The presidency is a largely ceremonial position in Vietnam, but the resignation of President Vo Van Thuong is still being cast as one that could have unwelcome consequences. He succeeded former President Nguyen Xuan Phuc, who quit in January 2023, and as Reuters puts it, "Investors who mostly praise political stability may not take well the premature departure of two presidents in about a year." More on the situation:
- Why: His exit comes amid "an intense anti-corruption campaign," per the AP. The official line from the government is that Thuong ran afoul of party rules, and that those "shortcomings had negatively impacted public opinion, affecting the reputation of the [ruling Communist] Party, State and him personally."
- Timing: Vietnamese police announced the arrest of the former head of Central Vietnam's Quang Ngai province for corruption days earlier. He was previously supervised by Thuong, who was the party chief there at the time, and rumors had swirled in recent weeks that Thuong would soon be out. The buzz was amplified by the scheduling of a special session of Vietnam's parliament on Thursday focused on "personnel matters."