From the Panama Papers scandal: "Transparency of information remains a distant dream for less developed nations."

ServicePanama PapersThe situation remains "heated" as more politicians are forced out of office, investigators continue their work, and the public is still stunned by the scale of the event. Immediately after this shocking "bombshell" broke, world leaders unanimously agreed that the Panama Papers scandal was a wake-up call regarding the integrity of governance and the global financial system.

Associate Professor Pham Quang Minh – Rector of the University of Social Sciences and Humanities – Vietnam National University, Hanoi, commented: "In the recent Panama Papers case, the countries of the European Union (EU) acted very quickly because they are countries with similar levels of economic development and close cooperation, so policies and solutions were implemented quickly. Meanwhile, in developing or less developed countries, they are more cautious on this issue due to their level of management capacity and culture. Therefore, transparency of information still seems a distant prospect for less developed countries."

Assoc. Prof. Dr. Pham Quang Minh – Rector of the University of Social Sciences and Humanities – Vietnam National University, Hanoi

Furthermore, according to Associate Professor Pham Quang Minh, the Panama Papers "bomb" has had a significant impact on the lives of people around the world. He stated: "The indignation and resentment of people in many countries have become very clear after the incident. Particularly in Iceland, despite being a small country, hundreds of thousands of people took to the streets to protest, resulting in the resignation of the Icelandic Prime Minister. From this, we see that today, leadership in countries requires transparency, accountability, and, importantly, good governance that benefits the people."

Associate Professor Pham Quang Minh also assessed that the Panama Papers scandal is a major reason why the forecast for the global economy in 2016 is gloomy. He affirmed: "The incident is the reason why the global economy will certainly not escape the crisis that has lasted for more than 10 years. The global economy has been affected by the financial crisis of 2008-2009. Although there have been many efforts to restore the economy, there are too many factors and events impacting it. In particular, the Panama Papers scandal seems to have caused the global economy to revert to the stage of the previous crisis."

To listen to Associate Professor Pham Quang Minh's discussion on the Panama Papers in the program. World OverviewPlease watch the video below: