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Vietnam’s political turmoil deepens as president resigns

Ruling Communist party says Vo Van Thuong stepped down over rule ‘violations’ and other unspecified shortcomings

Vietnam’s President Vo Van Thuong has resigned due to “violations” and “shortcomings” after only a year in office, the ruling Communist party said on Wednesday, deepening political turmoil that risks undermining investor confidence. 

Thuong was the second Vietnamese president to resign in 14 months amid a corruption crackdown that has seen the arrests of hundreds of government officials and the resignation of high-ranking politicians.

The political uncertainty comes at a time when Vietnam is attracting record foreign investment as it benefits from a global push by manufacturers to diversify away from China because of growing tensions between Washington and Beijing. 

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