Extractive industry study announced

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Báo QĐND English - 33 month(s) ago 34 readings

Extractive industry study announced

The Vietnam Chamber of Commerce and Industry (VCCI) and the Consultancy on Development Institute (CODE) has announced a study named, “Extractive Industries Transparency Initiative (EITI) and Vietnam's Ability to Participate in the Initiative”.

The Vietnam Chamber of Commerce and Industry (VCCI) and the Consultancy on Development Institute (CODE) has announced a study named, “Extractive Industries Transparency Initiative (EITI) and Vietnam's Ability to Participate in the Initiative”.

Apart from supervising current documents and policies of the State and collecting other information and expert consultancy in this field, the study publicised its direct interviews with representatives from 21 state agencies and several enterprises which operate in developing mineral resources and oil and gas.

It also sent questionnaires to 16 other businesses to collect their information and opinion on participating in EITI.

Under the study, Vietnam has built an adequate document system of legal procedures on mining activities and oil and gas exploitation. However, it also showed that there are gaps between legal regulations and reality in management works, between content of documents and implementation of financial obligation in mining activities.

Surveyed agencies, businesses and organisations agreed that it is necessary to further enhance transparency and information disclosure in this field.

Most related bodies such as the Ministries of Finance, Industry and Trade, Natural Resources and Environment, the State Audit Office and major businesses such as Vietnam National Coal Mineral Industries Holding Corporation Limited and Vietnam National Chemical Group are expecting Vietnam’s participation in the EITI in order to create a more transparent environment in the mining sector.

The study recommended that the EITI implementation should only be conducted in major firms and for the fields of oil and gas, coal and titanium.

Through the study, several businesses said that they are willing to take part in the EITI as this will benefit their business.

The participation scope in the EITI will be expanded to smaller enterprises and other mining activities in the near future, when Vietnam has sufficient experience and ability in implementing the initiative.

Source: VNA

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