Nguyen Xuan Phuc elected as new prime minister

Vietnam's Parliament approved a new prime minister on Thursday, handing former bureaucrat and legislator Nguyen Xuan Phuc the challenge of maintaining the momentum of one of Asia's fastest-growing economies.

Phuc, 61, was chosen to replace Nguyen Tan Dung, who was relieved from the duty of Vietnamese prime minister on Wednesday.

"I swear to be absolutely loyal to the nation, the people and the Constitution of the Socialist Republic of Vietnam," Phuc said in his sworn statement.