During the meeting that took place on the sidelines of ASEAN and ASEAN+3 Deputy Central Bank Governors and Deputy Finance Ministers Meetings, Canh affirmed that the SBV’s monetary and exchange rate policies are always aimed at maintaining price stability, ensuring the safety of the banking system, and contributing to overall macroeconomic stability.

Given that Vietnam is a small, highly open economy that is vulnerable to global fluctuations, the SBV has been implementing flexible policy measures in line with domestic market developments and the international economic environment.

At the same time, Vietnam does not use exchange rates as a tool to gain an unfair competitive advantage in trade.

Regarding the new reciprocal tariff policy recently announced by the US, the Deputy Governor shared that Party General Secretary To Lam had a phone conversation with President Donald Trump to express goodwill and the desire to engage in dialogue with the US to work toward a bilateral agreement aimed at fostering sustainable trade relations.

The Vietnamese side has proactively contacted relevant US authorities, proposing a postponement of at least 45 days in implementing the new tax policy to allow time for preparation and transition. At the same time, Vietnamese authorities are actively seeking solutions through dialogue and cooperation.

Kaproth for his part acknowledged the disappointment and concerns of ASEAN countries over the new US tariff policy and affirmed that the US Treasury Department would coordinate with regional countries to address the issue from a technical perspective.

At the conclusion of the meeting, both sides committed to maintaining cooperative relations and continued policy dialogue between the SBV and the US Treasury Department on matters of mutual interest.

Vietnam not manipulating currency: US Treasury

The US Department of the Treasury has officially announced in its latest report that Vietnam does not manipulate currency.