Vietnam’s financial sector conducted 31,579 inspections in the first half of this year and imposed administrative penalties totaling over VND43 trillion ($1.8 billion), according to the Ministry of Finance (MoF).

More than VND8.38 trillion ($353 million) will be sent to the State budget from fines and penalties.

During the first half, tax authorities performed 29,616 site inspections and examined over 363,154 tax documents. They also retrieved over VND5.9 trillion ($248 million) that would have otherwise been lost to fraud, and proposed administrative penalties of more than VND2.4 trillion ($101 million)

The MoF said it will enhance inspections over the remaining months of the year to prevent further violations.