How is the corruption situation when doing business in Vietnam?

Corruption is a significant issue in Vietnam, and it can be a challenge when doing business in the country. Vietnam is ranked 113th out of 180 countries on the 2021 Corruption Perceptions Index, which measures perceptions of corruption in the public sector. This ranking indicates a moderate level of corruption in Vietnam. Corruption in Vietnam can take various forms, including bribery, embezzlement, and abuse of power. It can affect businesses in a number of ways, including increasing the cost of doing business, slowing down the processing of paperwork and approvals, and distorting competition. The Vietnamese government has taken a number of steps to address corruption, including passing anti-corruption laws and setting up specialized anti-corruption agencies. However, enforcement of these laws has been inconsistent, and corruption remains a significant problem in Vietnam. To minimize the risk of corruption when doing business in Vietnam, it is important for companies to have strong internal controls and compliance procedures in place, and to be aware of the local business culture and legal environment. It is also advisable to seek legal counsel to ensure that all business transactions are conducted in accordance with the law.