Extractive Industries Transparency Initiative

The Vietnam Chamber of Commerce and Industry (VCCI) has recently coordinated with the Development Consulting Institute to organise a seminar titled “Extractive Industries Transparency Initiative (EITI) and the Participation of Vietnam” in the Vietnamese capital of Hanoi.

 

Vietnam’s mining industries have made marked progress in the past time, but they also exposed a lot of weaknesses such as low economic efficiency, risk of depletion of natural resources and environmental and social consequences. These shortcomings result from many reasons, particularly low transparency.

 

To solve this problem, many countries, companies and organizations in the world established a global coalition called Extractive Industries Transparency Initiative (EITI). The EITI is a voluntary coalition of governments, companies, civil society groups, investors and international organisations, and is a global standard for transparency of payments in extractive industries.

 

The workshop introduced the EITI operating mechanisms and Vietnam’s current policy reviews. It also represented a survey of policymakers, State management agencies, mining companies and related organisations on: Should Vietnam join the EITI? What benefits would Vietnam get from participation? What scale and roadmap should Vietnam follow if it joins?