US removes Việt Nam from monetary manipulation monitoring list

November, 12/2022 - 20:25
Việt Nam has been removed from the US's monetary manipulation monitoring list, according to the State Bank of Vietnam (SBV).
The State Bank of Vietnam headquarters in Hà Nội. VNA/VNS Photo

HÀ NỘI - Việt Nam has been removed from the US's monetary manipulation monitoring list, according to the State Bank of Vietnam (SBV).

The bank said that the decision was announced in the US Department of the Treasury's Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the US, which was released on November 10.

Việt Nam had previously surpassed the thresholds for all three criteria as noted in the December 2021, April 2021, and December 2020 Reports, in each of which the US Treasury conducted enhanced analysis of Việt Nam.

The US Treasury continues to engage closely with the SBV to monitor Việt Nam’s progress in addressing its concerns and remains satisfied with the progress made by Việt Nam.

According to the SBV, from the beginning of 2021, the US Department of Treasury has conducted enhanced bilateral contact with Việt Nam and reached a general agreement in July 2021 to address the US side's concerns about the issues related to currency and exchange rate.

In this report, the US Department of Treasury continues to recognise the progress of Việt Nam. At the department's delegation visit to Việt Nam on October 3, 2022, the US side highly valued the SBV's management of monetary and exchange rate policies amid many difficulties and challenges in the global economy.

In the report, the US department identifies its trade partners basing on signs of a significant bilateral trade surplus with the US, a material current account surplus, and engagement in persistent one-sided intervention in the foreign exchange market. VNS

E-paper