HANOI, March 20 — The Vietnamese Communist Party has accepted the resignation of President Vo Van Thuong, the government said today, in a sign of political turmoil that could...
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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. Thuong, 53, quit days after Vietnamese police announced the arrest for alleged corruption a decade ago of a former head of central Vietnam’s Quang Ngai province, who served while Thuong was party chief there.
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. 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 adviser to foreign corporates, noting however that Vietnam’s position on key policies would not change.
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