(VOVWORLD) – The US Treasury Department and the State Bank of Vietnam have reached an agreement on Vietnam’s currency practices, according to a joint statement issued on Monday.
The statement, which followed a virtual meeting between US Treasury Secretary Janet Yellen and State Bank of Vietnam Governor Nguyen Thi Hong, said the US and Vietnam are trusted partners with a friendship grounded in mutual respect.
In keeping with this strong partnership, the US Treasury Department and the SBV share the goal of maintaining the strength, stability, growth, and resilience of their two economies and financial systems.
The SBV said the focus of its monetary policy is promoting macroeconomic stability and controlling inflation. The SBV is making an effort to make its monetary policy and exchange rate framework more modern and more transparent.
In support of these efforts, the SBV will continue to improve exchange rate flexibility over time, allowing the Vietnamese dong to move in line with the stage of development of the financial and foreign exchange markets and with economic fundamentals, while maintaining macroeconomic and financial market stability.
It will continue to provide the necessary information for the Treasury Department to conduct a thorough analysis of the SBV’s activities in the foreign exchange market for its semiannual Report to Congress on the Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
Secretary Yellen said she believes the State Bank of Vietnam’s attention to these matters will address her department’s concerns and support the further development of Vietnam’s financial markets and enhance its macroeconomic and financial resilience.