Vietnam should join the Extractive Industries Transparency Initiative (EITI) to minimize losses in exploiting and trading natural resources, international experts said at a workshop in Hanoi recently. Non-transparent management has caused ineffective exploitation and smuggling of natural minerals, leaving big economic losses and bad environmental and social impacts, said doctor Jeremy Weate, senior governance adviser at Adam Smith International. Implementing the EITI will enable Vietnam to have tougher measures to manage its natural resources and prevent companies in the extractive industries from bribing local authorities and underground forces for their smuggling activity, he said. Vietnam should decide to join the EITI after a long time of consultation with the UK and the World Bank to end financial losses in the future, said former British Ambassador to Vietnam Antony Stokes. Experts said that natural resources contribute roughly 25% of the country’s budget collection per year. The extractive industries have accounted for between 10% and 11% of the country’s GDP annually since 2000. Vietnam has pledged to join the EITI in 2015 in a bid to improve the efficiency of mineral resource governance. (Thanh Nien – Young People Sept 3 p3, Dantri.com.vn)
