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Vietnam Foreign Ministry spokesman Le Thi Thu Hang stated that Vietnam always attaches great importance and strictly abides by its bilateral commitments to the United States and the multilateral commitments to which Vietnam is a party.
“For the United States, Vietnam attaches special importance to the economic and trade relationship with this country and always maintains dialogue and consultation to maintain and harmonize the interests of the two sides. Vietnam has also made many efforts. Promote relations on the principle harmonious balance of interests, “said Ms Hang, while reiterating” kIf a problem arises, Vietnam will contact and exchange in a frank and open spirit to solve the problem. “
Under the provisions of the United States Trade Promotion and Enhancement Act of 2015, the US BTC is required to conduct advanced analysis of foreign economic and exchange policies of major trading partners that satisfy those on trade surplus. bilateral with the United States, the current balance surplus and foreign exchange intervention.
These criteria are specifically quantified as a bilateral merchandise trade surplus with the United States of at least $ 20 billion; the current account surplus is at least 2% of GDP; One-way and prolonged intervention in the exchange market, represented by the net purchase of foreign currency for at least 6 months during a 12-month period with a total net purchase of foreign currency equivalent to at least 2% of GDP in a 12-month period. .
In the December report, according to the Omnibus International Trade and Competition Act of 1988, Vietnam met 3 criteria and was identified by the US BTC as currency manipulation. In addition to Vietnam, Switzerland is also identified as currency manipulation.
The recent intervention of the SBV to purchase foreign currency to ensure the proper functioning of the foreign exchange market in the context of an abundant supply of foreign currency, contributing to macroeconomic stability and strengthening foreign exchange reserves. The country is at a low level compared to other countries in the region to strengthen national monetary and financial security.
The State Bank of Vietnam said it would coordinate with relevant ministries and agencies to exchange and work on issues of interest to the United States in a spirit of cooperation, mutual benefits, towards a harmonious business relationship. , equity under the cooperative action plan of the two countries.
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