No major trading partner manipulated its currency in 2023. The US Treasury issued its June 2024 report on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States,” (the Report), which reviews the four quarters to December 2023 (the review period). In this report, the US Treasury found that no major trading partner met all three criteria (significant bilateral trade surplus with the US, material current account surplus and persistent, one-sided foreign exchange intervention) under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act) or engaged in conduct of the kind described in Section 3004 of the 1988 Act (currency developments, exchange rate practices, foreign exchange reserve coverage, capital controls, and monetary policy) during the review period.
 
Vietnam remained on the US Currency Monitoring list. In this review period, Vietnam continued to appear on the Treasury’s Monitoring list (currency manipulator watch list), along with six other economies: China, Japan, Taiwan, Malaysia, Singapore, and Germany.
 
Vietnam met two of the three criteria under the 2015 Act. The country exceeded two of the three criteria under the 2015 Act, which are “significant bilateral trade surplus with the United States” and “material current account surplus” in this review period.

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