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Natural resources may help boost State budget
If an effective legal framework and economic measures are better implemented with respect to natural resources, the sector can contribute up to 30 per cent to the State budget, according to Pham Khoi Nguyen, Minister of Natural Resources and Environment.
The legal framework must include appropriate management mechanisms while simultaneously applying market-oriented tools to raise the sector’s contribution to the economy.
To date, the policy has yielded some initial results, with earnings from land resources at around VND30 trillion (US$1.8 million) in 2008. This figure is four times higher than in previous years.
Additionally, mineral and water resources and data on natural resources could be converted into specific benefits to contribute to the national income, Nguyen added.
In countries that do this well, according to Nguyen, revenues from natural resources can contribute 30 per cent of the national budgets. In Viet Nam, however, the sector contributes only about 10 per cent.
Some provisions on the current natural resource and land laws are outdated. They are not applicable to the country’s economic and social changes, and need some adjustments. However, these laws cannot be altered immediately.
To temporarily settle this problem, Nguyen said, it was necessary to adjust decrees that provided guidelines for the implementation of these two laws, with a focus given to land prices, compensation for land clearance, and resettlement.
Additionally, exploration for mineral deposits needed to expand, said Nguyen.
"Previously, the country’s equipment and capability were limited so we did not know all about the nation’s mineral potential," Nguyen said.
Viet Nam has a variety of minerals with some reserves ranking among the world’s largest. The issue is how to exploit them effectively, while not adversely affecting the environment.
VietNamNet/VNS
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