A third of the Vietnam Communist Party’s 15-man politburo stepped down at a five-yearly congress yesterday, part of a reshuffle that could bring new, younger faces into Vietnam’s ageing leadership. Vietnamese Prime Minister Nguyen Tan Dung was re-elected, as expected, to the policymaking Central Committee, made up of the party’s top 175 officials.
However, it was unclear whether he would end up with more power when full results from the closed-door gathering are due to be announced today, including the composition of an expanded 17-member Politburo and the General Secretary.
The party is under pressure to shift focus from rapid growth to stability after a period of volatile inflation, currency depreciation and declining foreign exchange reserves.
Party heavyweight Truong Tan Sang and Vietnamese Deputy Prime Minister Nguyen Sinh Hung — -rivals of Dung — were also elected to the Central Committee. They are likely to move into top jobs, Sang in the presidency and Hung becoming speaker of parliament.
A deputy central bank governor, who banking sources say is likely to take over as governor, was also promoted.
However, changes to the elite politburo are unlikely to bring imminent or bold policy changes, although policymakers say they see the need for more stability.
Dung is a known quantity among investors, but Jacob Ramsay, who follows Vietnam for the consultancy Control Risks, said there was an urgent need to adjust economic policies.
“A continuation of current policies could lead Vietnam’s economy to a brick wall at some point,” he said.
Among those elected to the Central Committee was Deputy Central Bank Governor Nguyen Van Binh, putting him in line to take over as governor.
A source close to the central bank said Binh was likely to start as governor later this year when a new National Assembly, or parliament, convenes after elections scheduled for May.
As congress meets in the chilly capital, Hanoi, whose streets are festooned with red-and-yellow banners and propaganda posters, its leaders are under pressure to revitalize the party and keep it relevant in the fast-changing country.
Reading the tea leaves is notoriously difficult in Vietnam, where the party has a tradition of consensus-based decisionmaking. Bargaining can often come down to the wire.
Dung was heavily criticized last year for perceived mismanagement of the economy and for his role in the near-collapse of Vinashin, a state shipbuilding conglomerate that was sinking under US$4.4 billion in debt despite receiving extraordinary state support over the years.
Most expect Dung to get a second term as prime minister.
Hai Pham, a Singapore-based analyst at Australia & New Zealand Banking Group Ltd, said a policy shift was not likely despite a backdrop of rising inflationary pressures, currency weakness and credit-rating downgrades.
But she expected the administration to announce policies to control inflation after the Tet Lunar New Year holiday early next month.
The current head of parliament, Nguyen Phu Trong, born in 1944, is often cited as the frontrunner to become general secretary. He was re-elected to the Central Committee.
Vietnamese Deputy Prime Minister and Foreign Minister Pham Gia Khiem, who turns 67 this year, was not re-elected to the Central Committee, meaning he will be replaced.
Emerging from the fallout of decades of war and central planning, Vietnam’s economy has more than tripled to US$80 billion from US$30 billion a decade ago. Per capita wealth has also nearly tripled to US$1,200 a year.
FRAUD ALLEGED: The leader of an opposition alliance made allegations of electoral irregularities and called for a protest in Tirana as European leaders are to meet Albanian Prime Minister Edi Rama’s Socialist Party scored a large victory in parliamentary elections, securing him his fourth term, official results showed late on Tuesday. The Socialist Party won 52.1 percent of the vote on Sunday compared with 34.2 percent for an alliance of opposition parties led by his main rival Sali Berisha, according to results released by the Albanian Central Election Commission. Diaspora votes have yet to be counted, but according to initial results, Rama was also leading there. According to projections, the Socialist Party could have more lawmakers than in 2021 elections. At the time, it won 74 seats in the
EUROPEAN FUTURE? Albanian Prime Minister Edi Rama says only he could secure EU membership, but challenges remain in dealing with corruption and a brain drain Albanian Prime Minister Edi Rama seeks to win an unprecedented fourth term, pledging to finally take the country into the EU and turn it into a hot tourist destination with some help from the Trump family. The artist-turned-politician has been pitching Albania as a trendy coastal destination, which has helped to drive up tourism arrivals to a record 11 million last year. US President Donald Trump’s son-in-law, Jared Kushner, also joined in the rush, pledging to invest US$1.4 billion to turn a largely deserted island into a luxurious getaway. Rama is expected to win another term after yesterday’s vote. The vote would
CANCER: Jose Mujica earned the moniker ‘world’s poorest president’ for giving away much of his salary and living a simple life on his farm, with his wife and dog Tributes poured in on Tuesday from across Latin America following the death of former Uruguayan president Jose “Pepe” Mujica, an ex-guerrilla fighter revered by the left for his humility and progressive politics. He was 89. Mujica, who spent a dozen years behind bars for revolutionary activity, lost his battle against cancer after announcing in January that the disease had spread and he would stop treatment. “With deep sorrow, we announce the passing of our comrade Pepe Mujica. President, activist, guide and leader. We will miss you greatly, old friend,” Uruguayan President Yamandu Orsi wrote on X. “Pepe, eternal,” a cyclist shouted out minutes later,
A Croatian town has come up with a novel solution to solve the issue of working parents when there are no public childcare spaces available: pay grandparents to do it. Samobor, near the capital, Zagreb, has become the first in the country to run a “Grandmother-Grandfather Service,” which pays 360 euros (US$400) a month per child. The scheme allows grandparents to top up their pension, but the authorities also hope it will boost family ties and tackle social isolation as the population ages. “The benefits are multiple,” Samobor Mayor Petra Skrobot told reporters. “Pensions are rather low and for parents it is sometimes
RSS