Nguyen Xuan Phuc, 61, was elected Vietnam’s Prime Minister. He will lead the emerging economy as it comes under increasing pressure to reform a scandal hit state-owned sector and banking system. Phuc, former Deputy Prime Minister, was sworn in after 446 of 490 legislators voted to approve his nomination. Taking his oath, he swore loyalty to the country, its people and the Constitution of Vietnam.

Mr Phuc also vowed to enhance the effectiveness of anti-corruption and anti-waste, and firmly safeguard the sovereignty, territorial integrity and national unity. The vote by Vietnam’s lawmaking National Assembly, however, was only a formality. The former Deputy Prime Minister was put forward for the top post at the Communist Party’s once-every-five-years National Congress earlier in January. His election followed the formal stepping down of former premier Nguyen Tan Dung the day before.

Phuc is expected to face enormous challenges in restructuring the state-owned sector and banking system, improving the country’s fiscal position, and lifting Vietnam’s over-reliance on foreign investment. Vietnam has set its growth target at 6.7 per cent for 2016, although prolonged drought threatening agricultural output could drag down growth for the year.