The Vietnamese Communist Party has this Wednesday accepted the resignation of President Vo Van Thuong.

The government says the approval of the resignation was necessary to avoid political issuesl that could hurt the confidence of foreign investors in the country.

The Central Party Committee, a top decision-making body in Communist Party-ruled Vietnam, approved Thuong’s resignation just about a year after his election.

Thuong becomes the second president to step aside in just over a year and his resignation marks the shortest presidency in Vietnam’s history.