The State Bank said that on November 7, the US Treasury Department 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 major trading partners based on three criteria: bilateral trade surpluses with the US, current account surpluses, and persistent, one-sided intervention in foreign exchange markets.
Accordingly, the US Treasury Department put 6 economies on the monitoring list including: China, Germany, Malaysia, Singapore, Taiwan (China) and Vietnam.
Vietnam alone exceeded two criteria: bilateral trade surplus of goods and services with the US (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).
According to the State Bank of Vietnam , in recent bilateral meetings, the US Treasury Department has highly appreciated Vietnam's monetary and exchange rate policy management for demonstrating 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 Comprehensive Strategic Partnership, the US highly appreciated Vietnam's continuous efforts in continuing to modernize and further enhance the transparency of Vietnam's monetary and exchange rate policy framework, promote macroeconomic stability, and ensure the safety and soundness of the banking system.
On the basis of the Comprehensive Strategic Partnership between the two countries, the SBV 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.
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