Losing one president in a year — unfortunate. Losing two? A worrying signal for foreign investors.
Vietnam, the economic darling of Southeast Asia, has been thrust into the spotlight again because of a series of political earthquakes. The most recent is President Vo Van Thuong’s resignation on Wednesday, making him the latest senior official to step down amid widening probes into some of the country’s top leadership.
This fresh political uncertainty may rattle those who flocked to Vietnam in the aftermath of the trade war between the United States and China, attracted by the talented and affordable labor market and lack of political scrutiny from the U.S. government. Vietnam has been a huge beneficiary of the spat — foreign direct investment surged 32% in 2023, with the country attracting nearly $36.61 billion worth of funds.