The crackdown has already seen several senior government officials and executives of state-owned enterprises arrested and jailed.

Le Bach Hong, former head of Vietnam Social Security and former deputy minister of labour, invalids and social affairs, was accused of “deliberate violation of state economic management regulations, causing serious consequences”, the Ministry of Public Security said in a statement.

The communist-led government currently in power has launched investigations into wrongdoings at Vietnam Social Security, which runs social insurance operations. It is also to look into a bankrupt state-owned finance leasing firm, the ministry said.

Three other former senior officials of Vietnam Social Security have also been arrested, but no further details were given.

The ministry, however, stated it was carrying out further investigations to retrieve state assets that had been lost.