Politburo accepts for Hanoi Party chief to step down

A press release by the office of the Central Party Committee said the Politburo and the Secretariat have dished out disciplinary actions to several Party organizations and members for their violations.

The Politburo and the Secretariat saw that the Party Committee of the Ministry of Finance for the 2016-2021 term had violated democratic centralism principles, as well as Party regulations. It had been negligent, allowing the ministry and certain Party organizations and members to violate Party regulations and the law.

The committee had not properly carried out its tasks when it comes to the mechanisms, policies and management of the issuance of business bonds, including those belonging to the "ecosystems" of Van Thinh Phat property giant and its subsidiary An Dong, whose chairwoman Truong My Lan was sentenced to death last April in US$27 billion bank scam, as well as the management of the national budget regarding the Advanced International Company (AIC) and other businesses that are part of AIC's ecosystems.

Over the last two years, AIC has been investigated for bidding violations at several units and localities. Its chairwoman Nguyen Thi Thanh Nhan was accused of several crimes, including bribery and bidding violations, but has been evading authorities and is internationally wanted.

Such violations have resulted in severe consequences that risk great losses to the national budget and bond investors, negatively affecting the business environment, social order and safety, among others.

Dung, as a high-ranking Party and state official, and as the finance minister for the 2016-2021 term, must take responsibility as the leader when violations happen at the ministry, the Politburo said.

Dung has requested to be relieved of his positions and to retire as a result.

Dung, 63, served as finance minister from June 2013 to March 2021. From April 2021, he was the secretary of Hanoi's Party Committee.