The Vietnamese Communist Party officially accepted&nbsp;the resignation of President Vo Van Thuong, as declared by the government on Wednesday (Mar 20). This development suggests a period of political instability that could potentially undermine foreign investors' trust in the nation. The government stated that Thuong had violated party regulations, resulting in adverse public perception and damaging the Party's, State's, and his personal reputation.

The Central Party Committee, a crucial decision-making body within Vietnam's Communist Party administration, endorsed Thuong's resignation approximately a year following his election.

While the president's role is largely ceremonial, it carries significant political weight as one of the nation's top four positions. Attempts to reach the presidential office for comment on Wednesday were unsuccessful.

The committee's decision precedes an extraordinary session of Vietnam's parliament scheduled for Thursday, where deputies are expected to affirm the party's resolutions.

Also read |&nbsp;US companies eye $8 billion investment in Vietnam

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<h2>Origins of political upheaval</h2>

Although the government statement did not specify Thuong's transgressions, recent leadership changes in the single-party state have been linked to the extensive "blazing furnace" anti-bribery campaign. This campaign, while aimed at combating widespread corruption, has been criticised as a tool for political power struggles. Foreign investors and diplomats have expressed concerns about its impact on decision-making processes in Vietnam, exacerbating an already cumbersome bureaucracy.

Thuong, aged 53, stepped down shortly after Vietnamese authorities announced the arrest of a former provincial head from Quang Ngai province for alleged corruption dating back a decade.

Thuong served as the party chief in the same province during that period. Additionally, he held senior party positions in Ho Chi Minh City, which is grappling with a massive financial scandal currently undergoing a significant trial.

<a href="https://www.wionews.com/world/blinken-reiterates-usas-ironclad-commitment-to-defend-philippines-against-attack-by-china-701803">Also read |&nbsp;Blinken reiterates USA’s ‘ironclad’ commitment to defend Philippines against attack by China</a>

Thuong's close association with General Secretary Nguyen Phu Trong, the driving force behind the anti-graft campaign, further underscores the political dynamics at play.

The sudden departure of Thuong raises concerns about political stability and its impact on foreign investment. Recent fluctuations in the Ho Chi Minh City stock exchange and net sales by foreign investors indicate apprehension among investors. While some believe that policy and administrative decisions may slow down further, Vietnam's fundamental stance on key policies is not expected to change drastically. However, repeated leadership changes may erode business sentiment, posing challenges for a country heavily reliant on foreign investment.

(With inputs from agencies)

The Vietnamese Communist Party officially accepted the resignation of President Vo Van Thuong, as declared by the government on Wednesday (Mar 20). This development suggests a period of political instability that could potentially undermine foreign investors' trust in the nation.

The Vietnamese Communist Party officially accepted the resignation of President Vo Van Thuong, as declared by the government on Wednesday (Mar 20). This development suggests a period of political instability that could potentially undermine foreign investors' trust in the nation. The government stated that Thuong had violated party regulations, resulting in adverse public perception and damaging the Party's, State's, and his personal reputation. The Central Party Committee, a crucial decision-making body within Vietnam's Communist Party administration, endorsed Thuong's resignation approximately a year following his election. While the president's role is largely ceremonial, it carries significant political weight as one of the nation's top four positions. Attempts to reach the presidential office for comment on Wednesday were unsuccessful. The committee's decision precedes an extraordinary session of Vietnam's parliament scheduled for Thursday, where deputies are expected to affirm the party's resolutions. Also read | US companies eye $8 billion investment in Vietnam Origins of political upheaval Although the government statement did not specify Thuong's transgressions, recent leadership changes in the single-party state have been linked to the extensive "blazing furnace" anti-bribery campaign. This campaign, while aimed at combating widespread corruption, has been criticised as a tool for political power struggles. Foreign investors and diplomats have expressed concerns about its impact on decision-making processes in Vietnam, exacerbating an already cumbersome bureaucracy. Thuong, aged 53, stepped down shortly after Vietnamese authorities announced the arrest of a former provincial head from Quang Ngai province for alleged corruption dating back a decade. Thuong served as the party chief in the same province during that period. Additionally, he held senior party positions in Ho Chi Minh City, which is grappling with a massive financial scandal currently undergoing a significant trial. Also read | Blinken reiterates USA’s ‘ironclad’ commitment to defend Philippines against attack by China Thuong's close association with General Secretary Nguyen Phu Trong, the driving force behind the anti-graft campaign, further underscores the political dynamics at play. The sudden departure of Thuong raises concerns about political stability and its impact on foreign investment. Recent fluctuations in the Ho Chi Minh City stock exchange and net sales by foreign investors indicate apprehension among investors. While some believe that policy and administrative decisions may slow down further, Vietnam's fundamental stance on key policies is not expected to change drastically. However, repeated leadership changes may erode business sentiment, posing challenges for a country heavily reliant on foreign investment. (With inputs from agencies)

