Ustr rep

The Hanoitimes - New regulations shows that the SBV will reduce one-way intervention in the foreign exchange market. The State Bank of Vietnam (SBV), the country’s central bank, has been working on measures to address the US’s tag of currency manipulation against Vietnam. At the end of 2020, the SBV announced new regulations on buying foreign currencies from commercial banks. To be specific, from December 31, 2020, the SBV stopped listing spot bid-rates on USD/VND and stopped buying USD in the spot market. From January 4, 2021, the SBV extended the USD forward contract term to 6-month instead of 3-month at the USD/VND rate of VND23,125. Besides, commercial banks are only allowed to cancel one-time the entire transaction value of the forward contract. According to the VDSC, this move is considered as a first step to remove the currency manipulation designation by the US Treasury. “By engaging more in forward arrangements, the SBV will be able to manage … [Read more...] about Central Bank steps up efforts to address US tag of currency manipulation

The Hanoitimes - US’s decision to initiate a trade probe on Vietnamese goods could affect thousands of enterprises and millions of workers and customers from the two countries. The Office of the US Trade Representative (USTR) has not considered any tariff action on Vietnamese goods and products. Minister of Industry and Trade Tran Tuan Anh in a phone talk with US Trade Representative Robert Lighthizer. US Trade Representative Robert Lighthizer gave the remarks in his phone talk with Vietnam’s Minister of Industry and Trade Tran Tuan Anh on January 7. Mr. Lighthizer stressed that the office is still in the process of gathering information and data related to its investigation on Vietnam under Section 301 of the Trade Act of 1974 regarding currency undervaluation and wood products, adding no conclusion has been drawn so far. The US Trade Representative highlighted the performance of the Vietnam – US Trade and Investment Framework Agreement (TIFA), as the … [Read more...] about US Trade Representative Lighthizer refutes rumor of imposing tariffs on Vietnam goods

The Hanoitimes - The two leaders agree that a strong bilateral relation will bring benefits to businesses and people of the two countries. Prime Minister Nguyen Xuan Phuc yesterday [December 22] held a phone talk with US President Donald Trump over the bilateral relations, including recent investigation on Vietnam initiated by the US Trade Representative (USTR) under Section 301 of the Trade Act of 1974 regarding currency undervaluation and wood products. Prime Minister Phuc during the talks. Photo: Quang Hieu. The US Treasury Department on December 16 labeled Vietnam and Switzerland as currency manipulators, along with adding three new names, including Taiwan, Thailand and India in a watch list of countries and territories it suspects of deliberately devaluing their currencies against the dollar. Others on the list include China, Japan, South Korea, Germany, Italy, Singapore and Malaysia. Under its semi-annual currency manipulation report, the Treasury … [Read more...] about Vietnam PM holds talk with US President Trump over currency issue

The Hanoitimes - In case the US unilaterally accelerates the process of imposing more tariffs on Vietnamese exports, this will no doubt cause negative impacts not only on bilateral trading activities, but also the two countries’ relations. Vietnam’s Ministry of Industry and Trade (MoIT) urged fair treatment from the US regarding its review process on Vietnamese currency policies and practices to avoid damaging the bilateral relations. Any tariffs imposed by the US on Vietnamese goods would damage bilateral relations. The MoIT statement came shortly after Reuters reported that the US government is likely to impose tariffs on Vietnamese goods in December after branding Vietnam as currency manipulator. “Vietnam regrets the US Trade Representative (USTR)’s decision to launch  two investigations of Vietnam under Section 301 of the Trade Act of 1974 regarding currency undervaluation and wood products at a time when the two countries’ cooperation in foreign … [Read more...] about Vietnam trade ministry calls for US fair treatment

The Hanoitimes - The detail of the investigation is scheduled to be made public this week. The Office of the US Trade Representative (USTR) last Friday announced its decision to initiate an investigation to determine whether an undervalued Vietnamese dong (VND) may cause negative impacts on US commerce. Additionally, the USTR will also review Vietnam’s acts, policies, and practices related to the import and use of timber that is illegally harvested or traded. These probes are carried out at the direction of US President Donald Trump, it added. Vietnam is currently in the US Department of Treasury’s monitoring list for currency manipulation. “President Trump is firmly committed to combating unfair trade practices that harm America’s workers, businesses, farmers, and ranchers.  Using illegal timber in wood products exported to the US market harms the environment and is unfair to US workers and businesses who follow the rules by using legally harvested timber,” … [Read more...] about US initiates probe on Vietnam’s alleged currency valuation