000,000 3,164,800, , ,000,000 2,496,815,000 2,321,718,000 7,226,24,000 7,226,246,000 5,014,605,000 42, ,475,000, ,002, ,00,000 lcrementl 661,777,674. _ 9~4438,168 4,547,017,702 1,160,248,26 1,400,350,000 3,31,123, ,735, ,567, ,418,961, ,094,575 3,177, ,181,66,446 $73,318,200

24 mmmmmmm.mmmmmmmmmmmm.mmmmum.mms Vietnm Escuel Nuev Project Grnt Agreement No. GrE TF ses of funds by ctivities (continued) Yerended 31 December2015 CPM An Glng sc Clng Bc Kn Sc Lieu Binh Dimh Dih Phoc Btnh Tbn C Mu Cu Bng Dklk Dk Hong Men Bien Dong Nl Goods 31,18,956, Consu'tmg seyvces 54, , , , ,200, ,540, ,800,o , , ,200, ,965,000 1,016,575, e , ,200,000 Trining & workshops , , , , , ,.900 1, ,500 2,561,077, ,725, ,000 School 587, grnts 2,107,015,30 1, ,721,700, , , ,67 3, ,150 1,336, ,460,000 10, ,360, , ncrefrentl operting costs 1,947,752, , , ,811, , ,810, , , ,579, , , , Others 41, ,539,0B ,650 1,853, , , , ,455 7,976,569 11, , , , , ,332, ,43 2, ,448 3, ,3B3 5, , , ,339, ,515 12,499,949,54 2,537,296,999 21,698,318, Yer ended 31 DecemtLbr 2015 GA Li H Ging Hu Glng Ho Mnh Khnh Hoe Kilen lng Kon Turn Ll Chu Lm Dong Lng Son Lo Ci Nghe An Ninh Thun Phu The Goods Consutsng 5eri"es 1, ,000 1,012,00, , , , , ,012, , ,200,000 1,012, ,012, , , ,600, ,200,000 Trining & workshops 1.805,771,000 2,394, ,000 1,521, , , ,284, , , ,180, ,466, , ,885,800 School grnts ,497 8,705,389, ,787, , ,953, , , ,517, ,660,000 1,251,782,915 16, ,200 14,956,570, ,679,400 2,886,015, ,000 incrementl operting cos 1,015,640, ,047,039 52, ,978, ,360, ,999, ,757, ,920,819 1,164.90, ,464, ,920, ,534, Others 6.986, ,712 4, ,024,509 7,792,490 2,608,980 6,670, , , ,937 28,917,26 16,400,348 4, , , ,995, , ,170 10, , ,900 9,379,110,330 9,053,272,492 2,478, , , ,145, , , ,577,840 Goods ConslAng Yerended 31 December2015 Phu Yen Qung B1nh Qung Nrn Qung Nel Qung NiTch Qung Tri Soc Trng Son L Thl Nguyen Thnh He Thu Thien us Tr Vinh Tyen Qfung Yen el. serv.es 253,200, ,650, , ,820, , ,679, ,070,000 1,008,000, ,200,00 1,012,800, ,884, ,600, ,200, ,000 Trining & workshops 365, ,000 1,1368,97, , ,084,363,500 2,279,824, ,432,000 2,353,222, , , ,770, School grints ,673 1,363,060, , ,634,544,000 1, ,000 4, ,508,547, ,861,967 1, ,000 9, ,60,0WD 4, ,405,260,000 ncrementl Cpernng costs 88,653, ,670, ,524, ,929, ,911, ,995,920 T,042,383, ,722, ,250, ,577,380 S22, ,134, Others 1.709,000 2, ,622,469 1, ,480 15,120, ,500 5,5S1, ,588 19,874,382 2, ,850, , ,400 1, ,922, , , ,061, ,058,024,663 8, , ,518 2, ,588 13,823, ,662,714, , , ,774,400

