Global mining standards in Vietnam by 2015

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Vietnam mining1Vietnam pledged to participate in the Extractive Industries Transparency Initiative (EITI) in 2015 as a way to improve the efficiency of mineral resource governance and “ensure a harmonised benefit to people, enterprises and the state”, Xinhua reported.

The information released at a conference on extractive industry governance jointly held by the Ministry of Natural Resources and Environment (MNRE), the Vietnam Chamber of Commerce and Industry (VCCI), and the National Assembly’s Committee for Science, Technology and Environment.

Domestic and international participants to the conference shared a view that the initiative is a useful tool for Vietnam to better manage natural resources and ensure the extractive industries’ active and effective contributions to the national development, said the report.

According to VCCI, in Vietnam, since 2000, the industries have contributed 11 per cent of its GDP and 25 per cent of the state budget every year, and created around 430,000 jobs.

However, the lack of transparency and accountability in industry governance has resulted in the low economic efficiency of the sector, serious social and environmental impacts, and unequal benefit sharing, said VCCI chairman Vu Tien Loc at the conference.

Experts said that admission to the EITI could help Vietnam limit losses to state budget, improve the competitiveness of Vietnamese extractive industry, prevent corruption and minimise benefit conflicts.

According to MNRE, as of May 2013, central authorities have granted more than 500 licenses for mineral exploitation projects while provinces and cities issued 4,200 such licenses.

The EITI, launched by former British Prime Minister Tony Blair in 2002, is based on a mechanism that mining companies must make comprehensive reports on expenditure for governments, while governments must publicise the revenue it receives from the companies. As of May 2013, there are 39 countries taking part in the initiative.

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Reading Time: 2 minutes

Vietnam pledged to participate in the Extractive Industries Transparency Initiative (EITI) in 2015 as a way to improve the efficiency of mineral resource governance and “ensure a harmonised benefit to people, enterprises and the state”, Xinhua reported.

Reading Time: 2 minutes

Vietnam mining1Vietnam pledged to participate in the Extractive Industries Transparency Initiative (EITI) in 2015 as a way to improve the efficiency of mineral resource governance and “ensure a harmonised benefit to people, enterprises and the state”, Xinhua reported.

The information released at a conference on extractive industry governance jointly held by the Ministry of Natural Resources and Environment (MNRE), the Vietnam Chamber of Commerce and Industry (VCCI), and the National Assembly’s Committee for Science, Technology and Environment.

Domestic and international participants to the conference shared a view that the initiative is a useful tool for Vietnam to better manage natural resources and ensure the extractive industries’ active and effective contributions to the national development, said the report.

According to VCCI, in Vietnam, since 2000, the industries have contributed 11 per cent of its GDP and 25 per cent of the state budget every year, and created around 430,000 jobs.

However, the lack of transparency and accountability in industry governance has resulted in the low economic efficiency of the sector, serious social and environmental impacts, and unequal benefit sharing, said VCCI chairman Vu Tien Loc at the conference.

Experts said that admission to the EITI could help Vietnam limit losses to state budget, improve the competitiveness of Vietnamese extractive industry, prevent corruption and minimise benefit conflicts.

According to MNRE, as of May 2013, central authorities have granted more than 500 licenses for mineral exploitation projects while provinces and cities issued 4,200 such licenses.

The EITI, launched by former British Prime Minister Tony Blair in 2002, is based on a mechanism that mining companies must make comprehensive reports on expenditure for governments, while governments must publicise the revenue it receives from the companies. As of May 2013, there are 39 countries taking part in the initiative.

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