Vietnam continues to meet US Treasury criteria for not being labelled as currency manipulator

Illustrative image. (Photo: VNA)

Vietnam continues to meet the US Treasury criteria for not being labeled as a currency manipulator, according to the US Treasury.
In its latest report on forex and macro-economic policies of big trade partners of the US, the Treasury found that no major trading partners during the year through June 2021 sought to manipulate their currencies for a trade advantage or for preventing effective balance of payments adjustments.

Vietnam and Taiwan (China) have met all three criteria on trade and current account surpluses and foreign exchange market interventions. However, the department said it would continue to work with Vietnam and Taiwan to address US concerns.

The Treasury said it was "satisfied with the progress made by Vietnam to date" and would continue engagement started in May with Taiwan.

Earlier in April, the US Treasury announced in a similar report that the US had removed Vietnam from the list of economies it considered currency manipulators as there was insufficient evidence to conclude the country was manipulating its exchange rate in the reviewed period in line with the Omnibus Foreign Trade and Competitiveness Act of 1988./.