Vietnamese President Vo Van Thuong Resigns, Government Calls Violating Party Rules

Vietnamese President Vo Van Thuong. (Wikimedia Commons/)

JAKARTA - The Vietnamese Communist Party has accepted the resignation of President Vo Van Thuong, the government said on Wednesday, a situation that is feared could undermine the confidence of foreign investors in the country.

The government said in a statement President Thuong had violated party regulations and alluded to shortcomings.

"These shortcomings have a negative impact on public opinion, affecting the reputation of the party, state and itself personally," the statement said.

The Party Central Committee, Vietnam's highest decision-making body controlled by the Communist Party, approved Thuong's resignation just about one year after his election.

The President holds a ceremonial role but is one of the top four political positions in Southeast Asia.

The committee meeting preceded the extraordinary Vietnam Parliament hearing scheduled for Thursday, when the people's representatives were expected to confirm the party's decision.

The government's statement did not specify Thuong's weakness, but a massive change in leadership in the party's one-party country recently, all of which were linked to an anti-appropriation campaign that was "litting butts". It aims to eradicate widespread corruption, but is also suspected by critics as a tool of political conflict.

Foreign investors and diplomats have repeatedly blamed the campaign, for slowing down decision-making in a country that is already grappling with complicated bureaucracy.

Presiden Thuong (53) mengundurkan diri beberapa hari setelah polisi Vietnam mengumumkan penangkapan mantan kepala provinsi Quang Ngai di Vietnam tengah atas dugaan korupsi satu dekade lalu, yang menjabat saat Thuong menjadi ketua partai di sana.

He has also been a senior party official at the economic center of Ho Chi Minh City, which has been rocked by billions of dollars in financial fraud that has been going on for a long time, and a massive trial is currently underway.

It is known that Thuong is widely considered close to the elderly Secretary-General of Nguyen Phu Trong, the most powerful figure in Vietnam and the main architect of the anti-corruption campaign.

Last year, when former president Nguyen Xuan Phuc stepped down after his party blamed him for "violations and mistakes" committed by officials under his rule, it took a month and a half for lawmakers to appoint Thuong as his successor.

The current political crisis may be overcome with a fast new presidential election, but there is still a risk that repeated reshuffles on top leaders will hurt business sentiment, while the country relies heavily on foreign investment.

" Thuong's resignation could lead to policy and administrative decisions slowing down as officials become increasingly anxious about the direction of the anti-corruption campaign," a Vietnam-based foreign company adviser said, stressing Vietnam's position on key policies will not change.