Vietnam maintaining dialogue with US to handle issues in economic ties

Vietnam is maintaining dialogue and consultation with the US in a constructive spirit to deal with problems in bilateral economic and trade links in a way that is sustainable and harmonises the interests of both sides, said Foreign Ministry spokeswoman Le Thi Thu Hang on December 17.

She made the comment in response to media questions about the US Treasury labelling Vietnam and Switzerland currency manipulators.

On December 16, the US Treasury released a report on the macro-economic and foreign exchange policies of major trading partners of the US, with Vietnam and Switzerland listed as currency manipulators for the first time.

The US Treasury made the determination based on three criteria: a bilateral trade surplus with the US of at least 20 billion USD; a material current account surplus equivalent to at least 2 percent of GDP; and persistent and one-sided intervention in the forex market as seen through net purchases of foreign currency conducted in at least six out of 12 months, with such net purchases totalling at least 2 percent of GDP over a 12-month period.

“Over the past 25 years, especially since the comprehensive partnership was set up, Vietnam - US relations have enjoyed strong development in various areas, including economy, trade, and investment,” Hang said.

She affirmed that the Vietnamese Government attaches special importance to economic and trade ties with the US and has been realising high-level commitments and trade agreements between the two countries as well as multilateral trade commitments.