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Financial statements

Updated: 2016-12-13 14:32:52

Audited financial statement in 2005

Financial statement in 2005

 

Financial statements are presented in Vietnam Dong(VND), adopting the accounting regime stipulated by the State Bank of Vietnam (SBV), consistent with Vietnam’s Accounting Standard and accounting principles generally accepted in Vietnam, with the financial management regulation issued in connection with Decision No 180/2002/QD-TTg by the Prime Minister on 19th December, 2002, and with Circulars No. 24/TT-BTC, dated June 9th, 2003 and No. 72/2003/TT-BTC dated July 31st 2003 by Ministry of Finance providing guidance on  VBSP’s   financial management regulation, which was issued in connection with Decision No 180/2002/QD-TTg  by the Prime Minister on 19th December, 2002.

 VBSP’s fiscal year begins on January 1st and ends on December 31st of the calendar year.

 Key principles

1. Income

VBSP’s income consists of income actually earned from its operations and other activities.

2. Expense

Expenses are reasonable costs incurred in the period.

3. Conversion of Foreign Currencies

Transactions denominated in foreign currencies were converted to VND at the exchange rates prevailing on the date of transaction. The balances of assets and liabilities originally denominated in foreign currencies on the closing date of a fiscal year were converted to VND at the exchange rates announced by the SBV on that date. Gains (losses) as a result of such conversion were charged to the profit and loss account.

4. Fixed assets and depreciation of fixed assets

Fixed assets are valued at the original cost minus the accumulated depreciation. The depreciation of fixed assets is calculated on the basis of the straight-line depreciation method and the estimated useful life of the assets, which are stipulated in Decision No. 206/2003/QD-BTC issued by the Minister of Finance on 12th December, 2003.

5. Credit

The total outstanding loan is the aggregate of the unpaid principals of all loans at the end of the fiscal year. Interest is calculated on cash basis. Loan loss provision shall be used to cover losses that incur objectively in the course of lending to the poor and other policy-based beneficiaries. 

 BALANCE SHEET [1                                                                                                           Unit: million VND

 

December 31st 2003

December 31st 2004

December 31st 2005

Assets

 

 

 

-    Cash in hand

           9,166

         13,830

        20,799

- Deposits at the State Bank of Vietnam

           5,984

         16,192

        36,032

- Deposits at domestic credit institutions.

       222,600

    1,047,658

   1,406,948

- Loans to the poor entrusted through credit institutions, and domestic socio-political organizations

    8,070,843

                 -  

                -  

- Loans to domestic economic entities and individuals

    2,003,408

  13,484,332

 17,304,937

- Trust funds lending

       149,462

       518,091

      842,412

- Frozen loans

         87,141

       268,036

      208,223

- Assets

         88,797

       142,981

      334,896

- Other assets

         94,644

         38,288

        86,713

Total assets

  10,732,045

  15,529,408

 20,240,960

Liabilities

 

 

 

- Borrowings from the State Bank of Vietnam

    1,531,239

    1,661,239

   1,640,850

- Borrowings from other credit institutions           

    3,961,874

    6,732,646

   9,660,101

- Deposits of clients                 

       637,104

    1,491,428

   1,718,828

- Trust funds

       534,752

       721,146

   1,010,332

- Other liabilities

       190,786

       236,127

      238,738

Liabilities subtotal      

    6,855,755

  10,842,586

 14,268,849

Equity and reserves

 

 

 

- Charter capital            

    1,515,000

    2,315,000

   3,197,000

- Others capital             

    2,377,455

    2,463,912

   2,697,574

- Reserves                               

         20,441

           9,058

        11,399

Total equity and reserves        

    3,912,896

    4,787,970

   5,905,973

Undistributed profit                  

       (36,606)

     (101,148)

       66,138

Total liabilities            

  10,732,045

  15,529,408

 20,240,960

 

 FINANCIAL PERFORMANCE [2]                                                                                        Unit: million dong

Targets

2003

2004

2005

  1. Income

       674,603

    1,115,450

   1,730,391

  • Interest income from lending activities

       436,628

       602,872

      804,858

  • Other income from credit activities

              130

              529

          5,073

  • Interest income from deposits

         14,206

         14,120

        26,043

  • Income from payment activities

                  1

                31

             114

  • Income from treasury activities

                 -  

                  1

                 1

  • Income from other activities

           1,892

              183

          4,950

  • Subsidy from State budget for minus interest spread and operational cost     

       219,866

       494,108

      886,136

  • Other incomes

           1,880

           3,606

          3,216

 

PHOTO ARTICLES

LENDING INTEREST RATE

Poor Households

Lending to poor households 6,6%/year
Lending to poor households in 64 poor districts as stipulated by the Government Resolution No.30a in 2008 3,3%/year

Near Poor Households

Lending to near poor households 7,92%/year

Students

Lending to disadvantaged students 6,6%/year

People in need of loans for job creation

Lending to business establishments owned by war invalids and handicapped persons 3,3%/year
Others...

DEPOSIT INTEREST RATE

Term Deposit Rate
Overnight 3,04%/year
1 week 3,23%/year
2 week 3,5%/year
Others...

 

Copyright by Vietnam Bank for Social Policies
Address: No.169, Linh Duong Street, Hoang Liet Ward, Hoang Mai District, Ha Noi, Vietnam
Email: vbsp_icd@vbsp.vn, Tel: +84-24-36417 203, Fax: +84-24-36417 194

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