Prime Minister Nguyen Xuan Phuc has raised the possible participation of Vietnam in the initiative. The opportunities and challenges facing Vietnam's participation in this initiative were discussed in a meeting on Tuesday in Hanoi.
These two gold mines in Quang Nam Province operated by Besra Vietnam, a subsidiary of Canadian Besra Inc. Both companies owe hundreds of billions VND in taxes, land rental fees and environmental protection fees. The companies have also been accused of selling gold at below-market prices so their mother company can evade taxes. It is estimated that revenue losses in natural resources exploitation accounts for about 5-25% of the revenue of the sector, equivalent to around 21 trillion VND per year. Experts believe joining the EITI initiative will help reduce tax evasion, prevent loss of revenue and produce many other benefits.
In July's cabinet meeting, Prime Minister Nguyen Xuan Phuc has instructed the Ministry of Industry and Trade to report on Vietnam's potential participation in the EITI initiative. By joining the initiative, it would improve Vietnam's governance of the mining industry and underline its determination to promote openness and transparency in state management.
