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Vietnam applauds positive adjustment in US Treasury Department’s report

Valerie Mai Valerie Mai

mnghonganh@gmail.com

April 18, 2021 | 07:51

Vietnam will maintain constructive dialogue and consultation with the US side about this issue,” Spokeswoman of the Ministry of Foreign Affairs said.

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Vietnam applauds positive adjustment in US Treasury Department’s report
US Department of the Treasury found insufficient evidence under an earlier 1988 law to conclude that Vietnam is manipulating exchange rates to gain a trade advantage or prevent the balance of payments adjustments. (Photo: Reuters)

Vietnam welcomes the US Department of the Treasury’s positive adjustment to the content related to Vietnam in the department’s latest report on the macroeconomic and foreign exchange policies of major trading partners of the US, said Spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang.

Replying to reporters’ questions about the report released on April 16 by the US Department of the Treasury, Hang noted that the report said there is insufficient evidence to decide that Vietnam manipulates its exchange rate, Nhan Dan reported.

She added that in the recent past, Vietnamese relevant agencies have shared information and discussed with the US to clarify that Vietnam’s exchange rate policy has been steered by managerial agencies in a uniform and flexible manner that matches the reality in the country for the purpose of stabilizing macro-balances, not to create unfair competitive advantages in international trade.

Vietnam applauds positive adjustment in US Treasury Department’s report
Spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang. (Photo: VNA)

“In the spirit of respecting the economic – trade ties with the US, a pillar in the comprehensive partnership between the two countries, Vietnam will maintain constructive dialogue and consultation with the US side about this issue,” the spokeswoman added.

In a statement on Saturday, the State Bank of Vietnam said it will continue to pursue a flexible exchange rate policy that is managed in a way to contain inflation, ensure macro-economic stability, and not create an unfair trade advantage.

The U.S. Treasury Department on Friday said Vietnam, Switzerland, and Taiwan tripped their thresholds for possible currency manipulation under a 2015 U.S. trade law but refrained from formally branding them as manipulators, according to Reuters.

Despite the finding, it found insufficient evidence under an earlier 1988 law to conclude that Vietnam, Switzerland, or Taiwan are manipulating exchange rates to gain a trade advantage or prevent the balance of payments adjustments.

The move takes some pressure off Switzerland and Vietnam by lifting the manipulator designation for at least six months.

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Valerie Mai