<p>This study delves into the dividend behaviour of Vietnamese firms in response to the high-profile anticorruption campaign, which brings forth the detection and exposure of many questionable decisions made by immoral officials. By employing the fixed effect estimator, the study points out that firms reduce dividends when anti-corruption activities intensify, and this response is uniform in the North, Central and South of Vietnam. The difference-in-difference examination suggests that anti-corruption affects dividend policy in state-owned firms in a milder manner than in non-state-owned firms. Further analyses report a magnified impact of anti-corruption activities in periods of economic stagnation and political uncertainty. The findings highlight the need for policymakers to carefully time major corruption disclosures and offer supportive measures for businesses to prevent harmful effects on Vietnam’s sensitive yet vital private sector.</p>