Vietnam's president resigns, raising questions over stability

HANOI — 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.Vietnam's President Vo Van Thuong speaks as he attends the Indo-Pacific Economic Framework Leaders event at the Asia-Pacific Economic Cooperation CEO Summit in San Francisco, California, United States on Nov 16, 2023.

The Central Party Committee, a top decision-making body in Communist Party-ruled Vietnam, approved Mr Thuong's resignation just about a year after his election. Foreign investors and diplomats have repeatedly blamed the campaign for slowing down decisions in a country which is already grappling with cumbersome bureaucracy.

Mr Thuong was widely regarded as being close to ageing General Secretary Nguyen Phu Trong, Vietnam's most powerful figure and the main architect of the anti-graft campaign.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 Mr Thuong as his successor.

Foreign investors' net sales in the first two days of the week amounted to about US$80 million , according to Mirae Asset Securities, a broker.

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