Vietnam tells US no desire for trade advantage through monetary policies

By Anh Ngoc   December 22, 2020 | 06:58 pm PT
Vietnam tells US no desire for trade advantage through monetary policies
Vietnam's Prime Minister Nguyen Xuan Phuc (R) shakes hand with U.S. President Donald Trump at a meeting in Hanoi in February 2019. Photo by VnExpress/Ngoc Thanh.
PM Nguyen Xuan Phuc has assured U.S. President Donald Trump that Vietnam does not seek to derive a trade advantage through its monetary policies.

Speaking by phone on Tuesday Phuc said Vietnam is a developing country and therefore uses monetary policies to contain inflation and ensure economic stability, and not to gain advantages in international trade, a press release from the Ministry of Foreign Affairs said.

The U.S. Treasury had last week labeled Vietnam as a currency manipulator for its large trade surplus currency intervention.

The State Bank of Vietnam rejected it, saying that it does not seek unfair trade advantages and wants to continue to work with U.S. authorities to ensure a "harmonious and fair" trade relationship.

Phuc congratulated Trump for the development of vaccines for the novel coronavirus within a short period.

Trump said he "loves and respects" the people of Vietnam and would like to visit the country again in the future, the release said.

The two leaders agreed that the Vietnam-U.S. relationship has grown stronger over the last 25 years since diplomatic relations were established.

They expected it to further deepen and stabilize with trade being the focus and driving force and which would benefit the people of both the countries.

A strong, independent and prosperous Vietnam with an increasingly important role in the region is the desire of the Vietnamese people and is also in line with the U.S.’s interests, they agreed.

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