Proposed Increase in Asset Declaration Threshold from 50 Million to 150 Million

On the morning of November 4th, the National Assembly listened to the presentation of the Proposal and Verification Report on the draft Law amending and supplementing several articles of the Anti-Corruption Law.

Presenting the draft Law proposal to amend and supplement several articles of the Anti-Corruption Law, Government Inspector General Doan Hong Phong stated that the revised draft Law improves 17 out of 96 articles of the 2018 Anti-Corruption Law.

Notably, the draft Law increases the asset declaration threshold from 50 million VND to 150 million VND, and raises the threshold for additional declarations of asset and income fluctuations during the year from 300 million VND to 1 billion VND.

This adjustment aligns with the current socio-economic conditions and rising prices compared to 2018. Additionally, the Government is tasked with detailing the verification of assets and incomes for individuals subject to annual declarations, who will be randomly selected.

Regarding the monitoring and verification of asset and income fluctuations, the revised draft Law increases the declaration threshold for annual fluctuations from 300 million VND to 1 billion VND.

The draft Law also refines the provisions on the authority of inspection agencies to investigate corruption cases, ensuring alignment with the restructured inspection apparatus. It further enhances the handling of corruption reports and complaints, ensuring efficient reception, classification, and processing.

Presenting the verification report, Chairman Hoang Thanh Tung stated that the Committee generally agrees with raising the asset declaration threshold from 50 million VND to 150 million VND for precious metals, gemstones, cash, valuable papers, and other assets under Article 35(1)b, along with increasing the threshold for annual fluctuations.

According to the verification agency, this adjustment reflects current socio-economic conditions and price fluctuations, ensuring focused management and control over significant asset and income declarations. Some opinions suggest avoiding rigid thresholds in the Law and instead allowing the Government to specify them for flexibility across different phases.

The draft Law also expands the scope of individuals required to declare assets and incomes to include state-owned enterprises with over 50% state-held capital or voting shares.

The majority of the Committee supports this expansion to enhance anti-corruption efforts in state-owned enterprises, prevent oversight of individuals managing state assets without declaration obligations, and align with state-owned enterprise equitization trends.

However, the Government is urged to provide detailed guidance on asset and income declarations for foreign nationals working in state-owned enterprises, or to exclude them from these requirements.

Some opinions caution against hasty expansion, as it may deter investors and pose challenges in controlling foreign assets and non-state sector declarations.