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Việt Nam applauds positive adjustment in US Treasury Department’s report

Update: April, 18/2021 - 11:56

 

Spokeswoman of the Ministry of Foreign Affairs Lê Thị Thu Hằng. —VNA/VNS Photo 

HÀ NỘI — Việt Nam welcomes the US Department of the Treasury’s positive adjustment to the content related to Việt Nam 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 Lê Thị Thu Hằng.

Replying to reporters’ question about the report released on Friday by the US Department of the Treasury, Hằng noted that the report revealed insufficient evidence that Việt Nam has been manipulating its exchange rate.

She added that in the recent past, Vietnamese relevant agencies have shared information and discussed with the US to clarify that Việt Nam’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 stabilising macro-balances, not to create unfair competitive advantages in international trade.

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

The US Treasury has removed Việt Nam and Switzerland from the list of countries labeled as currency manipulators, reversing a decision of the administration under President Trump last December.  

The US Treasury said in its semi-annual report on forex and macro-economic policies of big trade partners of the US to the Congress on April 16 that no country currently meets the US criteria as a manipulator. It said Việt Nam, Switzerland and Taiwan will be under enhanced monitoring, which means those countries and territories will not immediately face US sanctions.

In the report, the first of the Biden administration, China is not designated as a currency manipulator. The Trump administration put China on the list in 2019 during a trade stand-off between the world’s two biggest economies. — VNS

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