What does the National Bank say when the US puts Vietnam back on the foreign exchange watch list? According to nguoiquansat.vn

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What does the National Bank say when the US puts Vietnam back on the foreign exchange watch list?

The National Bank spoke out as the United States put Vietnam back on its foreign exchange watch list.The National Bank stated that on November 7, 2023, the U.S. Department of the Treasury released the “Macroeconomic and Foreign Exchange Policies of the U.S. Major Trading Partners” report to continue to define Vietnam No currency manipulationwhile giving a positive evaluation of the results of Vietnam’s monetary exchange rate policy.

In this report, U.S. BTC measures the currency manipulation capabilities of major U.S. trading partners based on three criteria: (1) Bilateral trade surplus with the United States; (2) Current account surplus; (3) Long-term, one-way foreign exchange market intervention . Accordingly, US BTC has included 06 economies in the monitoring list, including: China, Germany, Malaysia, Singapore, Taiwan and Vietnam. In particular, Vietnam exceeded two standards: bilateral trade surplus in goods and services with the United States (reaching $105 billion, exceeding the $15 billion threshold) and current account surplus (reaching $19 billion, exceeding the $15 billion threshold) threshold), equivalent to 4.7% of GDP, exceeding the 3% threshold of GDP).

At a recent bilateral meeting with the State Bank of Vietnam (SBV), the U.S. BTC highly appreciated Vietnam’s serious attitude in monetary and exchange rate policy management to address U.S. concerns and maintain world stability. Financial, monetary and macroeconomic markets face many difficulties and challenges.

In the “Joint Statement on Elevating Vietnam-U.S. Relations to a Comprehensive Strategic Partnership,” the United States spoke highly of Vietnam’s efforts to continue modernization, further improve the transparency of Vietnam’s monetary and exchange rate policy operating framework, promote macroeconomic stability, and ensure Vietnam’s economic stability. continuous efforts. The safety and soundness of the banking system.

On the basis of the comprehensive strategic partnership between the two countries, the National Bank will continue to coordinate various ministries and branches to maintain close cooperation with US BTC and establish regular and effective exchange channels. Thereby enhancing understanding, promoting cooperation, sharing information, and timely solving issues of common concern.

U.S. puts Vietnam back on foreign exchange watch list

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