The Office of the United States Trade Representative (USTR) on July 23 issued a formal determination in the Vietnam Currency Section 301 investigation, under which the agency will not take any tariff action against Vietnam.

A statement by the USTR said that the move reflects the agreement reached earlier this week between the US Department of the Treasury and the State Bank of Vietnam (SBV).

The determination finds that the agreement between the US Department of the Treasury and the State Bank of Vietnam provides a satisfactory resolution of the matter subject to investigation and accordingly that no trade action is warranted at this time. The USTR, in coordination with the US Department of the Treasury, will monitor Vietnam’s implementation going forward, it said.

US Trade Representative Katherine Tai commended Vietnam for its commitment to addressing the US's concerns with its currency practices and setting an important example for the Indo-Pacific region.

American workers and businesses are stronger when their partners value their currency fairly and compete on a level playing field, she said, adding that going forward, in coordination with the US Department of the Treasury, the US side will work together with Vietnam to ensure implementation, and will continue to examine the currency practices of other major trading partners.

Earlier this week, the US Department of the Treasury and the State Bank of Vietnam reached an agreement to address the US’s concerns about Vietnam’s currency practices.

Source: Nhan Dan Online