Civil servants in Vietnam are wary of signing off on investment projects for fear they could be implicated next. Read more at straitstimes.com.
VIETNAM - Vietnam’s Communist Party is growing alarmed about a new mantra taking hold among bureaucrats: Do a lot, get in trouble for a lot. Do less, get in trouble for less. Do nothing, “get in trouble for nothing”.
One bureaucrat who oversees infrastructure approvals said he would rather get scolded for doing nothing than risk being put in jail for making any perceived missteps. Another said the worry is most acute among local-level officials since they’re the ones who must sign off on projects and legal documents.
When the campaign first reached markets in March 2022, arrests of high-level business and securities officials spooked domestic investors but did not cause panic because the purge was touted as a way to tackle stock manipulation. In recent weeks, he has organised high-level meetings with lenders, property executives and other key stakeholders to discuss ways to fix what they call bottlenecks in the market, such as resuscitating corporate bond issuance.
Mr Chinh is reviewing a proposal to allow bond issuers to extend maturities by as much as two years, while Ho Chi Minh City officials have vowed to address any paperwork delays in the property sector quickly. Low-level graft in Vietnam has long been a concern among diplomats and investors, in part because – similar to other nations in the region – informal payments are a lifeblood to civil servants who routinely complain about low wages.
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