U.S. Trade Representative Dyche Concerned About Vietnam’s Currency Policy, Continues Trump Administration Pressure

U.S. Trade Representative David Deitch held a video conference with Vietnamese Minister of Trade and Industry Tran Jun Anh on Thursday (1) to express his concern about the operation of Vietnam’s currency, the Vietnamese dong; the U.S. has listed Vietnam as an exchange rate manipulator in the Trump administration era last December. Dyche also mentioned that the U.S. is concerned about illegal timber operations, digital trade, and agriculture in Vietnam.

In a statement posted on the official website, the U.S. Trade Representative’s Office said that the U.S. and Vietnam agreed to continue dialogue and active cooperation in the future to deal with matters that raise concerns in detail and maintain a strong trade relationship.

Bloomberg information pointed out that although Vietnam has been listed by the U.S. Treasury Department as an exchange rate manipulator, but in order to jointly resist the economic and military rise of China, the Trump administration did not immediately take retaliatory tariff actions against Vietnam. The investigation completed by the Trade Representative’s Office in January this year only specified that Vietnam’s currency manipulation practices were unreasonable and restricted U.S. businesses.

Vietnam’s central bank continues to reiterate that they are not using the exchange rate to create unfair competition in international trade to their advantage. Vietnam’s timber industry also vowed to strengthen management and purchase more U.S. timber to avoid retaliatory tariffs that could harm Vietnam’s forestry industry.