US removes Vietnam out of list of currency manipulators
The US Treasury has removed Vietnam and Switzerland from the list of countries labeled as currency manipulators, reversing a decision of the administration under President Trump last December.
Hanoi, (VNA) - The US Treasury has removed Vietnam and Switzerlandfrom the list of countries labeled as currencymanipulators, reversing a decision of the administration under PresidentTrump last December.
The ไUS Treasury said in its semi-annual report onforex and macro-economic policies of big trade partners of the US to theCongress on April 16 that no countrycurrently meets the US criteria as a manipulator. It said Vietnam, Switzerlandand Taiwan will be under enhanced monitoring, which means those countries andterritories will not immediately face US sanctions.
In the report, the first of the Biden administration, China is notdesignated as a currency manipulator. The Trump administration put China on thelist in 2019 during a trade stand-off between the world’s two biggesteconomies./.
The State Bank of Vietnam (SBV) said on December 17 that its management of exchange rate in recent years, within the general framework of monetary policy, aims to achieve the consistent goal of controlling inflation and stabilising the macro-economy, not to create unfair competitive advantages in international trade.
The US Treasury Department’s labelling of Vietnam as a currency manipulator is biased, as it is only based on US standards and lacks suitable consideration as well as recommendations from international organisations, according to experts.
Vietnam is working hard to build a stable and transparent investment and business environment, thus becoming a destination for international human and capital resources, so it would be unreasonable for the country to devaluate its currency, experts have said.
The US Treasury Department’s labelling of Vietnam as a currency manipulator is groundless and certainly significantly affects the psychology of the Vietnamese business community, especially those operating in the import and export field, according to Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI).
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Illustrative image (Photo: Reuters) 
