The U.S. Department of the Treasury announced that it and the State Bank of Viet Nam will continue close consultations under the Viet Nam–U.S. Macroeconomic Financial Policy Dialogue and reaffirmed their commitments under the IMF Articles of Agreement not to manipulate exchange rates or the international monetary system to prevent effective balance of payments adjustment or gain an unfair competitive advantage. The update also records agreed principles on the use of macroprudential, capital flow and foreign exchange tools, together with new transparency commitments by the Vietnamese central bank. Under the agreement, macroprudential or capital flow measures should not target exchange rates for competitive purposes, and government investment vehicles such as pension funds should invest abroad for risk-adjusted return and diversification rather than to influence the exchange rate for competitive purposes. The two authorities also agreed that intervention in foreign exchange markets can be an appropriate tool to address volatile exchange-rate movements under both appreciation and depreciation pressures as countries develop their financial markets. On transparency, the State Bank of Viet Nam committed to begin public annual disclosure of net positive foreign exchange purchases, including spot and forward transactions, with a three-month lag from 2027, and to publish foreign exchange reserves data and forward positions in line with the IMF Data Template on International Reserves and Foreign Currency Liquidity from 2027.
U.S. Department of the Treasury2026-05-29
U.S. Department of the Treasury and State Bank of Viet Nam continue policy dialogue and set 2027 foreign exchange disclosure commitments
The U.S. Department of the Treasury and the State Bank of Viet Nam reaffirmed their commitments under the International Monetary Fund Articles of Agreement not to manipulate exchange rates and agreed principles on using macroprudential, capital flow and foreign exchange tools. They clarified that such measures should not target exchange rates for competitive purposes, that foreign exchange intervention may address volatility, and that government investment vehicles should invest abroad for risk-adjusted return and diversification. The State Bank of Viet Nam also committed to enhanced transparency, including annual disclosure of net positive foreign exchange purchases and publication of reserves and forward positions in line with the IMF data template from 2027.