The US Department of Treasury in Washington DC – Photo: REUTERS
The report is published on the homepage of the US Treasury Department. The report evaluates the policies of major trading partners, which account for more than 80% of US trade in goods and services, for the four quarters to June 2021.
Accordingly, under the Omnibus Trade and Competition Act of 1988, the report concluded that none of the major US trading partners manipulated the exchange rate between the local currency and the US dollar for the purpose of preventing to prevent balance of payments adjustment or to gain an unfair competitive advantage in international trade.
In particular, Vietnam and the territory of Taiwan meet all three criteria of trade surplus, current account surplus and exchange rate intervention according to the Trade Promotion and Enhancement Act 2015.
However, the US will continue to coordinate with Vietnam and Taiwan’s territories to address Washington’s concerns. The US Treasury Department expressed “satisfaction with the progress that Vietnam has made so far”, while continuing the engagement process started in May with Taiwan.
Previously, in a similar report published in April, the US Department of Finance removed Vietnam from the list of currency manipulators, which determined that during the assessment period in 2020, there were not enough evidence, signs that Vietnam manipulates the currency under the provisions of the Omnibus Trade and Competition Act 1988.