WASHINGTON / HANOI (Reuters) – The United States is investigating whether Vietnam is devaluing its currency and hurting American commerce, the US Trade Representative Office said in a statement on Friday.
According to the statement, the investigation was launched on the direction of President Donald Trump.
Vietnam has been on the watch list of currency exchangers because of its trade surplus with the United States, a large current-account surplus and a perception that its central bank is actively buying foreign currency.
Vietnam’s central bank governor Le Minh Hung said on Friday that his country “does not intend to use monetary policies in general and exchange rates to create an unfair competitive advantage in international trade in particular.” “
“We will continue to maintain exchange rate stability and keep inflation under control,” Hung told in a news briefing after meeting with his Southeast Asian counterparts.
According to Vietnam’s customs data, 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.
Reported by Makini Bryce in Washington and Khan Wu in Hanoi; Additional reporting by Fuang Nguyen; Editing by Mohammad Jargam and William Mallard