Foreign Experts Wary of Vietnam Asset Disclosure

Photo courtesy of VN Express

Vietnam's proposed amendments to its Anti-Corruption Law are raising concerns about attracting international talent. National Assembly deputy Truong Trong Nghia warned that extending asset declaration requirements to foreign specialists in state-owned enterprises (SOEs) could deter skilled professionals. The change would require executives to disclose income and assets, including those of their families, prompting privacy concerns.

The draft law aims to expand the asset declaration from fully state-owned companies to those with over 50% government ownership. This includes SOEs with foreign experts in leadership roles. Nghia highlighted that privacy is a critical issue, especially for foreign citizens, suggesting that Vietnam seeks methods to ensure transparency without discouraging talent.

Tran Cong Phan of the Vietnam Lawyers Association supported the expansion for accountability but agreed on the need for tailored rules for foreigners. "A separate policy for foreign leaders is advisable," he noted, addressing concerns over potential barriers to attracting skilled workers. The Legal and Judicial Affairs Committee argues that this measure could reduce corruption and close existing loopholes.

Vietnam's current laws already permit foreign experts to work in key sectors like innovation and digital transformation. With fewer wholly state-owned enterprises due to ongoing privatization, the state retains control in enterprises where it owns a majority and is entitled to demand transparency. The National Assembly will debate and vote on the draft law later this year.

With the bill set for discussion on Nov. 21 and a vote on Dec. 11, the outcome could significantly impact Vietnam's endeavor to balance anti-corruption efforts with its capability to draw global expertise. As the nation progresses in its privatization initiatives, how this law influences foreign investments and talent acquisition remains to be seen.

Key Takeaways

• Vietnam's draft law may deter foreign experts due to privacy concerns.
• Asset declaration aims to boost transparency in majority state-owned firms.
• A separate policy could address the concerns specific to foreign leaders.

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  Adapted by ASEAN Now from VN Express 2025-11-06