Photo by AFP
The Vietnamese parliament voted to support To Lam as the top leader of both the party and the state, vowing to push forward bureaucratic reforms and attract investment amidst economic pressures from inflation, high energy prices, and trade friction with the United States.
April 7, 2569 at 09.36:XNUMX, Bloomberg reported that The National Assembly of Vietnam elected To Lam, the leader of the Communist Party, as the new president with 99% of the vote in a poll held in Hanoi. This resulted in him holding the top positions in both the party and the state simultaneously, a rare form of power concentration in the Vietnamese political system.
Although To Lam had previously held both positions temporarily in 2567, this marks the first time he has been officially appointed through a party meeting. Only a few leaders in history, such as Nguyen Phu Trong and Ho Chi Minh, have held both positions concurrently.
Vietnam's power structure is beginning to resemble that of China, where Xi Jinping holds both the positions of party leader and president. To Lam aims to reform the bureaucratic system, reduce bureaucratic procedures, and attract investment to drive sustained economic growth.
Although Vietnam aims for at least 10% economic growth this year, it faces challenges from several factors, including tensions in the Middle East, rising energy prices, inflation, and price volatility. The economy slowed in the first quarter, while the government had to use emergency funds and freeze fuel taxes to stabilize prices. Some Vietnamese airlines also had to reduce flights due to increased fuel costs.
Vietnam, heavily reliant on exports, is facing new pressure from the United States following an investigation under Section 301 into alleged overcapacity and forced labor. Exports to the US account for approximately 30% of the country's GDP.
Do Lam rose through the ranks of the Ministry of Public Security and played a key role in a major anti-corruption crackdown that resulted in the prosecution of numerous high-ranking officials, politicians, and business leaders. Since becoming party leader in 2567, he has accelerated reforms to the state structure, such as halving the number of provinces and downgrading the level of local governance. While these measures have improved efficiency, they have also created confusion and delays during the transition period.
Vietnam is set to announce its new prime minister on the same day, while the position of central bank governor will be confirmed the following day.
refer : www.bloomberg.com
Read news related to All ASEAN economic situations can be found here.
