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[update Section 301] U.S., Vietnam Reach Accord on Currency, Easing the dispute

22/07/2021 03:03 PM

After the meeting, the two sides issued a joint statement agree The United States and Vietnam are trusted partners with friendship grounded in mutual respect. 

The SBV underscores that the focus of its monetary policy framework is to promote macroeconomic stability and to control inflation. 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. Link HERE

After the US Department of Treasury issued the notice,, United States Trade Representative Katherine Tai today released a statement welcoming the Department of the Treasury and the State Bank of Vietnam’s (SBV) agreement to address U.S. concerns about Vietnam’s currency practices. Link HERE  

VITAS is pleased that this statement has helped alleviate most of the concerns of many businesses and investors about the US's ability to impose tariffs on goods imported from Vietnam under Article 301. including textiles. During that time, VITAS has worked with the Ministry of Industry and Trade, the Ministry of Foreign Affairs, the State Bank of Vietnam, domestic associations, and especially the American Apparel and Footwear Association, advocating for USTR not to impose taxes on imported goods of Vietnam to the US (See here). This is even more important in the context of the complicated developments of the Covid-19 epidemic that require the parties to focus more on the issue of vaccination, solving the global container crisis and the issues of human rights. labor and the environment.


Section 301- VITAS update Eng-Viet"  https://drive.google.com/drive/u/8/folders/1-e8gvlv_9upNKW9AYN3NYUUkqy5PTVGl 
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