VIPA operates under the Ministry of Tourism, Trades, Industry and Commerce. It is one of the four (4) corporate institutions currently under this ministry.
While both the authority and its Board have all the powers conferred on the under CAP 248 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 [CAP 248].
VIPA Board Of Directors (BOD)
The functions of the VIPA Board under section 16, CAP 248 are to:
- receive and appraise investment proposals in accordance with the Act, and
- issue approval certificates to foreign investors in accordance with the Act, and
- carry out other functions conferred on it by the Act
In so doing, the Board ensure 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 VIPA Board 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 executive management.
The Board has statutory authority to source other source of revenues for the Authority to supplement normal Government annual grants for the purpose of boosting and expanding the institutions promotion and facilitation roles.
Port Folio Budget Statements
In accordance with the requirements of the Government's Public Finance Act, The VIPA Board ensures annual audits for its use of grant money are properly accounted for. Such reports presents evidence about the amounts and disclosures in the financial statements, sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:
- whether the accounting policies are appropriate to the Agency's circumstances, and have been consistently applied and adequately disclosed
- the reasonableness of significant accounting estimates made in the preparation of the financial statements, and
- the overall presentation of the financial statements.
As per requirement, the Board ensures it audit report reaches the parliament and the Government's Public Accounts Committee (PAC) via the Minister responsible for VIPA.
Our Corporate Plan 2016-18 (PDF) outlines VIPA's principal objectives and strategies over the next four years.
Annual and quarterly reporting is mandatory under section 23 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 number of new projects approved, employment generated and number of work permits involved.
Established under the Vanuatu Foreign Investment Promotion Act CAP 248, VIPA operates as a body corporate within the portfolio of the Ministry of Trades, Tourism, Industry and Commerce and Cooperatives (MTTICC). The authority 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 VIPA is the Vanuatu Investment Promotion Act CAP 248, the authority is also required to comply with a range of other statutory and administrative requirements. To this end, VIPA affirms that it met its obligations in regard to all of these requirements. In particular, it has the following procedures in place to ensure compliance with specific 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 facilitation and promotion. 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 where necessary regulatory frameworks.