Vietnam president resigns abruptly, prompting concerns about stability

Vietnam&#39;s Communist Party entrenched its power monopoly today after results of last month&#39;s parliamentary election showed its members winning 96 per cent of seats, and trouncing most of the independent candidates it had approved to run. 
 
Results showed 67 million people, or 99.35 per cent of eligible voters, cast ballots in the May 22 election, which saw only 21 non-party members elected to the 500-seat chamber, down from &nbsp;42 in the last term. 
 
Though parliament has long been regarded as a dull affair in a country that has only one political party, the election run-up attracted a buzz of interest due to attempts by more than 100 ordinary people to run as independent, or self-nominated candidates.&nbsp; 
 
All but 11 of them failed to get on the ballot due to the party&#39;s strict vetting process, among them dissidents, businessmen and celebrities, some of whom were testing the sincerity of the party&#39;s promises of greater inclusiveness.&nbsp; 
 
Only two self-nominated candidates won seats and the other 19 non-party members elected had been nominated by state institutions. Four seats were unfilled because of insufficient turnout in four provinces, officials said, without elaborating. 
 
Deputy assembly chairman Phung Quoc Hien said the high national turnout showed the ballot was a success, even with some instances of fraud and calls on social media for voter boycott. 
 
&quot;Our people, our voters have shown a spirit of performing their right and their duty,&quot; Hien told reporters. 
 
Parliament has traditionally served as a rubber stamp for the party&#39;s policies, but some experts and diplomats say debate has become more lively, with ministers grilled in televised sessions, laws sent back for re-drafts, and liberal legislation passed, including recognition of transgenders and the decriminalisation of same-sex unions. 
 
The party&#39;s top brass were spared embarrassments in what is the only national election the public gets to vote in, with the leadership triumvirate retaining their seats in the house, which starts its five-year term next month. 
 
President Tran Dai Quang won 75 per cent support in his constituency and party chief Nguyen Phu Trong won 86 per cent. Prime Minister Nguyen Xuan Phuc won 99 per cent of the votes in his contest.

The elections created a buzz due to attempts of 100 ordinary people to run as independent candidates;11 got in despite strict vetting

Vietnam's Communist Party entrenched its power monopoly today after results of last month's parliamentary election showed its members winning 96 per cent of seats, and trouncing most of the independent candidates it had approved to run. Results showed 67 million people, or 99.35 per cent of eligible voters, cast ballots in the May 22 election, which saw only 21 non-party members elected to the 500-seat chamber, down from 42 in the last term. Though parliament has long been regarded as a dull affair in a country that has only one political party, the election run-up attracted a buzz of interest due to attempts by more than 100 ordinary people to run as independent, or self-nominated candidates. All but 11 of them failed to get on the ballot due to the party's strict vetting process, among them dissidents, businessmen and celebrities, some of whom were testing the sincerity of the party's promises of greater inclusiveness. Only two self-nominated candidates won seats and the other 19 non-party members elected had been nominated by state institutions. Four seats were unfilled because of insufficient turnout in four provinces, officials said, without elaborating. Deputy assembly chairman Phung Quoc Hien said the high national turnout showed the ballot was a success, even with some instances of fraud and calls on social media for voter boycott. "Our people, our voters have shown a spirit of performing their right and their duty," Hien told reporters. Parliament has traditionally served as a rubber stamp for the party's policies, but some experts and diplomats say debate has become more lively, with ministers grilled in televised sessions, laws sent back for re-drafts, and liberal legislation passed, including recognition of transgenders and the decriminalisation of same-sex unions. The party's top brass were spared embarrassments in what is the only national election the public gets to vote in, with the leadership triumvirate retaining their seats in the house, which starts its five-year term next month. President Tran Dai Quang won 75 per cent support in his constituency and party chief Nguyen Phu Trong won 86 per cent. Prime Minister Nguyen Xuan Phuc won 99 per cent of the votes in his contest.

Vietnam communists tighten their grip after election victory

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Vietnam president resigns abruptly, prompting concerns about stability

Vietnam communists tighten their grip after election victory