On Wednesday, the Vietnamese Communist Party announced the accepted resignation of President Vo Van Thuong. This resignation comes as a signatory of political turmoil within the country that could stand to negatively impact foreign investment.
The Central Party Committee is a top decision-making body within the Communist Party-ruled Vietnam which approved Thuong’s resignation. This comes just after the anniversary of his election. The government stated that Thuong was responsible for violating party rules. Continuing, the government added that these shortcomings had negatively influenced the public opinion and reputation of the party, state, and himself. Although the role of the President is largely ceremonial, it remains one of the top coveted political positions within the country. Recently, there have been sweeping leadership changes within the party as a result of the “blazing furnace” campaign. This anti-bribery campaign was created with the intention of putting an end to widespread corruption. However, it has since been thought to become a tool for political infighting. During his tenure in the government, Thuong served as a party chief in the Quang Ngai province. He resigned just days after the Vietnamese police announced the arrest of a former head of central Vietnam’s Quang Ngai province for alleged corruption a decade ago. Currently, there is also a trial for a multi-billion-dollar financial scam in Ho Chi Minh City, wherein Thuong also served as a senior party official. Both foreign investors and diplomats accused the campaign of slowing decision-making in Vietnam. On Thursday, Vietnam’s legislature appointed Vice-President Vo Thi Anh Xuan as the acting head of state.
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