The United States Department of the Treasury and the State Bank of Viet Nam agreed on May 29 to continue close consultations through the Viet Nam – U.S. Macroeconomic Financial Policy Dialogue, according to a joint statement.
Both parties reconfirmed their commitments under the International Monetary Fund Articles of Agreement, which include avoiding manipulation of exchange rates or the international monetary system for balance of payments adjustment or to gain an unfair competitive advantage. The statement outlined that any macroprudential or capital flow measures should not target exchange rates for competitive purposes. Additionally, it stated that government investment vehicles such as pension funds invest abroad for risk-adjusted return and diversification, not to influence exchange rates competitively.
The agreement also recognized intervention in foreign exchange markets as an appropriate tool in response to both appreciation and depreciation pressures, particularly for addressing volatile movements in exchange rates as countries develop their financial markets.
Transparency was highlighted as a key aspect moving forward. The State Bank of Viet Nam committed to publicly disclose data on net positive foreign exchange purchases—including spot and forward transactions—on an annual basis with a three-month lag beginning in 2027. Furthermore, it will align public disclosure of foreign exchange reserves data and forward positions with the IMF’s Data Template on International Reserves and Foreign Currency Liquidity starting in 2027.
The ongoing cooperation aims to support macroeconomic stability while ensuring open communication regarding monetary policy actions between both countries.