 The headquarters of the State Bank of Vietnam in Hanoi (Photo: VNA) |
The report continued to base on three criteria to make assessments, namely trade surplus with the US, current account surplus, and persistent and one-sided intervention in the foreign currency market.
The US Treasury included six economies in the monitoring list of major trading partners, namely China, Germany, Malaysia, Singapore, Taiwan (China), and Vietnam.
Vietnam met two of the three criteria which are the bilateral goods and services surplus with the US (105 billion USD over the four quarters through June 2023, exceeding the threshold of 15 billion USD), and the current account surplus (at 19 billion USD, equivalent to 4.7% of GDP over the four quarters through June 2023, exceeding the threshold of 3% of GDP).
The SBV said that at its recent meetings with the central bank, the US Treasury highly valued Vietnam’s governance of the monetary policy and foreign exchange rates, which showed the Southeast Asian country’s seriousness in addressing the US side’s concerns and maintenance of the stability of the financial and monetary markets and the macro-economy amid numerous difficulties and challenges.