31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam expects no trade barrier in export to US: Trade Ministry
Hai Yen 14:59, 2021/07/30
Vietnam would stay active in cooperating with the US to address the latter’s concern in a comprehensive way to ensure a balanced trade relationship.

The Office of the US Trade Representative (USTR) is not expected to impose trade barriers on Vietnam’s exports, according to the Ministry of Industry and Trade (MoIT).

 Production at Channel Well Technology Vietnam in Quang Minh Industrial Park, Hanoi. Photo: Pham Hung

The move came following an agreement reached on July 19 between the US Department of Treasury and the State Bank of Vietnam (SBV) on Vietnam’s monetary policy practices.

“Such decision would have a positive impact on bilateral trade cooperation, which in turn contribute to stable and sustainable US-Vietnam relations for mutual benefits,” stated the MoIT.

According to the MoIT, Vietnam would stay active in cooperating with the US to address the latter’s concern in a comprehensive way to ensure a balanced trade relationship.

The US Department of Treasury on April 17 removed Vietnam, Switzerland, and Taiwan (China) from the list of currency manipulators for the lack of evidence to conclude that the three countries had manipulated their exchange rates for "purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade."

SBV’s Governor Nguyen Thi Hong in an online meeting with US Secretary of the Treasury Janet L.Yellen on July 19 affirmed Vietnam’s exchange rate policy is aimed at stabilizing macro-economic conditions and controlling inflation, instead of pursuing unfair trade gains.

For the first six months of this year, the US is Vietnam’s largest export market with a turnover of US$45 billion. Vietnam, meanwhile, has stepped up efforts in purchasing US goods with imports of $7.8 billion for the period, an increase of 11% year-on-year.

RELATED NEWS
TAG: Vietnam trade US currency practices Department of Treasury SBV
Other news
14:45, 2022/45/04
Vietnamese Gov’t further cut taxes on petrol products
Once approved by the National Assembly, the cut will take effect on August 1.
22:09, 2022/09/02
New milestone in Vietnam’s relations with Hungary, UK
The five-day visits of Vietnam’s National Assembly Chairman Vuong Dinh Hue to Hungary and the UK marked a new milestone in bilateral relations, eventually contributing to the Vietnam-EU partnership.
20:09, 2022/09/30
Vietnam-UK target US$10-billion trade turnover by 2023
UK trade minister Anne-Marie Trevelyan said the country wants to be a part of Vietnam’s development story in the 21st century, and fostering bilateral trade relations is among its priorities.
19:59, 2022/59/30
UK multinationals pledge long-term presence in Vietnam
Vietnam expects to create the utmost favorable environment for foreign companies to be successful in the country.
14:30, 2022/30/30
“Japan Street” to bolster Vietnam-Japan business cooperation: JETRO
More than 100 Japanese companies in the food industry and 30 in cosmetics are looking for partners and expanding business in Vietnam.
07:16, 2022/16/30
Vietnam, UK seek closer relations
Vietnam remains supportive and would serve as the bridge for the UK to expand its partnership with ASEAN, calling for the UK parliament to support ASEAN’s central role in the region, as well as Vietnam’s stance on regional security issues.