Vietnam has made significant strides in its anti-corruption efforts.

Vietnam's anti-corruption efforts have contributed to economic growth.

Canada-Vietnam Trade Council Director Julie Nguyen and Business Professor Luis Silva at Centennial College in Toronto emphasized that in the article "Vietnam's Fight Against Corruption: The Road to Economic Growth" published in Ottawa Life magazine.

Article on Vietnam's anti-corruption efforts in Canada's Ottawa Life magazine. (Screenshot)

The article highlights that in recent years, Vietnam’s anti-corruption campaign has continued to be maintained, marked by high-profile cases that have been reported in the press, clearly demonstrating the government ’s commitment to transparency and accountability. Vietnam’s ranking in the Corruption Perceptions Index (CPI) published by Transparency International (TI) has increased by 10 points in the 2013-2023 period to 83rd out of 180 countries and territories.

According to the two experts, under the leadership of General Secretary Nguyen Phu Trong, Vietnam has made significant progress in its anti-corruption efforts since 2016. The “burning furnace” campaign has seen the dismissal of a series of officials, including top leaders, signaling a radical eradication of corruption at all levels.

Corruption in business, especially in banking and real estate, has also been targeted. One of the most prominent examples of the government’s efforts to crack down on illegal practices is the case of Zhang Meilan, the head of a major real estate company, who was sentenced to death for her involvement in a $12.5 billion financial fraud.

While these anti-corruption measures may have disrupted some projects and supply chains, they have also contributed to improving the business environment, as reflected in TI's assessment.

The article asserts that the “burning furnace” campaign aims to enhance transparency and governance, bringing about significant improvements in reducing corruption. Over the years, Vietnam has become an attractive destination for foreign investors thanks to reduced corruption, while the business environment has improved and transparency has been enhanced.

Experts say Vietnam offers promising investment opportunities. Its stable political environment, strategic location and growing economy attract institutional investors. Although investors face a lack of infrastructure and legal issues, Vietnam continues to reform, and its investment-friendly policies are making investors optimistic.

Canadian investors will benefit from active cooperation with Vietnam, the article also said. Bilateral trade between Canada and Vietnam has skyrocketed, exceeding $10 billion by 2023. As members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), both countries have expressed a desire to further strengthen economic ties. Canadian businesses should take advantage of Vietnam’s growth trajectory and strategic position in the Canadian government’s Indo-Pacific strategy.

In the context of many geopolitical changes, Vietnam has remained steadfast in its foreign policy, balancing relations with major countries and strengthening relations with member countries of the Association of Southeast Asian Nations (ASEAN). For Canada, strengthening cooperation with Vietnam is considered in line with the Indo-Pacific strategy, while also bringing opportunities for economic cooperation and influence in the region.

Source: https://baoquocte.vn/chuyen-gia-canada-viet-nam-co-nhung-buoc-tien-dang-ke-trong-no-luc-chong-tham-nhung-276015.html