The US Department of Treasury came to these conclusions in its semi-annual currency report which was released last week.
Outlined in this report, the US Treasury Department put seven economies on the monitoring list, namely China, Taiwan (China), the Republic of Korea, Germany, Malaysia, Singapore, and Switzerland.
Simultaneously, the US Treasury concluded that no major US trading partners manipulated their currencies for an export advantage in 2022.
The report covers foreign exchange activities for the four quarters ending on December 31, 2022: a period of extraordinary dollar strength that prompted many countries to intervene to keep their currencies from falling in a bid to tame inflation.
Last year saw Vietnam exceed the threshold of criterion of a surplus of trade in goods and services with the US, meaning it was excluded from the monitoring list.
During previous meetings held with the State Bank of Vietnam, the US Treasury Department highly appreciated the bank’s management of monetary policy, helping to stabilise the financial and monetary market as well as the macro-economy amid global difficulties and challenges.
The State Bank of Vietnam affirmed that its management of monetary and currency policies is to achieve the cross-cutting goal of controlling inflation, stabilising the macro-economy, and ensuring the safety of the operation of the credit institution system.
It vowed to work closely alongside various ministries and sectors to discuss issues of US interest in the spirit of co-operation and goodwill.