25 m mm m s m w..ww.. w w. w w w w.u m w e w wwm Workshops 207,034,096,489 1,737, ,904,077, ,030,200 1,579, ,321,100 3,690, ,823,250,60 1,825, ,547,954, ,780,000 1,717,511, ,009,579,300 operting costs 43, , , ,204, , ,015, , ,941, ,171, ,694,910 3,609,927,737 1, B ,662,667, , Others 493,273, ,466 8,019,686 1,244,272 6,170, , ,763 2,093, , , ,761,234 workshops 6, ,000 9,765,152, ,082, ,9B,237,69 3, ,723.9M ,2S.B ,474, ,968,046,600 8,539,091,200 2, ,113,249,500 Otemrs 4.870,046 11,097,223 19, , ,68B 55.% ,859,145 33,005,594 1,247,060 91,741, ,950 12,017, ,758,76 4, Vietnm Escuel Nuev Project Grnt Agreement No- GPE TF ses of funds by ctivities (continued) Cumultive from inception to 30 September 2016 CPM An clng Bc Glng 1c Kn Bc Lieu Binh Ofnh Binh Phuc Binh Thn C Mu Co Bng Dkfk Dk Wng DenBlen Dng N Goods 411,733,100, Consulliri services , , , oo 835,946, ,533, ,160, , ,077, , ,178,471, ,000 3, ,10 780,050,000 Trining & Schooigrnts 7.165,861, ,028,760 6,012,549,600 4, E ,08 10,969,658,265 4,655,702,700 5,088,330, , , ,000 56, , ncrementl , ,317,502,505,029, ,434,481, , j , ,293, ,053,679 7,625,193,458 Cumultive from inception to 30 September 2016 Gi Li HA Glng Hu Glng No BiSh Khnh Hs Kinn Glng Kon Ten Li Chu Lm Dong Lng Son Lo Cl Nghe An Goods Ninh Thun Phu The - - Consutng serviges ,000 3,291,605, ,121,000 3, ,000 2, ,264,750 3, ,752, , ,000 Trining & 3,335,928, S,231, , Schoolgrnts 33,513,058,384 29, ,70o ,900 10,104,868,520 20, , ,852,114 5,175, , ,300 49, ,760 50,164, ,722,303,600 9,575,243,851 4, ,000 ncrnentl operting costs ,989,515, , , ,092, ,703, ,300, ,678, , ,477,784,089 2,911,738, ,212 1,826, r700 Others ,675 41, ,177 55, ,505 19,153, ,152 41, , , ,159,464 4, ,913,588, , ,558,077 35,035, , , ,239,60, , ,823, ,59, ,343,810 46,656,660, , ,352 Goods. Consulg Cumultive from nception to 30 September 2016 Phu Yen Quig Binh Qung Nnt Qunq Ngl Qung Nnh Qung Tr Soc Trng Son L ThitNguyen Thnh He Thu Thien Hue Tr Vinh Tuyen Qung Yen Bt servces 802,434.,o 847,300,000 2, ,590, ,575,420, ,000 3,192,023, ,400,000 3,395,436, ,883o00 2,347,523, ,05, , Tring & workshops 1.232,554,200 1, ,112,700 1,737, ,468,197,000 3,735,067,400 3, , , , ,100 1,132, ,96,597, ,227, ,535,400 School grnts 3.342, ,778,447,500 19, ,651,337,200 6,55,840,C , ,329,618, , ,645,000 33,237, ,042,328,800 16,134,8, ,670,000 4, ,000 rementl opertmo costs 232, ,160, , ,086,687, ,566 1,063,713, , ,266,179, ,834, ,227, ,699,515, ,296, , , , ,552,176 9,266,103, B ,67/ ,462 8,933831, ,159, ,499,000

26 Vietnm Escuel Nuev Project 24 Grnt Agreement No. GPE TF S11 ses of funds by ctivities (continued) Period from 1 Jnury 2016 Yer ended Cumultive from inception to 30 September December 2015 to 30 September 2016 VND VND VND Goods 38,948,926,763 31,188,966, ,105 Consulting services 81,675,614,144 78,875,760, ,021,649,046 Trining & workshops 31, , ,268,294, ,732,019,653 School grnt 102,985,674, ,923,755, ,489,134,854 ncrementl operting costs 32,410,566,767 28,403,271, ,824,116,670 Others 328,067, ,325,027 1,620,904, ,170,182, ,920,373,074 1,839,420, Reconcilition of mounts received by the Project from DA nd mounts disbursed by DA 3 Period from 1 Jnury 2016 Yer ended S) to 30 September December 2015 JSD 5 Tot mo unts rece ved. by theo P roject from DA 1,595, Add:, 16, Direct pyments Less:, Amount trnsferred to DA n prior yer 1 Totl mounts disbursed by DA see Sttement of *Withdrwls) 1,595, ,678, *13 Subsequent event EZvents which hve occurred within the period from 1 October 2016 to the dte of issunce the Project Finncil Sttements s follows: S 8 *13.1 Csh blnce Th e P rovin cil. Project Mngemien t nlits ("P Ms") return ed the c s h on h nd nd cs h,t h nk blnces fter finlistion to CP?v. After tht, CPNf used these csh on hnd nd csh t hnk blnces to liquidte the outstnding libilities s t 30 September At the dte of issunce the Project Finncil Sttements, there ws no blnce of csh on hnd nd csh t bnk (the blnce *ws nil) t CPMT% -nd PPMs, The blnce of Designted Account s per 30 September 2016 mounting to SD331, ws returned to World Bnk by CP-M on 3 October Receivbles blnce The blnce of dvnce to lower levels of PPM Dong Ni, Gi Li nd Thnh Ho with totl mount of VND 113,235,903 ws collected nd returned to OPNM nd the blnce ws zero s t the dte of issunce the Project Finncil S ttements. * Advnces to suppliers of CPNLTJ nd dvnce to stff of PPM Gi Li were pid off nd * liquidted therefore the blnces were zero s t the dte of issunce the Project Finncil Sttements,

