Jul. 7 – Vietnam validated that it would follow the United Nations Convention Against Corruption, reports the United Nations.
The pact was substantiated by the President Nguyen Minh Triet last Tuesday. According to the Business Anti-Corruption website, corruption has been cited as one of the problems plaguing foreign companies investing in the country since state companies still control strategic sectors.
The government is aware of the consequences of corruption on future FDI prospects and has taken steps to initiate anti-corruption measures although implementation remains weak.
The UN pact seeks to set measures that would enforce legal and regulatory rules against corruption. This includes criminalizing serious acts of graft and corruption. Implementation of the agreement “will complement and strengthen Vietnam’s ongoing efforts to reduce corruption,” said the UN statement.
Jairo Acuna-Alfaro, a UN anticorruption policy adviser, told AFP: “Vietnam already has a comprehensive legal framework to fight corruption in place but implementation of the framework is weak and uncoordinated.”
Afaro added: “With the reporting that is now required, gaps and loopholes in the legal framework can better be spotted and, over time, be addressed properly.”
