Should foreign executives in Vietnam have to declare their assets?

Speaking at a parliamentary discussion on Nov. 5, Nghia said Vietnam’s draft amendments to the Law on Anti-Corruption would expand the asset declaration requirement from companies fully owned by the state to those where the government holds more than 50% of charter capital or voting shares.

Under this proposal, even foreign experts appointed to senior positions in SOEs would have to comply with Vietnam’s anti-corruption laws: declaring income, assets and properties both at home and abroad, including those of their spouses and children.

Nghia, who represents the Ho Chi Minh City Bar Association, said such rules could discourage highly skilled foreign professionals.

"That is a matter of privacy and inviolable personal rights, especially for citizens of many countries," he said, adding that modern technologies already give authorities other ways to monitor transparency.

"The law should be designed carefully to avoid discouraging talented individuals, particularly foreign specialists, from working in the public sector."

Deputy Tran Cong Phan, vice chairman of the Vietnam Lawyers Association, supported the expansion of asset declaration to companies with majority state ownership.

"Today, there are very few enterprises with 100% state capital. Those managing state capital in joint ventures still need to be held accountable through asset declarations," he said.

However, Phan agreed the rule might need to be adjusted for foreigners in leadership roles. "I recommend the government develop a separate policy for this group," he suggested.

According to the National Assembly’s Committee on Legal and Judicial Affairs, expanding the declaration requirement would strengthen oversight of state capital and assets, reduce corruption risks and prevent loopholes where certain executives manage public funds without disclosure obligations.

The draft clarifies that even when private or foreign investors are involved, the state retains control in enterprises where it owns more than 50% of capital, and may still require leaders to declare assets and income. This aligns with Vietnam’s ongoing privatization drive, which has seen the number of wholly state-owned firms steadily decline.

Under Vietnamese regulations, both overseas Vietnamese and qualified foreign experts are already allowed to work in Party and state agencies, political and social organizations, the armed forces, and SOEs involved in science, innovation and digital transformation.

The National Assembly is expected to debate the bill on Nov. 21 and vote on it on Dec. 11.