Through this article, businesses will be provided with information on important points that the current Anti-Corruption Law (2005) stipulates.
In Vietnam, bribery is illegal. Government officials who collect and accept bribes will be strictly sanctioned by the law. Enterprises that give bribes will also be sanctioned, seriously affecting the performance, turnover and reputation.
Below are some examples of companies that have been sanctioned and prosecuted for responsible business behavior.
Businesses can find out more information on current laws at the National Legal Database.
Below are some of the key points of anti-corruption laws that are directly relevant to businesses.
According to Chapter VI, Article 87, the obligations of an enterprise include:
- Reporting of corrupt practices to competent authorities
- Cooperate with competent authorities in the investigation of corruption
- Provide feedback on anti-corruption laws to competent authorities to contribute to the fight against corruption
- Cooperate with competent authorities, VCCI and business associations to build a healthy corporate culture.
- Compete fairly in the market by establishing internal control system within the company
Currently, the Draft Law on Anti-Corruption is under discussion for amendments and is expected to be approved in the near future. The Draft Law also clearly defines the responsibilities of businesses, on the need to build a more professional and transparent business culture. Refer here.
- What can your business do to reduce the risk of corruption? See Chapter 3 of the How to Prevent and Fight Corruption Toolkit. You will find lots of ideas on how to set up simple systems in your company to protect yourself.
- Your business can send people to business integrity training. Find training programs in the Training section of our website.
What can businesses do to deal with the bribery of government officials?
If possible, the company should report this misconduct. There are a number of ways you can report bribery and corruption. Refer to KDLC for some tips and some successful anti-corruption cases.
