The Politburo of the Vietnam's Communist Party on Wednesday agreed to relieve Dinh Tien Dung as secretary of the Hanoi Municipal Communist Party of Vietnam Committee upon his personal request, Vietnam News Agency reported.

Dung will also leave his position as head of the capital's National Assembly delegation.

The Politburo and the Secretariat saw that the Party Committee of the Ministry of Finance for the 2016-2021 term 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.

As a high-ranking Party and state official, and as the finance minister for the 2016-2021 term, he must take responsibility as the leader for violations reported at the ministry.

Aware of his responsibility to the Party and the people, he submitted an application to resign from his assigned positions and retire, according to the announcement made by the office of the Central Party Committee on Wednesday.

Dung, 63 years old, hails from Ninh Binh province. He was a Politburo member of the 13th term, and has worked as minister of finance from 2013 to 2021.

In 2021, he was appointed as secretary of Hanoi's Party Committee.