Canadian experts shed light on Vietnamese anti-corruption efforts
VOV.VN - Vietnam's anti-corruption efforts have helped to boost economic growth, Julie Nguyen, director of the Canada-Vietnam Trade Council, and Luis Silva, professor of Business at Centennial College in Toronto, shared in a recent article published by Canada’s Ottawa Life magazine.
The experts said that over recent years the country’s battle against corruption has been intensified, marked by high-profile cases hitting the headlines. Those cases therefore showed the Government’s commitment to transparency and accountability.
The nation’s standing on the Transparency International’s Corruption Perceptions Index (CPI) jumped by 10 points between 2013 and 2023, ranking 83rd out of 180 countries in 2023.
The article outlined that under the leadership of Party General Secretary Nguyen Phu Trong, the country has made significant strides in its anti-corruption efforts since 2016.
The anti-corruption campaign has seen the dismissal of numerous senior officials, signaling a commitment to root out the phenomenon at all levels.
Business corruption, particularly when occurring in industries like real estate, banking, and health care, has also been targeted. Notably, Truong My Lan, head of a major real estate company, was sentenced to death for involvement in a US$12.5 billion financial fraud case.
While these anti-corruption measures may have disrupted some projects and supply chains, they’ve also contributed to an improved local business environment, as indicated in Transparency International’s assessments.
"Over the years, Vietnam has become an attractive destination for foreign investors due to decreased corruption, improved business climate, and enhanced transparency," the experts said.
According to the article, the country offers promising investment opportunities. The stable local political environment, strategic location, and growing economy are all factors which appeal to institutional investors.
Although financiers have to navigate infrastructural inadequacies, regulatory complexities, and corruption risks. Ongoing Vietnamese reforms and investment-friendly policies instill optimism among them.
It said that Canadian stakeholders stand to benefit from engaging with the nation, particularly as last year’s bilateral trade between Canada and the country exceeded US$10 billion 2023.
As members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), both sides are striving to deepen economic ties further. Canadian businesses are therefore advised to capitalise on the Vietnamese growth trajectory and its strategic position in Canada’s Indo-Pacific Strategy.
Amid geopolitical shifts, Vietnam remains steadfast in its external policy, balancing relations with major powers whilst striving to strengthen ties with other ASEAN members. For Canada, deepening engagement with the Vietnamese side aligns with its Indo-Pacific Strategy and offers opportunities for economic linkages and regional influence, the article said.
