US Treasury Department recognises Vietnam’s progress in addressing currency-related concerns
The US Department of the Treasury has recognised the progress made by Vietnam in its recently released report on macro-economic and foreign exchange policies of major trading partners of the US, the State Bank of Vietnam (SBV) said on June 13.
Hanoi (VNA) – The USDepartment of the Treasury has recognised the progress made by Vietnam in itsrecently released report on macro-economic and foreign exchange policies ofmajor trading partners of the US, the State Bank of Vietnam (SBV) said on June13.
The SBV said in the timeahead, it will continue working closely with relevant ministries and sectors todiscuss the issues of the US side’s concern in a cooperative and win-win spiritso as to develop harmonious and sustainable trade relations.
The central bank of Vietnamwill continue a monetary policy that aims to control inflation, stabilise themacro-economy, and aid economic recovery and development. It will also keepflexible exchange rates appropriate to macro-economic balances, marketdevelopments, and the monetary policy’s targets, it added.
In the report unveiled on June10, the US Department of the Treasury continued reviewing the large tradingpartners in terms of three criteria: bilateral trade surplus with the US, materialcurrent account surplus, and persistent, one-sided intervention in the foreignexchange market.
It placed 12 economies on its“Monitoring List” of major trading partners that merit close attention to theircurrency practices and macro-economic policies, namely China, Japan, theRepublic of Korea, Germany, Italy, India, Malaysia, Singapore, Thailand, Taiwan(China), Vietnam, and Mexico.
All except Taiwan and Vietnam (which were subject to enhancedengagement) were on the Monitoring List in the December 2021 Report. As bothVietnam and Taiwan exceeded the thresholds of fewer than three criteria underthe Trade Facilitation and Trade Enforcement Act of 2015 (2015 Act) overthe four quarters through December 2021, the Treasury Department put the twoeconomies on the list again.
In the report, it also concluded that no major trading partnersmanipulated their exchange rates in 2021.
In early 2021, the department commenced enhanced bilateralengagement with Vietnam in accordance with the 2015 Act. They reached agreementin July 2021 to address the department’s concerns about Vietnam’s currency practices.
The Treasury Department said in the report that it continues toengage closely with the SBV to monitor Vietnam’s progress in addressingTreasury’s concerns and is thus far satisfied with progress made by Vietnam./.
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Illustrative image (Photo: VNA) 
