The State Bank of Vietnam and the U.S. Department of the Treasury have issued a joint statement on monetary policy. Photo: Quang Dinh / Tuoi Tre
According to the statement, both sides reaffirmed their commitments under the International Monetary Fund (IMF) Articles of Agreement to avoid manipulating exchange rates or the international monetary system in order to prevent effective balance-of-payments adjustment or gain an unfair competitive advantage.
The two sides also agreed that macroeconomic measures and capital flow management measures should not target exchange rates for competitive purposes.
Other government investment tools, such as pension funds, may invest abroad to seek risk-adjusted returns and diversification instead of targeting exchange rates for competitive purposes.
They further shared the view that foreign exchange market intervention can be an appropriate tool to address both appreciation and depreciation pressures, helping manage exchange rate volatility and maintain macroeconomic stability during the development of national financial markets.
The SBV and the U.S. Department of the Treasury also underscored the importance of transparent exchange rate policies and practices.
In this context, the SBV is committed to publishing annual data on net positive foreign currency purchases with a three-month reporting lag beginning in 2027.
The central bank is also committed to publishing data on foreign exchange reserves and forward positions in line with the IMF’s Data Template on International Reserves and Foreign Currency Liquidity beginning in 2027.