The Extractive Industries Transparency Initiative (EITI) has beenimplemented for the past 10 years, attracting the participation of 41countries worldwide. It is seen as an effective tool to improvebusiness environment and attracting investment into industry.
Vietnam Economic News spoke with Deputy Director of the Consultancy onDevelopment (CODE) Nguyen Quang Tu, an organisation conducting researchon EITI.
* Can you tell us some features about EITI?
EITI was launched and implemented in 2002 on the initiative of theformer British Prime Minister Tony Blair. After the 10-yearimplementation of the initiative, 41 countries have participated in theEITI and more than 10 others are in preparation process, including manydeveloped countries like the US, the UK, France, Germany, Italy,Australia and Canada.
After 10 years, at a globalconference recently held in Sydney, Australia, the EITI InternationalCommission approved a code of new standards for EITI which has someprominent features compared to the old code.
Forexample, apart from state budget collection and payment, EITI cansupervise other stages of the mining industry such as licensing, signingcontracts, supervision over outputs and management of state-ownedenterprises.
In addition, EITI allows countries totake the initiative and be more flexible in practicing the EITI inaccordance with the development process of each nation.
* In your opinion, what are the benefits for Vietnam when joining EITI?
In May 2013, according to a survey result, Vietnam ranked 48th out ofthe 58 countries around the world in terms of global natural resourcesmanagement.
The survey results were based on fourscores: the environment, institutions; management systems; informationpublicity and transparency; and the overall environment.
Vietnam is evaluated to have a quite high legal score but low scorefor other criteria. This shows a huge gap between the legal frameworkand actual practices.
In addition, experience from countries that implemented EITI showed that it has brought them huge benefits.
First, it helps improve the administration of natural and mineral resources.
Secondly, it helps the states increase budget revenues and reducerisks to a minimum during state budget collection and payment processes.
Thirdly, improving the roles and positions of thenations, especially in terms of transparency, has helped them attractmore foreign investment, and
Finally, EITI will create trust and agreement between th state, enterprises and civil society.
With all those advantages, I think Vietnam will greatly gain from joining EITI.
* So, what measures has Vietnam taken to join EITI?
The first job is the state management agencies and Vietnamesescientific research organizations have conducted some research toprovide more information about EITI.
The Ministry of Industry and Trade (MOIT) was assigned by the government to research the feasibility of joining EITI.
As far as I know, the MOIT is drafting a report in which it gathersopinions of related ministries and sectors and will submit to the primeminister about Vietnam’s participation in EITI.
I hope by the end of this year or early next year, the report will be approved and Vietnam will join EITI soon.-VNA
Vietnam Economic News spoke with Deputy Director of the Consultancy onDevelopment (CODE) Nguyen Quang Tu, an organisation conducting researchon EITI.
* Can you tell us some features about EITI?
EITI was launched and implemented in 2002 on the initiative of theformer British Prime Minister Tony Blair. After the 10-yearimplementation of the initiative, 41 countries have participated in theEITI and more than 10 others are in preparation process, including manydeveloped countries like the US, the UK, France, Germany, Italy,Australia and Canada.
After 10 years, at a globalconference recently held in Sydney, Australia, the EITI InternationalCommission approved a code of new standards for EITI which has someprominent features compared to the old code.
Forexample, apart from state budget collection and payment, EITI cansupervise other stages of the mining industry such as licensing, signingcontracts, supervision over outputs and management of state-ownedenterprises.
In addition, EITI allows countries totake the initiative and be more flexible in practicing the EITI inaccordance with the development process of each nation.
* In your opinion, what are the benefits for Vietnam when joining EITI?
In May 2013, according to a survey result, Vietnam ranked 48th out ofthe 58 countries around the world in terms of global natural resourcesmanagement.
The survey results were based on fourscores: the environment, institutions; management systems; informationpublicity and transparency; and the overall environment.
Vietnam is evaluated to have a quite high legal score but low scorefor other criteria. This shows a huge gap between the legal frameworkand actual practices.
In addition, experience from countries that implemented EITI showed that it has brought them huge benefits.
First, it helps improve the administration of natural and mineral resources.
Secondly, it helps the states increase budget revenues and reducerisks to a minimum during state budget collection and payment processes.
Thirdly, improving the roles and positions of thenations, especially in terms of transparency, has helped them attractmore foreign investment, and
Finally, EITI will create trust and agreement between th state, enterprises and civil society.
With all those advantages, I think Vietnam will greatly gain from joining EITI.
* So, what measures has Vietnam taken to join EITI?
The first job is the state management agencies and Vietnamesescientific research organizations have conducted some research toprovide more information about EITI.
The Ministry of Industry and Trade (MOIT) was assigned by the government to research the feasibility of joining EITI.
As far as I know, the MOIT is drafting a report in which it gathersopinions of related ministries and sectors and will submit to the primeminister about Vietnam’s participation in EITI.
I hope by the end of this year or early next year, the report will be approved and Vietnam will join EITI soon.-VNA
