Vietnam president resigns amid scandal

What happened

Vietnamese President Vo Van Thuong abruptly stepped down amid a growing corruption scandal, the country's Communist Party announced on Wednesday. His resignation comes one year after his predecessor, Nguyen Xuan Phuc, resigned over allegations of misconduct in his administration.

Who said what

Thuong's "violations and flaws have negatively affected public perception as well as the reputation of the party and the state," Vietnam's Communist Party Central Committee said. 

The commentary

Thuong's departure is a "worrying sign for political stability" in Vietnam, The Associated Press said. It comes after the government "ramped up efforts to weed out wrongdoing among senior leadership," Bloomberg said. Investors are "becoming nervous as the corruption crackdown drags on and expands to private businesses," the Financial Times said.

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What next?

Vietnam's legislature on Thursday appointed Vice President Vo Thi Anh Xuan as acting president, and he will serve "until the party decides the next candidate," Reuters said.