Remarks by the Spokesperson of the Ministry of Foreign Affairs of Viet Nam Le Thi Thu Hang on the agreement reached between the State Bank of Viet Nam and the US Department of the Treasury on 19 July
(MOFA) - On 20 July 2021, in response to a question on the agreement reached between the State Bank of Viet Nam and the US Department of the Treasury on 19 July pertaining to foreign exchange policies, Ms. Le Thi Thu Hang, Spokesperson of the Ministry of Foreign Affairs, stated that:
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, and the agreement reached between the State Bank of Viet Nam and the US 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 an unfair competitive advantages in international trade. The agreement has addressed the concerns of the US Department of the Treasury regarding currency manipulation, and laid the groundwork for the investigation of the US Trade Representative under Section 301 of the US’ 1974 Trade Act.
This is the fruit of the effective dialogue and consultations in the spirit of partnership and mutual respect between relevant institutions of the two countries. It also offers an opportunity to further bolster the financial and monetary cooperation between Viet Nam and the US, with a view to supporting economic growth in the post-COVID-19 era.
In the time to come, Viet Nam will continue to maintain constructive dialogue with the US to address economic, trade and investment issues between the two countries. Such endeavors will support the further development of bilateral economic ties in a more stable and sustainable manner, for the interest of the peoples and businesses in both countries.
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