US Treasury: Insufficient evidence for Vietnam’s currency manipulation
(VOVWORLD) - The US Treasury Department on Friday said there is insufficient evidence to declare that Vietnam manipulates its currency to gain an unfair competitive advantage in trade.
 The State Bank of Vietnam (Photo: VNA) |
In its semi-annual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, the Treasury Department also removed Switzerland and China's Taiwan from the list of foreign exchange rate manipulators.
A report by the Department last December, for the first time, enlisted Vietnam and Switzerland as currency manipulators for three thresholds: a more than 20-billion-USD bilateral trade surplus with the United States, foreign currency intervention exceeding 2% of gross domestic product (GDP), and a global current account surplus exceeding 2% of GDP.
In response, Vietnam’s Ministry of Foreign Affairs said it pursues dialogues and consultations with the US in a constructive manner to narrow their gaps in economics and trade for sustainable development and mutual benefits.