Vietnam doesn’t manipulate currency: US Treasury

By Dat Nguyen December 4, 2021 | 02:29 am PT

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy

Vietnam did not seek to manipulate their currencies for a trade advantage or to prevent effective balance of payment adjustments, the U.S. Treasury reported.

Vietnam and Taiwan, however, exceeded the Treasury's thresholds for possible currency manipulation and enhanced analysis under a 2015 trade law.

But the Treasury refrained from formally branding any country as currency manipulators.

This is an affirmation of a decision in April when the Treasury removed Vietnam from the list of economies it considers currency manipulators, reversing a decision made by the Trump administration in December.

The department stated it would continue to work with Vietnam and Taiwan to address U.S. concerns.

The Treasury added it was "satisfied with progress made by Vietnam to date" and would continue engagement started in May with Taiwan.

The U.S. in July said it would not impose tariffs on Vietnamese goods after the State Bank of Vietnam (SBV) agreed with the Treasury to refrain from currency manipulation and make its exchange rate practices more transparent.