The Vietnamese Communist Party has accepted the resignation of President Vo Van Thuong, the government said on Wednesday, in a sign of political turmoil that could hurt foreign investors’ confidence in the country.

The government said in a statement that Thuong had violated party rules, adding that those “shortcomings had negatively impacted public opinion, affecting the reputation of the Party, State and him personally.”

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.

The president holds a largely ceremonial role but is one of the top four political positions in the Southeast Asian nation.