Vietnam feasibility study - EITI

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tax, personal income tax, are not shown. Other information, such as oil and gas exploitation company
name, batch number, exploitation productivity, and revenue are clearly provided in the legislation
and on the website of the involved agencies. However, such information about the contract, reserve
and development strategy of the oil and gas is considered as a state secret and cannot be disclosed
publicly. On the contrary, the information regarding reserves, location, company name, and revenue
of almost mining companies (excluding oil) are widely publicized.
The disclosure of budget information is implemented in accordance with the regulation of financial
disclosure for the state budget in accordance with Decision No. 192/2004/QD-TTg and the instruction
in Circular No. 03/2005/TT-BTC. The information includes estimated balance, local budget approved
by the Provincial People’s Council, the revenue-expenditure district, county, town, cities, and the
percentage split of revenues between the budget of each district, town and city in the province.
The information promulgated in two forms: (i) in writing, to be sent to the State management agencies
at district, town or city, and (ii) published on the website of the province. The disclosed information is
of a general nature only and is not categorized by economic sector. Therefore, people are not able to
know the specific contribution of the extractive company in the area.
In terms of publicizing the activities of the state audit, annually the State Audit holds press conferences
to announce the list of companies to conduct a state audit and the audit results of the previous
enterprises must be announced in at the end of year. The level of detail of audit results is determined
by the State Auditor and is published in the Journal of the State Audit.
III.3 - General cOmmenT
In general, the legal regulations and law enforcement in the extractive industry in Vietnam remain
a big gap. Apart from the provisions prescribed by law, the enterprises must also carry out some
financial obligations to local authority that are not regulated by the state. On the other hand, due to
lack of strict monitoring and management tools, the State has been losing a significant amount of
revenues.
Information on revenue and payment remains a lack of transparency and consistency due to an absence
of an adequate legal system regulating responsibility on information disclosure. Only few companies
listed on the stock market are likely to disclose all related information and capable of accounting for,
while the remaining enterprises and State management agencies almost do not widely disclose data
on revenues and payments. Therefore, the ability of accessing information on revenues and payments
of the people in general and of local communities in particular is limited.
The Extractive Industries Transparency Initiative and the Implementation Perspective of Vietnam