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The December 2020 US Department of the Treasury report on “Macroeconomic and Foreign Exchange Policies of Major US Trading Partners”, released on December 16, listed 10 economies, including China, Japan, Korea, Germany, Italy, Singapore, Malaysia, Taiwan, Thailand, and India are on the watch list.
Vietnam, along with Switzerland, were identified by the United States Department of the Treasury as “currency manipulation“under the Omnibus Law on Competition and International Trade of 1988.
“Vietnam attaches particular importance to its economic and trade relations with the United States, seriously implementing the high-level commitments and trade agreements between the two countries, as well as other multilateral trade commitments,” Ms. Hang emphasized at a press conference.
Vietnam also maintains constructive dialogue and consultations with the US side to handle the problems in bilateral economic and trade relations in a sustainable and harmonious direction for both sides. “added the spokesperson.
In response to a question from Reuters about certain information that after determining that Vietnam “manipulates the currency,” the United States may impose a 25% tax on Vietnamese products, the spokesperson confirmed that Vietnam has There many efforts to promote relations bilateral economic policies towards a sustainable, harmonious and balanced direction for both parties.
“When any problem arises in the relationship between the two countries, we have exchanges and contact with the American side with a frank and open spirit to solve these problems. We always want The relationship between the two countries always continues to develop strongly in accordance with the interests of both parties, “said spokeswoman Le Thi Thu Hang.
On the morning of December 17, the State Bank issued a statement in which it stated that the bilateral trade surplus with the US and the current account surplus were the result of a number of factors related to the peculiarities of the Vietnamese economy. . .
Responding to this US measure, the State Bank has affirmed the management of the exchange rate in recent years, within the framework of general monetary policy, in order to achieve the constant objective of controlling inflation and stabilizing the economy. macro, so as not to create an unfair competitive advantage in international trade.
The recent intervention of the Banco del Estado in the purchase of foreign currency aims to ensure the proper functioning of the foreign exchange market in a context of abundant supply of foreign currency, contributing to macroeconomic stability and at the same time consolidating reserves. The state’s foreign exchange capital is at a low level compared to other countries in the region to improve national financial and monetary security.
The State Bank affirmed that it will actively coordinate with the relevant ministries and branches to exchange and work on the issues that interest the US in a spirit of cooperation, mutual benefit, towards commercial relations. harmony, sustainability.
“At the same time, the State Bank continues to manage monetary policy to control inflation, stabilize the macroeconomy, support economic growth in a reasonable way, manage exchange rates flexibly, in line with macrobalances, market developments and the objectives of monetary policy are not intended to create an unfair competitive advantage in international trade, “the statement said.
Vietnam was included on the watch list by the US Department of the Treasury because it met two criteria of bilateral trade surplus with the US and current account surplus in May 2019.
