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Viet Nam welcomes SBV-U.S. Treasury Department agreement on foreign exchange policies

VGP - The Vietnamese Government welcomes the positive outcome of the virtual meeting on 19 July 2021 between Governor of the State Bank of Viet Nam Nguyen Thi Hong and US Secretary of the Treasury Janet Yellen, said Foreign Ministry Spokesperson Le Thi Thu Hang.

07/21/2021 16:16

Le made the above statement on 20 July 2021 in response to a question on the agreement reached between the State Bank of Viet Nam and the U.S. Department of the Treasury on 19 July pertaining to foreign exchange policies.

She stated that the Government welcomes the agreement reached between the State Bank of Viet Nam and the U.S. Department of the Treasury regarding foreign exchange policies.

This agreement reaffirms that Viet Nam manages exchange rate policy within its general monetary policy framework, and in line with the stage of development of the foreign exchange market in Viet Nam and the country’s international commitments in this field.

The focus of this policy is to promote macroeconomic stability, and it does not create unfair competitive advantages in international trade.

The agreement has addressed the concerns of the U.S. Department of the Treasury regarding currency manipulation, and laid the groundwork for the investigation of the U.S. Trade Representative under Section 301 of the US’ 1974 Trade Act, said the Spokesperson./.

By Huong Giang