2024 is on pace to be the hottest year ever in Vietnam’s “blazing furnace” anti-corruption campaign

Insights and Analysis

2024 is on pace to be the hottest year ever in Vietnam’s “blazing furnace” anti-corruption campaign

17 July 2024

Vietnam is one of the most dynamic frontier markets in Southeast Asia and fastest growing economies in the world whose recent success can be attributed to a variety of factors, including global supply chain diversification in response to increasing trade barriers, a favourable location and geopolitics, and a large workforce. However, recent high-profile domestic anti-corruption cases and enforcement actions – including one that led to imposition of the death penalty – demonstrate that foreign investors also can get burned by local enforcement.

In this article, we provide an overview of the efforts the Vietnamese government has taken in recent years to fight bribery and corruption as part of its “blazing furnace” campaign, and the progress and practical consequences of these initiatives on unsuspecting counterparties. We also seek to provide insights on the business and compliance environment based on our recent experiences.

Please click through to view the full article on the Anti-Corruption Report website:

2024 Is on Pace to Be the Hottest Year Ever in Vietnam’s “Blazing Furnace” Anti-Corruption Campaign