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Sunday, June 16, 2024

Vietnam counted out of U.S. currency manipulator list

The Saigon Times

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HCMC — Vietnam remains out of the U.S. monitoring list for currency manipulators, according to the State Bank of Vietnam.

The U.S. Department of the Treasury recently published its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners, which assessed the policies of major trading partners, including Vietnam, over a four-quarter period ending in December 2022.

Vietnam met one of the three criteria outlined in the Trade Facilitation and Trade Enforcement Act of 2015, as it was identified as having a significant bilateral trade surplus with the U.S.

The Treasury defines a “significant” surplus as a bilateral goods and services surplus of at least US$15 billion.

The monitoring list still includes seven countries and territories: China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan.

The exclusion of Vietnam from the list reflects the Treasury’s recognition of the State Bank of Vietnam’s effective management policies in maintaining stability in the financial and monetary markets, despite various macroeconomic challenges.

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