27 Vietnm Escuel Nuev Project 25 Grnt Agreement No. GPE TF CPM nd PPMs collected ll other receivbles nd used it for liquidtion of Project expenses. At the dte of issunce the Project Finncil Sttements, blnce of other receivbles ws zero t CPM nd PPMs Libilities blnce. Pybles to suppliers Detils of pybles to suppliers s t 30 September 2016 s follows: 30 September 2016 VNE) Cr insurnce pyble 24,806,516 House rentl pyble 858,000,000 Office rentl pyble 102,394,533 Audit fee pyble 394,677,360 1,379, These bove pybles were fully pid off within the period from 1 October 2016 to the dte of issunce the Project Finncil Sttements, b. Tx nd pybles to Stte budget CPM completed fully its tx obligtions nd pid to Stte budget its Personl income tx within the period from 1 October 2016 to the dte of issunce the Project Finncil Sttements. C. Pyble to stff Pyble to stff ws pid off by CPM within the period from 1 October 2016 to the dte of issunce the Project Finncil Sttements. d. Other pybles CPM liquidted ll other pybles, including business llownces for Project stff, bidding evlution meetings expenses nd bnk fees within the period from 1 October 2016 to the dte of issunce the Project Finncil Sttements. Except the events which were mentioned bove, no significnt events hve occurred since the reporting dte which would impct on the finncil position, receipts nd uses of funds of the Project s disclosed in the blnce sheet s t 30 September 2016 or on the Sttement of Sources nd ses of funds for the period from 1 Jnury 2016 to 30 September _Approvl for issunce of the finncil sttements Sin ttements were pproved by the Project Mngement nit nd uthorised for issue. BAN ob itol,d0 ye ber 2016 rt Dinh Trn Thi Kim Lien Director Chief Accountnt

28 .Vietnm Escuel Nuev Project 26 3 Grnt Agreement No. GPE TF B * Prt. Auditors' Report on the Complince B K

29 * 9 GrntThornton. ndependent Auditors' Report on the Complince the Vietnm Escuel Nuev Project Grnt Agreement No. GPE TF for the period from 1 Jnury 2016 to 30 September 2016 Grnt Thron (Vietnm) Limited 18th Floor, Hlo Binhintemntionl Ofte Bulling 106 Hong Quoc Vit Street Cu Gly DitcL Hnoi Vietnm T44 (4) F +84 (4) ww,rnthomton.mnvn K To: The Project Mngement nit We hve udited the blnce sheet s t 30 September 2016 of the Vietnm Escuel Nuev Project under Grnt Agreement No. GPE TE between the Socilist Republic of Vietnm nd nterntionl Development Assocition C'World Bnk") (the "Project"), the sttement of sources nd uses of funds, sttement of designted ccounts nd the sttement of withdrwls for the period from 1 Jnury 2016 to 30 September 2016 nd the notes thereto (collectively referred to s "Finncil Sttemnents"), nd hve issued our report thereon dted 30 November We conducted our udit in ccordnce with nterntionl Stndrds on Auditing. 3 * The Project Mngement0s Responsibility The Project Mngement is responsible for complying with Applicble Lws, Regultions nd the Procurement Procedures nd other Provisions of the Grnt Agreement nd other Guidnces from 1 World Bnk. Auditors' Responsibility Our responsibility is to express n opinion on the Project's complince with the requirements, bsed on our procedures. We conducted our enggement in ccordnce with the nterntionl Stndrds on Assurnce Enggement 3000, 'Akssurnce Enggements other thn Audits or Reviews of Historicl Finncil nformtion7, issued by the nterntionl Auditing nd Assurnce Stndrds Bord. Tht stndrds requires tht we comply with ethicl requirements nd pln nd perform our procedures to obtin resonble ssurnce bout whether, in ll mteril respects, the Project hs complied with the requirements. An ssurnce enggement to report on the complince with regultory nd contrctul requirements t project involves performing procedures to obtin evidence bout whether the project's ctivities re free of mteril non-complince with the requirements. The procedures * selected depend on the uditor's judgment, including the ssessment of risks tht the Project does not comply with the requirements nd whether such non-complince could hve direct nd 3 mteril effect on the Proj ect's Finncil Sttements. Our procedures included testing the complince with the requirements tht we consider necessry to provide resonble ssurnce tht the requirements re complied by the Project. We believe tht the evidence we hve obtined is sufficient nd pproprite to provide - bsis for our opimon. Grnt Thornton (Vietnm) Limited A member of Grnt Thornton nterntionl Ltd ("GTL'), GL nd the member firms re not worldwide ptnerhip. Services re delivered independently by the member firms.

