Vietnam has been rocked by its largest corruption scandal to date after authorities last month arrested a prominent real estate developer over allegedly embezzling nearly €11.4 billion ($12.4 billion), the equivalent of more than 3% of the country’s GDP.

In 2016, the ruling Communist Party of Vietnam began conducting a sweeping anti-corruption campaign. Since then, it has brought down a national president and senior government ministers, but the scale of the alleged graft involved in the latest scandal it uncovered raised questions about the true state of Vietnam’s banking and property sectors.

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