Vietnam’s entire financial sector had been the subject of a total of 87,500 inspections as of December 15, according to the Ministry of Finance.

Proposals for fines totaled VND72.9 trillion ($3 billion) in the period while administrative penalties hit VND51.1 trillion ($2.14 billion).

More than VND21.7 trillion ($911 million) was contributed to the State budget through fines and penalties.

The ministry said that, in 2022, it coordinated with relevant agencies to carry out key tasks to gradually implement the government’s policy of reducing costs for businesses.

These tasks included increasing inspections and strictly punishing individuals and units found to cause problems for businesses; raising awareness among public officers and civil servants about regulations on corruption prevention and control; and dealing with complaints and denunciations from enterprises and individuals in a timely manner.