* On November 10, 2022, the US Treasury issued its report on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States,” (the Report), which reviews the four quarters to June 2022 (the review period). 

* In line with our expectation in our June 2022 Macro Flash, the US Treasury has removed Vietnam from the Treasury’s Monitoring List (currency manipulator watch list) in its latest Report as the country has met fewer than three criteria in at least two consecutive reports, adding that the Treasury remains satisfied with the progress made by Vietnam. Meanwhile, seven economies - China, Japan, South Korea, Germany, Malaysia, Singapore - and Taiwan constitute the Treasury’s Monitoring List. 

* In the latest review period, Vietnam only exceeded one of three criteria under the 2015 Act — “significant bilateral trade surplus with the United States.” (In the June 2022 report, Vietnam also only exceeded one criterion for the review period of four quarters to December 2021).

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