U.S. probing whether Vietnam undervalues its currency

[rooster59]

U.S. probing whether Vietnam undervalues its currency

By Makini Brice and Khanh Vu

 

 

WASHINGTON/HANOI (Reuters) - The United States is opening an investigation into whether Vietnam has been undervaluing its currency and harming U.S. commerce, the U.S. Trade Representative's office said in a statement on Friday.

 

The probe was launched at President Donald Trump's direction, according to the statement.

 

Vietnam has been on Washington's watch list of currency manipulators because of its trade surplus with the United States, a large current-account surplus and a perception that its central bank has been actively buying foreign currency.

 

Vietnam's central bank governor Le Minh Hung said on Friday that his country "has not intended and will not intend to use monetary policies in general and exchange rates in particular to create unfair competitive advantage in international trade."

 

"We will continue to maintain exchange rate stability and keep inflation under control," Hung told a news briefing after meeting with his Southeast Asian counterparts.

 

Vietnam's trade surplus with the United States, its largest export market, widened to $37.7 billion in the first eight months of this year from $29.8 billion in the same period last year, according to Vietnam’s customs data.

 

(Reporting by Makini Brice in Washington and Khanh Vu in Hanoi; Additional reporting by Phuong Nguyen; Editing by Mohammad Zargham and William Mallard)

 

-- © Copyright Reuters 2020-10-03

 

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[Pedrogaz]

.....and so it goes again, The first prelude to sanctions for a more efficient country.

[AsiaCheese]

Could it be that a country with a trade surplus has more to offer than the other country that doesn't have much to offer in ways of export goods? Asking for a friend...

[holy cow cm]

The US needs to be embracing VN more not poking at them.

[natway09]

Big Brother poking his nose in again as soon as the country in question gets a little affluent ?

To h..l with the US, I say

[fasteddie]

American free trade at it's finest.

[Scott Tracy]

Maybe it's payback for the 60's and 70's?

[oompie69]

Always blame somebody else.

US reliance on imports from 3rd world and developing countries to maintain the American Dream and then blaming them for it?

 

  

 

[zaZa9]

One of their only 'friends' left in S.E. Asia , the rest having been bought by China  , and ....

[oznomad]

The sooner the USD is ditched as the reserve currency the better.

Then they will have to look in the mirror, instead of pointing the finger at others - especially as their own financial system is a dog's breakfast.

[Dumbastheycome]

Typical....build em up to knock em  down !

The US only took advantage of  investment opportunities in Vietnam  well after Russia helped salvage the country post war!