Deputy head of the commission Nguyen Thanh Hai cited a report as saying that between 2012 and 2022, the rate of asset recovery from corruption increased to over 34%, and in some cases, 100% of lost or embezzled assets were recovered.

International cooperation in recovering corrupt assets have seen positive progress, leading to a higher rate of assets recovered from corruption.  (Photo for illustration)

However, he also acknowledged persistent difficulties, including corrupt funds being hidden or illegally transferred abroad, limited coordination between relevant agencies and prolonged processing times and uncertain outcomes when requesting foreign judicial assistance.

According to him, the United Nations Convention against Corruption (UNCAC) dedicates Chapter 5 to asset recovery, with crucial provisions that establish responsibilities and obligations for member states to follow rigorously and effectively within their territories. Therefore, studying international best practices in asset recovery is essential in the process of refining relevant Vietnamese mechanisms and laws.

Several opinions said while the Vietnamese laws are generally considered compatible with UNCAC’s measures and requirements, challenges remain in securing international judicial assistance for the extradition of corruption offenders.

Discussions at the event focused on proposals for improvement, including more detailed analyses and the development of asset recovery mechanisms that don't always require a conviction - these would be tailored to the Vietnamese context.

Source: VNA