“I highly appreciate the work done by the technical levels of our institutions towards a shared understanding on currency matters based on the principles of partnership and mutual respect. “I believe the State Bank of Vietnam’s attention to these issues over time not only will address Treasury’s concerns, but also will support the further development of Vietnam’s financial markets and enhance its macroeconomic and financial resilience.” “I welcome the constructive dialogue between the Department of the Treasury and the State Bank of Vietnam on currency policy, and the mutual understanding we have reached,” said Secretary Yellen. government agencies that it has reached agreement with the SBV to address Treasury’s concerns about Vietnam’s currency practices. The SBV will continue to provide necessary information for Treasury to conduct thorough analysis and reporting on the SBV’s activities in the foreign exchange market in Treasury’s semiannual Report to Congress on the Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In support of these efforts, the SBV will continue to improve exchange rate flexibility over time, allowing the Vietnamese dong to move in line with the stage of development of the financial and foreign exchange markets and with economic fundamentals, while maintaining macroeconomic and financial market stability. The SBV is also making ongoing efforts to further modernize and make more transparent its monetary policy and exchange rate framework. Vietnam confirms that it is bound under the Articles of Agreement of the 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. The SBV underscores that the focus of its monetary policy framework is to promote macroeconomic stability and to control inflation. Treasury and the SBV have had constructive discussions in recent months through the enhanced engagement process, and reached agreement to address Treasury’s concerns about Vietnam’s currency practices as described in Treasury’s Report to Congress on the Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. Department of the Treasury (Treasury) and the State Bank of Vietnam (SBV) share the goals of maintaining the strength, stability, development, and resilience of each country’s economy and financial system. In keeping with this strong partnership, the U.S. The United States and Vietnam are trusted partners with friendship grounded in mutual respect. At the conclusion of their meeting, Secretary Yellen and Governor Hong issued the following joint statement: Yellen and State Bank of Vietnam Governor Nguyen Thi Hong met virtually today. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.WASHINGTON – U.S. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. May also receive compensation if you click on certain links posted onį is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Our partners for featured placement of their products or services.
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