VN receives Siemens fund for anti-corruption in business

VGP - Siemens AG has announced the first anti-corruption projects that will receive initial financing from its US $100 million integrity initiative to bring about a clean business environment. Việt Nam is among 20 countries benefiting from the program.

December 15, 2010 4:24 PM GMT+7

Illustration photo

Mr. Erdal Elver, Chairman and CEO of Siemens Việt Nam said, along with the Vietnamese partner, the Việt Nam Chamber of Commerce and Industry (VCCI), firms throughout the country will be gathered to strive for a sound business environment, ensure consistence and transparency in business activities.

According to Mr. Nguyễn Quang Vinh, Director of the VCCI’s Office for Business Sustainable Development, the integrity initiative will help create a dynamic and effective cooperation among enterprises, the government, social organizations and the international community on improving business standards that are significant to anti-corruption in Việt Nam.

The integrity initiative is part of the World Bank-Siemens AG comprehensive settlement which was agreed on July 2, 2009. As part of the World Bank-Siemens AG settlement agreement, the bank has audit rights over the use of the funds and veto rights over the selection by Siemens of anti-corruption groups or programs receiving funds.

By Ngọc Vân