Hanoitourist likely to see VND550 billion seized

10:43 | 26/07/2018
The Ministry of Finance’s Inspectorate has just proposed the handling of numerous violations of Hanoitourist Corporation – Limited Company regarding the management and usage of capital and property, business results and their implementation of duties to the state budget.
hanoitourist likely to see vnd550 billion seized
Hanoitourist likely to see VND550 billion seized

Specifically, the MoF’s Inspectorate proposed Hanoitourist Corporation to repay VND550 billion ($24.23 million) into the state budget and fund for arranging and supporting enterprises.

This figure includes VND546.4 billion ($24.07 million) of the remaining amount of subsidiaries’ equitisation, VND1.2 billion ($53,000) of corporate income tax of parent company Hanoitourist and VND120 million ($5,300) of Hanoi Tourist Service One Member State-owned Limited Company, as well as over VND3.5 billion ($154,200) seized into the state budget.

Earlier, the MoF’s Inspectorate issued its conclusion on the financial inspection at Hanoitourist Corporation, Dan Chu Tourist and Trading JSC, Hanoi Youth Tourist and Trading JSC, Hanoi Entertainment Services JSC, Hanoi Tourist Service One Member State-owned Limited Company and GTC Thang Long One Member State-owned Limited Company.

The conclusion stated that Hanoitourist Corporation and its five subsidiaries violated regulations on the management of finance, land, and implementing duties for the state budget.

According to thanhtra.com.vn, up to the end of 2016, three out of six firms did not keep the whole of their capital. Dan Chu Tourist and Trading JSC accumulated losses of over VND116 billion ($5.11 million), Hanoi Youth Tourist and Trading JSC accumulated losses of over VND830 million ($36,560), and GTC Thang Long One Member State-owned Limited Company accumulated losses of VND6.8 billion ($0.3 million).

The Inspectorate pointed out VND1.1 billion ($48,500) of shortfall in the books of parent company Hanoitourist Corporation’s branch in Ho Chi Minh City. The parent company has identified the person responsible, asking former deputy director Hoang Minh Tien to repay this amount, but he has yet to do so.

At the end of 2016, six firms owed over VND761.1 billion ($33.53 million), including VND494.7 billion ($21.8 million) of short-term debt.

Regarding businesses’ duties to the state budget, four firms declared incorrect pre-tax profit in 2016 with the amount over VND9 billion ($396,500), including VND6.4 billion ($282,000) of parent company Hanoitourist Corporation, VND602 million ($26,500) of Hanoi Tourist Service One Member State-owned Limited Company, VND1.1 billion ($48,500) of Dan Chu Tourist and Trading JSC, and VND902 million ($39,700) of GTC Thang Long One Member State-owned Limited Company.

In the land management sector, Hanoitourist currently holds and uses 12 land plots with total area of 13,226sq.m, including 10 plots in Hanoi, one in Danang and one in Ho Chi Minh City.

However, the Inspectorate could not identify the costs for lease and receipt of payment of the land plot at 153 Yen Phu that Hanoitourist leased for trade activities.

Hanoitourist Corporation is partnered with numerous businesses in the tourism and hotel sector, such as Metropole Thong Nhat Hotel Joint Venture Company, Opera Hotel Limited Company, Global Toserco Limited Company, West Lake Union Limited Company, Thang Long Property Limited Company, Great Horizon Joint Venture Company, Pacific Thang Long Limited Company and Royal Hotel SAS Hanoi Joint Venture Company.

By Nguyen Huong

Based on MasterCMS Ultimate Edition Ver 2.8 2018