Vietnam is not on the currency manipulation watch list.

According to information from the State Bank, on June 17, the US Treasury Department issued a report on “Macroeconomic and foreign exchange policies of major US trading partners” (hereinafter referred to as the report).

The report continues to rely on three criteria to consider the possibility of currency manipulation by major trading partners, namely bilateral trade surpluses with the United States; current account surpluses; and persistent, one-sided foreign exchange market intervention.

Headquarters of the State Bank of Vietnam . (Photo: Government Newspaper)

The US Treasury Department added seven economies to its monitoring list, including China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan. At the same time, the US Treasury Department concluded that no major US trading partner manipulated its currency during the period from January to December 2022.

During the above period, Vietnam exceeded the threshold of 1 criterion on trade surplus of goods and services with the US, so the US Treasury Department continued not to put Vietnam on the monitoring list.

According to the State Bank, at bilateral meetings with the State Bank of Vietnam, the US Treasury Department continued to appreciate the management of monetary and exchange rate policies in recent times, which have maintained stability in the financial, monetary and macroeconomic markets in the context of many difficulties and challenges.

The State Bank always affirms that it manages Vietnam's monetary and exchange rate policies with the consistent goal of contributing to controlling inflation, stabilizing the macro-economy, and ensuring the safety of the credit institution system.

"Over the past time, the State Bank has been making efforts to gradually modernize and make transparent the monetary policy framework and exchange rate management. At the same time, the State Bank actively and flexibly manages exchange rates, in accordance with the development level of the foreign exchange market and economic factors; does not use exchange rate policies to create unfair trade competitive advantages; ensures stable and smooth operation of the foreign exchange market, contributing to macroeconomic stability.

In the coming time, the State Bank will continue to operate monetary and exchange rate policies according to the above orientation to contribute to controlling inflation, stabilizing the macro-economy, ensuring the safety of the credit institution system; at the same time, continue to actively coordinate with ministries and branches to discuss and work on issues of interest to the US side in a spirit of cooperation and goodwill," the State Bank emphasized.

Thanh Lam

Useful
Emotion
Creative
Unique

Source: https://vtc.vn/viet-nam-khong-nam-trong-danh-sach-giam-sat-ve-thao-tung-tien-te-ar800868.html