The implementation of the Extractive Industries Transparency Initiative (EITI) will provide a measure to help Vietnam increase its budget revenue, improve competitiveness and attract foreign investment.
The statement was made at a dialogue on the EITI that was organised in Hanoi on December 6.
The extractive industry contributes over 11 percent to Vietnam ’s gross domestic product and creates jobs for nearly 280,000 people.
However, this industry has faced a number of shortcomings and challenges. For example, it poses a risk of natural resource exhaustion, has low economic effectiveness and may make a dent in the State budget.
Vietnam ranks 43 out of 58 countries in the 2013 Resource Governance Index with low points.
Therefore, experts suggested the implementation of the Extractive Industries Transparency Initiative as one measure to enhance management over this sector in Vietnam .
As an international standard aiming to the transparency in the mining industry, this initiative will benefit much the country, including raising its budget revenue, experts said.-VNA
The statement was made at a dialogue on the EITI that was organised in Hanoi on December 6.
The extractive industry contributes over 11 percent to Vietnam ’s gross domestic product and creates jobs for nearly 280,000 people.
However, this industry has faced a number of shortcomings and challenges. For example, it poses a risk of natural resource exhaustion, has low economic effectiveness and may make a dent in the State budget.
Vietnam ranks 43 out of 58 countries in the 2013 Resource Governance Index with low points.
Therefore, experts suggested the implementation of the Extractive Industries Transparency Initiative as one measure to enhance management over this sector in Vietnam .
As an international standard aiming to the transparency in the mining industry, this initiative will benefit much the country, including raising its budget revenue, experts said.-VNA
