Bribery of tax authorities and banks by Vietnamese companies
Last year, the Vietnam Chamber of Commerce released the findings that 30% of Vietnamese companies bribed tax authorities to reduce fines from tax authorities. According to the Vietnam Chamber of Commerce and Industry (VCCI), in addition to bribery, 7.1% of all companies pay "unofficial fees", which is more than 10% of their annual revenue. Of that, 61.6 percent show that they get what they want after paying an informal fee. Bribes to banks are not uncommon. Many companies said they had credit problems and that 40% of the respondents would get a loan, so they had to pay bribes to bank officials.
As a result of the investigation by the Vietnam Chamber of Commerce and Industry, it has an impact on the business environment
According to the survey conducted by the Vietnam Chamber of Commerce and Industry, 70% of the respondents found that they were at a disadvantage in conducting their business compared to those with good relationships with local governments. .. This number has not been improved since the Vietnam Chamber of Commerce and Industry began its annual survey in 2015. The World Bank's business environment rankings announced in October showed that it was one place down from last year to 70th. In Southeast Asia, it ranks fifth behind Singapore, Malaysia, Thailand and Brunei.
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