The US Treasury Department continues to determine that Vietnam is not manipulating its currency.

Headquarters of the State Bank of Vietnam. (Photo: PV/Vietnam+)

On November 8, the State Bank said that the US Treasury Department has just issued a report on “Macroeconomic and foreign exchange policies of major US trading partners” continuing to determine that Vietnam does not manipulate currency, and at the same time gave positive comments on the results of Vietnam's monetary and exchange rate policy management.

In this report, the US Treasury Department considers the possibility of currency manipulation by the US's major trading partners based on three criteria: bilateral trade surplus with the US; current account surplus; and one-sided, persistent intervention in the foreign exchange market.

The US Treasury Department has placed six economies on the Monitoring List, including China, Germany, Malaysia, Singapore, Taiwan (China) and Vietnam.

Of these, Vietnam exceeded two criteria: bilateral trade surplus of goods and services with the United States (reaching 105 billion USD, exceeding the 15 billion USD threshold) and current account surplus (reaching 19 billion USD, equivalent to 4.7% of GDP, exceeding the 3% GDP threshold).

The State Bank said that in recent bilateral meetings with the State Bank of Vietnam, the US Treasury Department highly appreciated Vietnam's management of monetary and exchange rate policies because it demonstrated Vietnam's seriousness in addressing US concerns and maintaining stability in the financial, monetary, and macroeconomic markets amid many difficulties and challenges.

In the Joint Statement on upgrading Vietnam-US relations to a Comprehensive Strategic Partnership, the United States highly appreciated Vietnam's continuous efforts in continuing to modernize and further enhance the transparency of Vietnam's monetary and exchange rate policy framework, promoting macroeconomic stability, and ensuring the safety and soundness of the banking system.

On the basis of the Comprehensive Strategic Partnership between the two countries, the State Bank will continue to coordinate with ministries and branches to maintain close cooperation and establish regular and effective communication channels with the US Treasury Department; thereby, enhancing understanding, promoting cooperation, sharing information and promptly resolving arising issues of mutual concern./.

Thuy Duong (Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/bo-tai-chinh-hoa-ky-tiep-tuc-xac-dinh-viet-nam-khong-thao-tung-tien-te/906625.vnp

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