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  • News
  • 28 July 2021

US and Vietnam reach a new agreement on monetary policy

The US Treasury Department will notify other agencies in the US government of the new agreement on economic activities. A statement from the US Department of Finance said that Secretary Janet Yellen had an online meeting with Governor of the State Bank of Vietnam Nguyen Thi Hong on July 19, and the two sides reached an agreement on economic activities.

Specifically, the US Department of Finance said that Vietnam affirmed its commitment to comply with the regulations of the International Monetary Fund (IMF) on “not manipulating exchange rates to prevent effective adjustment of the balance of payments or gain an unfair competitive advantage and do not devalue the Vietnamese dong.”

At the same time, the US Treasury Department will notify other agencies in the US government about this agreement. The agreement also calls for the State Bank to “improve the flexibility of the exchange rate over time,” allowing the local currency to move in line with developments in Vietnam’s markets and economic fundamentals.

US Treasury Secretary Janet Yellen welcomed the constructive dialogue between the US Treasury Department and the State Bank of Vietnam on monetary policy and mutual understanding. Ms. Janet also expressed confidence that the interest of the State Bank of Vietnam on these issues will. Over time, it not only addresses the US Treasury’s concerns but also supports the development, further strengthening Vietnam’s financial markets and strengthening Vietnam’s economic and macroeconomic resilience.

Accordingly, the US and Vietnam are reliable partners with friendship based on mutual respect. The two sides shared goals to maintain each country’s economy and financial system’s strength, stability, development, and resilience.

The State Bank of Vietnam is also making efforts to modernize further and make its monetary policy and exchange rate framework more transparent. To support these efforts, the SBV will continue to improve the flexibility of the exchange rate over time, allowing the VND to move in line with the development stage of the financial and foreign exchange markets and with other economic fundamentals while maintaining macroeconomic stability and financial markets.

Previously, in December 2020, the US Department of Finance under former President Donald Trump issued a report on “Macroeconomic and foreign exchange policies of major US trading partners,” for the first time attaching currency manipulator with Vietnam and Switzerland.

(Source: vneconomy)