Vietnam 20240523: Reshuffle, Dynamism, Ingenuity

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Headlines:

Politburo Welcomes Fresh Faces in Shakeup

To Lam Steps Up as New State President

Top Leaders Toppled in Anti-Graft Sweep

Leadership Shuffle Sets Stage for 2026 and Beyond

Vietnam Tackles Economic Hurdles, Pushes Reforms

Exports Propel Economic Engine

Middle Class Boom Lures Brands, Wealth Managers

Fast-Tracking Sustainable Energy Projects

Railways Roll Out Luxury, Sustainability Makeover

Aviation Sees New Routes, Challenges

Tourism Sector Cooks Up Fresh Strategies

Real Estate Regs Fast-Tracked

Yoga, Dance Groups Busted for Road Antics

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Politburo Welcomes Fresh Faces in Shakeup

Vietnam’s Politburo has welcomed four new members, giving the country's top decision-making body a facelift. Le Minh Hung, the former chief of the Party Central Committee Office, now heads the Organization Commission, tasked with advising on organizational and personnel matters. In the National Assembly, Tran Thanh Man has taken the reins as chairman, replacing Vuong Dinh Hue.

Read more: The Investor (Politburo Members), The Investor (Organization Commission), VnExpress (NA Chairman)

To Lam Steps Up as New State President

To Lam, the former Minister of Public Security, has been elected as Vietnam's new state president. His appointment comes alongside a major political reshuffle and an ongoing anti-corruption crackdown led by General Secretary Nguyen Phu Trong. As a key figure in the campaign, To Lam is expected to steady the ship, but experts warn that political infighting may linger.

Read more: NHK World (Appointment), VnExpress (Swearing-In), Radio Free Asia (Political Context), Vietnam Economic Times (Legislative Process)

Top Leaders Toppled in Anti-Graft Sweep

The anti-corruption campaign continues to shake up the political landscape. Former Politburo member and Ho Chi Minh City chairman Le Thanh Hai was ousted from all Party positions over alleged mismanagement and corruption in the Thu Thiem urban area project. Truong Thi Mai, the sole female Politburo member, also stepped down amid misconduct allegations, the third top leader to exit in two months.

Read more: Radio Free Asia (Resignation Details), Indian Express (Leadership Changes), The Investor (Le Thanh Hai Removal)

Leadership Shuffle Sets Stage for 2026 and Beyond

With a new president and National Assembly chairman in place, Vietnam's top leadership is back on track after a period of unprecedented turnover. But questions linger about the country's future direction as the race for the next General Secretary heats up. The rising influence of those with police and military backgrounds adds another twist to the plot. These two articles provide an excellent overview of the situation. Normally we try to avoid paywalled articles, but these are good if you need to know more. If you would like to take advantage of a special offer for a paid subscription to Vietnam Weekly, reply to this email and we’ll hook you up.

Read more: Nikkei Asia (Paywall: Overview), Vietnam Weekly (Paywall: Changes and Implications)

Vietnam Tackles Economic Hurdles, Pushes Reforms

Vietnam is laser-focused on economic growth, targeting a 6-6.5% growth rate for 2024. But the banking sector is dealing with a 14% jump in bad debt, putting financial stability at risk. To weather the storm, the State Bank of Vietnam is crafting a legal framework for credit scoring to fine-tune lending decisions. The Ministry of Finance is also streamlining procedures for businesses, especially SMEs, by going digital and slashing red tape

Read more: Yahoo News (Economic Growth), Vietnam News (Bad Debt), VnEconomy (Monetary Policy), Vietnam News (Credit Scoring), Vietnam News (Administrative Reforms)