30 . 0 GrntThornton 28 1 Audit opinion n our opinion, the Project ws, in ll mteril respects, in complince with Applicble Lws, 1 Regultions nd the Procurement Procedures nd other Provisions of Grnt Agreement No. GPE TP013Q48 nd other Guidnces from the World Bnk tht could hve direct nd mteril 1 finncil effect on the Project's Finncil Sttements for the period from 1 Jnury 2016 to 30 * September This report is intended for the informtion of CPM of the Project nd World Bnk. G\A 5?, THORNTON MVETNAM) LMTED X "A udtor's ing Certificte No K Bui Trn Phuong Minh 5 Auditor's udtrsp Prctising igcriien Certificte No Auditor ek0 o Hnoi, Vietnm 30 November 2016 BurnPhogMn uio' rciigcriien Auio 20Gn Thornton (VETNAM) iht rsrvd LMTEDl 2016 Gr~~~nTornto Vietnm~ iie.alrgt eevd

31 Vietnm Escuel Nuieve Project 29 Grnt Agreement No. GPE TF Auioseot Pt ntetr oto E * t

32 :0 GrntThornton * ndependent Auditors' Report on the nternl Control over finncil reporting the Vietnm Escuel Nuev Project Grnt Agreement No. GPE TF for the period from 1 Jnury 2016 to 30 September Grnt Thornton (Metnrm) Limitod 18th 106QHong Qoc VielStreet Cu Giy Osstn Hnoi vwetnm Floor. Ho Bh ntomllonl Office Bldng T 44(4) F 84 (4) ww.grntthormn.covn To: The Project Mngement nit 3 We hve udited the blnce sheet s t 30 September 2016 of the Vietnm Escuel Nuev Project under Grnit Agreement No. GPE TF between the Socilist Republic of Vietnm nd nterntionl Development Assocition ("World Bnk") (the "Project"), the sttement of sources N nd uses of funds, sttement of designted ccounts nd the sttement of withdrwls for the period from 1 Jnury 2016 to 30 September 2016 nd the notes thereto (collectively referred to s "Finncil Sttements), nd hve issued our report thereon dted 30 November We * conducted our udit in ccordnce with nterntionl Stndrds on Auditing. * The Project Mngement's Responsibility The Project Mngement is responsible for designing nd mintining effective internl control over complince with requirements tht could hve direct -nd miteril finncil effect on the 1 finncil sttements s well s over finncil reporting for the purpose of properly prepring nd presenting the finncil sttemnents so s to minim-ise errors nd fruds; nd rke responsibility for its ssertions s to the effectiveness of such internl control * Auditors' Responsibility Our responsibility is to express n opinion on the Project's Finncil Sttements nd on the design nd opertion of controls over finncil reporting, bsed on ouir procedures. We conducted our enggement in ccordnce with the nterntionl Stndrds on Assurnce Enggement 3000, '"Assurnce Enggements other thn Audits or Reviews of Historicl Finncil nformtion", issued by the nterntionl Auditing nd Assurnce Stndrds Bord. Tht stndrd requires tht we comply with ethicl requirements nd pln nd perform our procedures to obtin resonble ssurnce bout whether, in ll mteril respects, the Project's Finncil Sttements re firly * presented nd the controls re suitbly designed nd operting effectively. * An ssurnce enggement to report on the description, design nd operting effectiveness of controls t project involves performing procedures to obtin evidence bout the disclosures in the project's description of its system nd design nd operting effectiveness of controls. The procedures selected depend on the uditor's judgm-ent, including the ssessment of risks tht the * Project's Finncil Sttements is not firly presented, nd tht controls re not suitbly designed or operting effectively. Our procedures included testig the operting effectiveness of those controls tht we consider necessry to provide resonble ssurnce tht the control objectives were chieved. We believe tht the evidence we hve obtined is sufficient nd pproprite to provide bsis for * our opinion. Grnt Thornton (Vietnm) Liited A esr of rnt Tfhni snter-tin Ltd TL nd the ctoln member firms re nt orldnide prtnershiprs re de Fnependety by the issued o r rh n