The Vietnamese Communist Party has accepted the resignation of President Vo Van Thuong, the government said on Wednesday, in a sign of political turmoil that could hurt foreign investors’ confidence in the country.
The government said in a statement that Thuong had violated party rules, adding that those “shortcomings had negatively impacted public opinion, affecting the reputation of the Party, State and him personally.”
The Central Party Committee, a top decision-making body in Communist Party-ruled Vietnam, approved Thuong’s resignation just about a year after his election.
The president holds a largely ceremonial role but is one of the top four political positions in the Southeast Asian nation.
This is the best summary I could come up with:
The Vietnamese Communist Party has accepted the resignation of President Vo Van Thuong, the government said on Wednesday, in a sign of political turmoil that could hurt foreign investors’ confidence in the country.
He had also been a senior party official of economic hub Ho Chi Minh City, which has been rocked by a multi-billion-dollar long-running financial scam, for which a large trial is currently underway.
Last year, when former president Nguyen Xuan Phuc quit after the party blamed him for “violations and wrongdoing” by officials under his control, it took one month and a half for lawmakers to appoint Thuong as his successor.
The current political crisis may well be resolved with the swift election of a new president, but risks remain that repeated reshuffles of top leaders hurt business sentiment in a country that is highly dependent on foreign investment.
The Ho Chi Minh City stock exchange, the country’s main bourse, shed on Monday nearly 3% in the first hours of trading after news began circulating about the imminent resignation of the president.
Recent developments raise questions about “predictability, reliability and internal workings of the system” on which investment decisions hinge, said Florian Feyerabend, the representative in Vietnam for Germany’s Konrad Adenauer Foundation, a think tank.
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Vietnam had leadership stability once?
