ANNUAL REPORT 2024
TOGETHER IN BELIEF, LEADING IN INNOVATION
206
207
Provision for short-term doubtful receivables
Other receivables (continued)
These receivables represented interest receivables relating to loans receivable Novareal Joint Stock Company as mentioned in Note 8.
(*)
VND VND Ending balance Beginning balance
(**)
At the date of these consolidated financial statements, VinaCapital has reached an agreement with the bond issuer to provide additional collateral and negotiated a specific repayment schedule in order to ensure the recoverability of the entrusted investment amount and its related interest income. According to the assessment of the Group's management, this entrusted investment, and its related interest income are expected to be fully recoverable and therefore there are no impairment indicators which require a provision to be made.
The Company entrusted VinaCapital Fund Management Joint Stock Company ("VinaCapital") to invest in corporate bonds and earned an expected interest at the rate of 13.8% per annum according to the contract No. GB2021001 dated 5 February 2021 signed between the Company and VinaCapital. These bonds were matured on 30 December 2022. The Company received a portion of the interest and the principal and agreed to extend the remaining portion of this receivable along with the late payment interest until 31 December 2027.
85,358,693,073 57,118,073,641
Provision for short-term doubtful trade receivables
- -
76,964,829,675 40,155,170,325
Provision for doubtful loan receivables Provision for other short-term doubtful receivables
TOTAL
202,478,693,073 57,118,073,641
Movements of provision for short-term doubtful receivables were as follows:
Current year
Previous year
VND
VND
57,118,073,641 31,764,224,435 152,799,719,436 38,006,626,173 (7,439,100,004) (12,652,776,967) 202,478,693,073 57,118,073,641
Beginning balance Add : Provision made during the year Less : Reversal of provision during the year Ending balance
Details of doubtful receivables and provision for doubtful receivables:
VND Ending balance
Beginning balance
VND
Provision
Provision
Cost
Cost
Novareal JSC
-
390,397,131,573 117,120,000,000 361,720,035,871
Hung Thinh Furniture JSC Hung Thinh Incons JSC Lao Cai – No. 1 Construction and Trading Investment JSC Other doubtful customers TOTAL
77,902,199,414
51,121,562,105
77,902,199,414 33,306,163,695
15,955,868,009
7,653,319,154 15,955,868,009 4,367,165,503
11,892,175,145
6,393,108,598
19,697,175,145 3,527,570,505
45,373,396,442 20,190,703,216
47,558,772,201
15,917,173,938
541,520,770,583 202,478,693,073 522,834,050,640 57,118,073,641
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