Vietnam wants to be the US’s credible and trusted partner, while trust is one of the key factors to help further the Vietnam – US comprehensive partnership.

A devaluation of the VND would have serious consequences on macro-economic stability, the trust of investors and the people, resulting in a big loss to the economy, Prime Minister Nguyen Xuan Phuc has said.

A resurgence of Covid-19 in a number of countries across the world and geopolitical tensions between major powers continue to pose major risks to Vietnam’s economy.

To date, Vietnamese goods and products are subject to a total of 200 trade probes, in turn affecting a trade turnover of nearly US$12 billion.

While Vietnam is at risk of being listed as currency manipulator by the US, such a risk appears low, as the US will likely continue to reduce its dependence on Chinese exports by reorganizing its supply chain with other partners.

Investment projects by US companies have been instrumental to the development of Vietnam, helping local firms further integrate into global supply chains, said VCCI Chairman Vu Tien Loc.

US firms are spearheading the developments of 12 out of the 22 LNG-to-power projects in the pipeline worth a combined US$35.9 billion.

Despite the severe Covid-19 impacts, trade revenue between Vietnam and the region rose 11.8% year-on-year in the first eight months this year to US$69.3 billion.

These projects are expected to create 22,500 direct jobs and manufacture products that are supplied to Microsoft, Sony, Lenovo and Apple.