Vietnam News

‘Burning furnace’ purge stoking new faith in Vietnam

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Communist Party leader Trong’s anti-corruption campaign has spared none in high-stakes drive that should ultimately cheer foreign investors.

In the scorching furnace of Vietnam’s anti-corruption campaign, the flames have raged fiercely, engulfing Communist Party officials like dry tinder. Some have been swiftly cast aside, while others saw their political careers reduced to smoldering embers.

Initially, this situation appeared to signify a leadership crisis with the dismissal of five out of 18 Politburo members, two presidents, one National Assembly chair and two deputy prime ministers. But less corruption ultimately promises better economic prospects for Vietnam.

Nguyen Phu Trong, the 80-year-old secretary-general of Vietnam’s Communist Party, has seemingly spared none in tackling the state’s endemic level of corruption.

His “burning furnace” directive to shore up transparency and good governance has not been lost on the foreign investors, who are among the beneficiaries of the reduced costs of doing business, streamlined bureaucratic processes and the break-up of entrenched, often corrupt interest groups.

In Vietnam’s political system, the principles of “democratic centralism” and “collective leadership, individual responsibility” stand as key pillars governing the organization and functioning of the Communist Party of Vietnam.

The 13th National Congress passed a resolution outlining the nation’s developmental trajectory for the 2021-2030 period. The rotation of high-ranking officials neither disrupts administrative continuity nor deviates from Vietnam’s policy direction.

Instead, it serves to strengthen the political system and advance the implementation of pivotal policies ratified during the Congress.

After all, Vietnam’s dynamic economy, the envy of all of Southeast Asia, has been on a stable growth path, driven by robust domestic demand and export-oriented manufacturing for over two decades.

Many economists predict that Vietnam, as a member of the Association of Southeast Asian Nations (ASEAN) and the Greater Mekong Subregion, will achieve rapid economic growth, propelling the acclaimed “Asian Tiger” to become the 20th largest economy in the world by 2050.

By James Borton – Asia Times – May 10, 2024

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