Transparency lacking in mining sector: Experts
The Vietnamese legal framework and policies regarding transparency in the mining sector is “fairly comprehensive”, however, implementation of such policies leaves a lot to be desired, according to a study by the Việt Nam Chamber of Commerce and Industry. The research on transparency compliance lamented inaccurate financial disclosures, unreliable reports on the true mine reserves throughout the country, withheld information regarding the development of and adjustments made to mining planning – especially at local levels. Most of all, the level of transparency regarding the mining sector’s social and environmental responsibilities for the community and the public is sorely lacking, the study found. The number of mining companies claiming they had to pay “unofficial fees” (which amounted to 2 per cent of their revenues) was 12 per cent higher than in other sectors, and it should be noted that these mining companies are usually far bigger.
