Nhan Dan – A report by the State Audit Office of Vietnam (SAOV) shows that over VND21.7 trillion (US$1.04 billion) from the State budget was misspent in 2010.
This information was released at a conference on the results of audits of Government agencies, local authorities and State-owned enterprises (SOEs).
According to the report, many SOEs recorded large losses while others saw their profits fall sharply in 2010 compared to the previous year, which was attributed to poor management and investment in non-core businesses.
Auditors also found that 34 examined provincial authorities regularly exceeded their budget spending targets, with eight of them showing excesses of more than 25%.
The report declares that the State budget income in 2010 was VND588.428 trillion (US$28.24 billion), which is equivalent to 127.5% of the target, while budget spending was VND648.833 trillion (US$31.14 billion), 11.4% above the set target.