The prevailing work on globalization argues that foreign investment reduces corruption, either by competing down monopoly rents or diffusing best practices of corporate governance. However, openness to foreign investment has differential effects on corruption (specifically, petty bribery) even within the same country and under the same domestic institutions over time. Specifically, foreign investment is most closely associated with corruption when firms seek to enter restricted sectors that offer higher rents. In this presentation, Jensen presents a nationally representative survey of 10,000 foreign and domestic businesses in Vietnam, which found that the impact of economic openness on the probability to engage in bribes is conditional on polices that restrict investment.