The US Department of Treasury has recently issued a report on macroeconomic and foreign exchange policies of major US trading partners, with reviews based on three criteria including bilateral trade surplus, current account surplus, and persistent one-sided foreign exchange market intervention.
The US Department of the Treasury has recognised the progress made by Vietnam in its recently released report on macro-economic and foreign exchange policies of major trading partners of the US, the State Bank of Vietnam (SBV) said on June 13.
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).
Vietnam is working hard to build a stable and transparent investment and business environment, thus becoming a destination for international human and capital resources, so it would be unreasonable for the country to devaluate its currency, experts have said.
The US Treasury Department’s labelling of Vietnam as a currency manipulator is biased, as it is only based on US standards and lacks suitable consideration as well as recommendations from international organisations, according to experts.
The State Bank of Vietnam (SBV) said on December 17 that its management of exchange rate in recent years, within the general framework of monetary policy, aims to achieve the consistent goal of controlling inflation and stabilising the macro-economy, not to create unfair competitive advantages in international trade.
Politburo member and head of the Party Central Committee’s Economic Commission Nguyen Van Binh had a meeting with a delegation of the US Department of the Treasury in Hanoi on July 24.
The US Treasury Department on August 17 announced to sanction four commanders and two military units of Myanmar, accusing them of being related to human rights abuse cases in the country.
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