According to audit decision No. 179, signed by Chief Inspector Tran Huy Truong of the Ministry of Finance, the audit will be conducted at Vicem and its subsidiaries: Vicem Tam Diep Cement Co., Vicem Hai Phong Cement Co., and Vicem Ha Tien Cement Co.

The audit will focus on several key areas, including the management and utilization of capital and assets, revenue and expense accounting, and the reporting of business results. Additionally, the audit will review these firms’ compliance with financial regulations and their obligations to the state budget.

The audit period will cover the year 2023 and any relevant issues related to the audit timeline.

The audit team comprises 12 members, led by Pham Anh Tuan, the head of the Audit Department. The audit is scheduled to last 45 days from the date the audit decision is announced at the companies.

In the first half of 2024, Vicem produced 7.63 million tons of clinker, achieving 45.1% of its annual target, a decrease of 7.8% compared to the same period in 2023. Cement production reached 9.77 million tons, meeting 45.4% of the annual target and marking a 7.2% decrease year-on-year.

Vicem's total revenue for this period is estimated at VND 13,198 billion, representing 46.1% of the annual target and a 19.4% decline compared to the same period in 2023.

According to Vicem's audited consolidated financial statements, the group’s reported an after-tax loss of VND 1,129 billion in 2023, a stark contrast to the nearly VND 642 billion profit recorded in 2022. The substantial loss was primarily attributed to a significant drop in revenue over the past year.

Hong Khanh