Policy & Regulation

Vietnam’s corruption crackdown could hurt IOCs

Vietnam’s clampdown on corruption has removed senior officials from PetroVietnam, which could affect the company’s operations Vietnam’s clampdown on corruption has removed senior officials from PetroVietnam, which could affect the company’s operations.
By Andrew Walker 16 January 2018 0 29110
Dinh La Thang, former PetroVietnam chair and politburo member, being led to court by police in Hanoi. (PA)

Vietnam’s highest-profile corruption trial for decades started last week, as 22 former executives of state oil and gas company PetroVietnam were accused of mismanagement and embezzlement. The trial could have implications for deals made with foreign companies while these executives were in power, analysts have told Interfax Natural Gas Daily.

The investigation into PetroVietnam was initiated by a decision in 2009 by the company’s former chairman, Nguyen Xuan Son, to invest $35 million into the communist-run but privately held Ocean Bank. Mismanagement at Ocean...