The United States and Vietnam have renewed their pledge to avoid manipulating exchange rates or the international monetary system to prevent effective balance-of-payments adjustment or to gain an unfair competitive advantage.

In a joint statement, the US Department of the Treasury and the State Bank of Vietnam have reaffirmed their commitment to close consultations within the Vietnam-US Macroeconomic Financial Policy Dialogue.

Both sides also agreed that any macroprudential or capital flow measures must not target exchange rates for competitive purposes.

Furthermore, other government investment vehicles, including pension funds, should invest abroad strictly for risk-adjusted returns and diversification purposes rather than to target exchange rates competitively.

The statement also recognizes that foreign exchange market intervention remains an appropriate tool to address volatile exchange rate movements. It notes that such intervention can respond to both appreciation and depreciation pressures to maintain macroeconomic stability as countries continue to develop their financial markets.

Emphasizing the importance of transparent exchange rate policies and practices, the State Bank of Vietnam commits to implementing key disclosure measures beginning in 2027.

Specifically, the Vietnamese central bank will publicly disclose data on net positive foreign exchange purchases, including spot and forward transactions, on an annual basis with a three-month lag.

It will also publicly disclose foreign exchange reserves data and forward positions in alignment with the International Monetary Fund's ( IMF ) Data Template on International Reserves and Foreign Currency Liquidity.