Vietnam parliament elects army general Luong Cuong as state president

* Cuong replaces Lam who remains Communist Party chief * Election could end turbulent phase of frequent reshuffles * Cuong committed to defence boost, multilateral foreign policy (adds quotes from new

Hanoi: Vietnam's parliament elected on Monday army general Luong Cuong as the new state president in a widely anticipated move that is expected to bring some stability to Vietnamese politics after a turbulent phase of departures and reshuffles.

Cuong, 67, takes over the role from To Lam, who was appointed president of the Communist-run, one-party country in May and then also took on the more powerful job of party chief following the death in July of general secretary Nguyen Phu Trong.

Cuong was elected with the vote of all the 440 deputies who attended the parliament session on Monday.

In his inaugural speech he committed to boosting defence capabilities and pursuing an independent and multilateral foreign policy.

He vowed to "strengthen national defence and security, build up an army force that is revolutionary, well-trained, nimble and modern".

Vietnam has long been seeking to diversify its arsenal from mostly Russia-made weapons but has not reported any significant deal in recent years.

Before the election, Cuong held a key position in the secretariat of the Communist Party, which made him the fifth-highest ranking official in the country after party chief, president, prime minister and parliament's chairman. Cuong is also a member of the Politburo, the party's top decision-making body.

The state president holds little direct power but represents the country in high-level meetings with foreign dignitaries. In his short spell as president, Lam has met the leaders of China, Russia and the United States, among others.

POWER SHARING

In Vietnam, the party chief has become the most powerful figure since the late Trong effectively expanded the role's powers in his 13-year tenure.

The move by Lam, a former head of police, to relinquish the presidency may indicate a power-sharing compromise within the party, multiple diplomats said.

Foreign multinationals, who have large investments in the Southeast Asian country for export-oriented manufacturing, had long praised Vietnam's political stability.

Many were taken aback by recent turmoil in the leadership amid an anti-corruption campaign that led to the resignation of two state presidents and one parliament chairman in the 17 months before Lam's election.

The new power-sharing arrangement is set to last until 2026, when all top positions will again be up for grabs as part of a regular five-year reorganisation of the political leadership.