US announces deal with Vietnam on currency manipulation

WASHINGTON, July 19, 2021 (AFP): The United States and Vietnam on Monday said they had reached an agreement to resolve a dispute over the value of Hanoi's dong currency, which Washington had briefly accused it of manipulating.

Washington in April withdrew its accusation, but Vietnam remains on the US Treasury's "Monitoring List" for scrutiny of its currency policies.

The new agreement will resolve the dispute between the two countries, according to the joint statement.

"Treasury and the (State Bank of Vietnam) have had constructive discussions in recent months through the enhanced engagement process, and reached agreement to address Treasury's concerns about Vietnam's currency practices," the statement said.

Vietnam's currency practices are singled out in a twice-yearly analysis the US Congress requires detailing countries which might be actively trying to keep their currencies weaker against the US dollar to make their exports cheaper while making American goods more expensive.

The findings in the report are largely symbolic and do not entail sanctions.

Under former president Donald Trump, Vietnam along with China and Switzerland were given the more serious designation of currency manipulators.

Trump later withdrew the accusation against Beijing, while President Joe Biden removed the label from Vietnam and Switzerland. All three countries remained on the monitoring list.

Other countries on the list include Japan, Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand and Mexico.

The criteria for making the list are a large trade surplus with the United States, a significant current account surplus and evidence of "persistent, one-sided intervention" in foreign exchange markets, according to Treasury. - AFP

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

US , Vietnam , Reach , Agreement , Currency , Manipulation


Next In Aseanplus News

Asean News Headlines as at 8pm on Thursday (Sept 23)
Indonesia approves Australian solar project over US$2.5bil investment
Philippines logs 17,411 new Covid-19 cases, total surges to 2,434,753
Indonesia reports 2,881 new Covid-19 cases, 160 more deaths
Indian man on bail for rape must wash women's clothes for six months
Moderna chief executive sees pandemic over in a year: newspaper
Fitch Ratings places Indosat on negative watch amid planned merger
Vietnam's Van Don Airport welcomes over 300 passengers with ‘vaccine passport’ from France
Debrief: Taiwan's KMT reaches a critical juncture ahead of election for new party chairman
Govt developing token system to help those without smartphones to check in at premises, says KJ

Stories You'll Enjoy