Vietnamese Gov’t maintains constructive dialogue with US over economic relations

Ngoc Mai 11:35, 2021/07/21

More opportunities are arising to strengthen cooperation between Vietnam and the US in finance- and monetary related issues to boost their respective economic recoveries in the post-Covid-19 pandemic.

The Vietnamese Government will continue to maintain constructive dialogues with the US to address issues related to bilateral economic, trade, and investment relations.

Spokesperson Le Thi Thu Hang of Vietnam’s Ministry of Foreign Affairs. Source: MoFA

Spokesperson Le Thi Thu Hang of Vietnam’s Ministry of Foreign Affairs (MoFA) gave the remarks yesterday while welcoming positive results from the virtual meeting on July 19 between US Secretary of the Treasury Janet L.Yellen and Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong.

According to Hang, the strong consensus reached after the meeting was the result of effective communication and consultation based on respect and cooperation from each side.

“This will contribute to a more stable and sustainable economic cooperation between the two countries and create mutual benefits for the people and enterprises of both,” Hang said, adding more opportunities would arise to strengthen cooperation between Vietnam and the US in finance- and monetary related issues to boost their respective economic recoveries in the post-Covid-19 pandemic.

Referring to the talks between senior officials from Vietnam and the US, Hang stressed Vietnam’s exchange rate policy stays within its general monetary policy framework and is in line with the country’s international commitments in this regard.

“We remain steadfast in keeping stable macro-economic conditions and not targeting unfair competitive advantage in international trade,” Hang added.

In a joint statement released after the meeting, the SBV confirmed that Vietnam is bound under the Articles of Agreement of the International Monetary Fund (IMF) to avoid manipulating its exchange rate in order to prevent effective balance of payments adjustment or to gain an unfair competitive advantage and will refrain from any competitive devaluation of the Vietnamese dong (VND).

Sharing the same goals of maintaining the strength, stability, development, and resilience of each country’s economy and financial system, both the US Department of the Treasury and the SBV have committed to maintaining close cooperation and addressing shared challenges, such as supporting a strong and inclusive recovery from the Covid-19 pandemic.