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VN, U.S. develop healthy commercial relationship: AmCham

VGP - The American Chamber of Commerce (AmCham) expressed belief that Viet Nam and the U.S. have developed a healthy commercial relationship that has created jobs, tax revenues, and opportunity for citizens of both countries.

December 18, 2020 5:50 PM GMT+7

AmCham Executive Director Adam Sitkoff

Viet Nam has received billions of dollars of foreign investment from U.S. companies each year-much of it to build integrated supply chains that benefit American consumers.

At the same time, Viet Nam has become one of America’s fastest growing export markets and there are great opportunities for American agriculture, aircraft, energy, equipment, technology, and many other sectors which are helping to create wealth and jobs in America’s heartland.

With that facts, the U.S. Department of Treasury still labeled Viet Nam a currency manipulator, concluding that Viet Nam’s exchange rate management-and particularly foreign exchange intervention-was for purposes of preventing effective balance of payments adjustments and for granting unfair competitive advantage in international trade.

Commenting on the Treasury’s move, AmCham Executive Director Adam Sitkoff said “currency manipulation has not been an issue for our membership, and any potential action in the final days of this administration to harm Viet Nam’s economy with punitive tariffs will damage the close partnership the two countries have developed over the years.”

He added that tariffs or other retaliatory measures could have broad commercial implications for American companies doing business in Viet Nam.

The State Bank of Viet Nam (SBV) said Wednesday that Viet Nam’s exchange rate has been designed to serve the consistent goal of controlling inflation and stabilizing the macro-economy, not to gain an advantage in global trade.

The recent purchase of foreign currencies aimed to ensure smooth operation of the foreign exchange market amid plentiful supply of foreign currency, contributing to stabilizing macro-economy and consolidating State foreign reserve which is lower than that of other countries in the region, said the central bank.

Viet Nam is willing to coordinate with the U.S. side to discuss on relevant issues based on the spirit of cooperation and mutual benefits, towards fair and harmonious commercial ties between the two sides, said the SBV./.

By Quang Minh