The VIPA Board and its staff are obliged to do their work in a professional manner and at all times respect and abide by the principles of good governance with - Accountability, Transparency and Participation being the foremost elements of good Governance observed.
VFIPA operates under the Ministry of Tourism, Trades, Commerce and Ni-Vanuatu Business. It is one of the four (4) corporate institutions currently under this Ministry. While both the Agency and its Board have all the powers according to FIA N0.25 of 2019 to carry out their functions, the Minister has the overall powers to make decisions, regulations and issue policy directions based on advice from the Board or other legal advises not inconsistent with the foreign investment Act N0 25 of 2019.
The Vanuatu Investment Board (VIB)
The functions of the VIB under PART 2 Division 4 of the FIA N0.25 of 2019 are to:
- advise the Minister and the Council of Ministers on all matters relating to foreign investment in Vanuatu
- recommend the approval by the Council of Ministers of the national investment policy of Vanuatu
- advise on the scope and appropriateness of any amendments to the Reserved List and Restricted List
- provide reporting to the Minister annually from the commencement date on the matters
- advise the Minister on the development and maintenance of an efficient, effective and timely regulatory environment for investment in Vanuatu
In so doing, the Board ensures it operates to best practice corporate governance principles and in line with the guidelines set out in the 'Code of Practice for the Governance of State Bodies' as approved by
The VIB is responsible for setting the broad policies of the organisation and for overseeing its operation. It performs these functions directly and through the operation of focused and collaborative Board Committees. Responsibility for the implementation of policy rests with the executive management under the leadership of the CEO.
The Board has a statutory authority to source other source of revenues for the Agency to supplement normal Government annual grants for the purpose of boosting and expanding the institutions promotion and facilitation roles.
As per requirement, the Board ensures its audit report reaches the parliament and the Government's Public Accounts Committee (PAC) via the Minister responsible for VIPA.
Annual and quarterly reporting is mandatory under section 66 of the Act. The Board ensures these reports are made available on a timely manner as specified in the Act and must be published in the Gazette and presented by the Minister to Parliament and quarterly statistical reports containing selected key investment indicators. Establishing trends in key investment data is crucial especially the number of new projects registered, employment generated and number of linkages between FDIs and local businesses.
Established under the Vanuatu Foreign Investment Promotion Act N0 25 of 2019, VFIPA operates as a body corporate within the portfolio of the Ministry of Trades, Tourism, Commerce and Ni-Vanuatu Business (MTTCNB). The Agency operates in accordance with the provisions of the act, reports directly to its board of directors and may be subject to good reasons seek its Minister to make policies to effect changes considered appropriate.
While the primary source of corporate governance for the Agency is the Vanuatu Foreign Investment Act N0 25 of 2019, the VFIPA is also required to comply with a range of other statutory and administrative requirements.
The VIPA Board and its staff are obliged to do their work in a professional manner and at all times respect and abide by the principles of good governance with - Accountability, Transparency and Participation being the foremost elements of good Governance observed. The Vanuatu Government has recently signed a number of international commitments demonstrating the Government's position against irregular practices such as bribery and fraudulent behaviors.
We partner with our key stakeholders to pursue areas believed to add value to enhancing the enabling business environment in the country. Our collaboration with the private sector has been and remains excellent over the recent past. We ensure this relationship is sustained and strengthened to enhance fdi promotion and facilitation. This includes product development and marketing Vanuatu as a premier investment location. We maintain very close and strong working relationship with the Government line agencies with the focus of advocating the importance of FDI and stressing that the only way to reap maximum benefits from this source of capital inflow is to liberalize regulatory frameworks where necessary.