Corruption in Vietnam

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Corruption, Negative Effects of Corruptions on Economic Growth and Solutions to High Level of Corruption in Vietnam In any society, large-scale corruption might have some harmful effects on economic and political development. Corruption is considered as a widespread phenomenon occurring daily in human societies all over the contemporary world. It can be defined in some different ways such as political bribery, public exploitation and misuse of public office for personal gain. Corruption has been a big obstacle to Vietnam’s economic growth since the country was reunified in 1975. Even though it has negative impacts on the national economy, it is not really unsolvable. There are several possibly doable solutions to high level of corruption in Vietnam including raising awareness about corruption through education, imposing strict laws on corruption and distributing the government power equally throughout the nation. First of all, decreasing the budget revenues, hindering foreign investment, raising the budget deficits and reducing the efficiency of the use of foreign aid are some serious impacts of corruption on the national economy. Take Philippine as a typical example of a country in where corruption and poverty go hand in hand. (Philippine president got a big bribery while more than 32 percentage of the population lives in poverty. This is a good example of misuse of foreign aid and foreign investment). Vietnam has an abundance of natural resources, enormous potential, and natural advantages such as geographic position, tropical weather which is really good for agriculture and the advantage of a long coastal line, 3260 km in length, spreading from the North to the South which might become a sea power; however, Vietnam is still a part of the third world countries due to high rate of corruption and abuse of all kinds of resources. According to the newest global corruption analysis done by Transparency International group, Vietnam ranked 116 out of 178 countries in...
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