Hanoi (VNS/VNA) - The Ho Chi Minh Stock Exchange (HOSE) hasreceived dozens of documents from listed companies asking to extend thedeadline for the disclosure of this year's financial statements.

Refrigeration Electrical Engineering Corporation (REE) recently sent a letterto the HOSE, asking to delay the deadline to announce this year’s financialstatements.

REE requested to extend the deadline for the submission of last year’s Q4financial statement, within 30 days of the end of the quarter (December 31,2019).

The company also asked to extend the deadline for the submission of the 2020reviewed semi-annual financial statement, within 60 days from the end of thefirst half of this year.

REE said it needed more time to prepare the separate financial statements ofits subsidiaries and process the consolidated figures.

The Phu Nhuan Jewelry Joint Stock Company (PNJ) also requested an extension forlast year’s Q4 financial statement and this year’s reviewed semi-annualfinancial statement.

PNJ said the company would struggle to complete the publication of financialstatements on the due date as it had up to 376 stores and branches as well asfour subsidiaries across the country. It also said the compilation ofdocuments, reporting and consolidating reports took a long time.

The Hoang Anh Gia Lai Joint Stock Company (HAG) faces the same situation. Theenterprise attributed the delay to the diversification of business lines andits large number of subsidiaries and affiliates, both locally and in Laos andCambodia.

It was time-consuming to gather data for the preparation of separate financialstatements and consolidated financial statements, HAG said.

Some businesses even asked for the extension at the end of 2019, such as NamKim Steel Joint Stock Company (NKG), Apax Holdings Joint Stock Company (IBC),Techno - Agricultural Supplying Joint Stock Company (TSC), Vinalink LogisticsJSC (VNL), Truong Thanh Furniture Corporation (TTF) and Ba Ria – Vung Tau HouseDevelopment JSC (HDC).

According to a circular issued by the Ministry of Finance on October 6, 2015,listed organisations and large-scale public companies must publish quarterlyfinancial statements within 20 days, reviewed semi-annual financial statementswithin 45 days and audited annual financial statements within 90 days after theendorsement of the auditor.

If a company fails to submit the financial reports on the due date, the StateSecurities Commission (SSC) will consider a time extension, but it shall notexceed 100 days from the end of the fiscal year.

Some experts said the extensions could easily affect information transparencyand slow down investors' access to information.

According to the SSC, by the end of January 31 last year, there were 191enterprises on the three stock exchanges sending extension requests for their 2019annual financial statements.

Phan Dung Khanh, director of investment consultancy at Maybank Kim EngSecurities, said requests for delays happen every year, even every quarter,which highlights the lack of transparency in the Vietnamese stock market.

In addition to the reasons for the delays listed above, Dung said somebusinesses had asked for an extension to “distort data”.

Market regulators must effectively monitor and sanction listed businesses thatviolated regulations, he added./.