Poor management causes irregularities in Vietnam's state entities
Many state agencies and enterprises nationwide in Vietnam have poor management capacity and accountancy skills which result in irregularities and ineffective operation, local newspaper Vietnam News reported Thursday.
According to the audit results of the 2005 fiscal year recently released by the State Audit of Vietnam, the irregularities made by them were valued at 7.6 trillion Vietnamese dong (475 million U.S. dollars). The State Audit also found two cases showing signs of corruption and misspending, and shifted the cases to the Ministry of Public Security for investigation.
The 2005 audit results were based on reports collected from 64 cities and provinces nationwide and 104 audits by the State Audit in 32 localities, ministries, national programs, state-owned corporations and commercial banks, security and armed forces departments, and financial units of the Communist Party of Vietnam.
The State Audit found that 76.5 percent of audited businesses were profitable, and 23.1 percent suffered losses. Many enterprises did not sufficiently research market demand, financial constrains and other challenges to draft effective plans for production expansion.
Xinhua - September 6, 2007.
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