HANOI, Vietnam: Vietnam's government announced that it has removed Le Hai Tra, general director of the Ho Chi Minh Stock Exchange, amidst a long-running crackdown on officials accused of corruption.

In a statement, the government said Tra, 47, was dismissed for "having committed serious violations and wrongdoings," adding that he was also expelled from the Communist Party of Vietnam.

Tra, who holds a double master's degree in Finance and Administration from Harvard's Kennedy School of Government, has not responded to requests for comment.

In March, authorities in the Southeast Asian country called for a stepping up in its anti-corruption drive, focusing on its financial markets.

An earlier series of high-profile corporate arrests on accusations of market manipulation triggered a $40 billion wipeout for Vietnamese stocks and rattled investor confidence in the fast-growing economy.

Tran Anh Dao, the deputy chief of HoSE, will replace Tra, according to the government.

Vietnam also sacked Tran Van Dung, chairman of its State Securities Commission, on corruption charges.