5 go in Vietnam Politburo reshuffle
Source: Agencies |
January 19, 2011, Wednesday
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A THIRD of Vietnam's ruling 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. Prime Minister Nguyen Tan Dung was re-elected, as expected, to the policy-making Central Committee, made up of the party's top 175 officials.
But it was unclear whether he would end up with more power when full results from the closed-door gathering are 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 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.
But 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.
Dung, the prime minister, 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 (28.9 billion yuan) in debt despite receiving state support over the years.
Most expect Dung to get a second term as prime minister.
With its leadership dominated by greying bureaucrats, the party faces a challenge in attracting a younger generation better versed in music videos than the revolutionary rhetoric of party founder Ho Chi Minh.
Sixty percent of Vietnam's 90 million people are under the age of 35. Many see their path to prosperity tied closely to the private sector, with little need to join the party.
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.
But it was unclear whether he would end up with more power when full results from the closed-door gathering are 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 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.
But 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.
Dung, the prime minister, 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 (28.9 billion yuan) in debt despite receiving state support over the years.
Most expect Dung to get a second term as prime minister.
With its leadership dominated by greying bureaucrats, the party faces a challenge in attracting a younger generation better versed in music videos than the revolutionary rhetoric of party founder Ho Chi Minh.
Sixty percent of Vietnam's 90 million people are under the age of 35. Many see their path to prosperity tied closely to the private sector, with little need to join the party.
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.
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