Vietnam applauds positive adjustment in US Treasury Department’s report
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.
Hanoi (VNA) – Vietnam welcomesthe US Department of the Treasury’s positive adjustment to the content relatedto Vietnam in the department’s latest report on the macroeconomic and foreign exchange policies of major tradingpartners of the US, said Spokeswoman of the Ministry of Foreign Affairs Le ThiThu Hang.
Replying to reporters’ question about the report released on April 16 bythe US Department of the Treasury, Hang noted that the report said there is insufficient evidence to decide that Vietnam manipulates its exchange rate.
She added that in the recent past, Vietnamese relevantagencies have shared information and discussed with the US to clarify thatVietnam’s exchange rate policy has been steered by managerial agencies in auniform and flexible manner that matches the reality in the country for the purpose of stabilising macro-balances, not to create unfair competitive advantages in internationaltrade.
“In the spirit of respecting theeconomic – trade ties with the US, a pillar in the comprehensive partnershipbetween the two countries, Vietnam will maintain constructive dialogue and consultationwith the US side about this issue,” the spokeswoman added./.
The US Treasury Department’s labelling of Vietnam as a currency manipulator is groundless and certainly significantly affects the psychology of the Vietnamese business community, especially those operating in the import and export field, according to Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI).
The US Trade Representative (USTR), in its report released on January 15 on findings in the Section 301 investigation of Vietnam’s acts, policies, and practices related to currency valuation, did not mention or recommend the imposition of tariff or any sanction measures on Vietnam’s exports, the Ministry of Industry and Trade said on January 16.
The US Treasury has removed Vietnam and Switzerland from the list of countries labeled as currency manipulators, reversing a decision of the administration under President Trump last December.
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Illustrative image (Photo: VNA) 
