Vietnamese President Vo Van Thuong resigned this week in the latest episode of the ruling Communist Party's “blazing furnace” anti-corruption campaign, and Vice President Vo Thi Anh Xuan was named acting president. Xuan's appointment Thursday is her second stint as acting president after she stepped in when Thuong's predecessor resigned in early 2023.
Vietnam's economy has boomed over the last decade as foreign investment poured in and the country became a preferred alternative to China as relations deteriorated between Beijing and Washington. The flood of foreign investment, especially in manufacturing of high-tech products like smartphones and computers, raised expectations it would become yet another “Asian tiger' economy. Since nearly half of Vietnam’s manufacturing involves multinational companies, investor confidence is vital.
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