Vietnam President Vo Van Thuong resigns, raising questions over stability

HANOI - The Vietnamese Communist Party on March 20 accepted the resignation of President Vo Van Thuong, the government said in a statement citing “shortcomings”, in a sign of political turmoil that could hurt foreign investors’ confidence in the country.

The president holds a largely ceremonial role but is one of the top four political positions in the South-east Asian nation.The committee’s meeting preceded an extraordinary session of Vietnam’s rubber-stamping ParliamentThe government statement did not elaborate on Mr Thuong’s shortcomings, but major leadership changes in the one-party state have recently been all linked to the wide-ranging “blazing furnace” anti-bribery campaign.

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. 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.

Mr Thuong’s “removal could see policy and administrative decisions slow further as officials are more anxious about the arc of the anti-corruption campaign”, said a Vietnam-based advisor to foreign corporates, noting however that Vietnam’s position on key policies would not change.

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