Vietnam's exports will not be restricted by the USA trade measures

As claimed by the European-American Market Department (Ministry of Industry and Trade), on July 24th, 2021, the US Trade Representative (USTR) officially issued the conclusion for the investigation case under Section 301 of the 1974 Trade Act on Vietnam's actions, policies and practices related to currency undervaluation.

Accordingly, on the basis of satisfactory solutions, meeting the objectives of the investigation as stated in the Agreement reached on July 19th, 2021 between the US Department of Finance and the State Bank of Vietnam, USTR will not issue any trade-restrictive measures for Vietnamese exports.

The Ministry of Industry and Trade thinks that this is a decision of special positive significance to the bilateral economic - trade relations, the business and investment environment in Vietnam as well as the cooperation relationship in many ways between the two countries. At the same time, it clearly shows the strategic trust between the two countries.

This is also a positive step following the agreement reached on July 19th between the State Bank of Vietnam and the US Department of Finance, a result of substantive dialogue and goodwill from both sides to resolve the problems in bilateral economic relations, heading towards building a stable and sustainable relationship that benefits both countries in the spirit of a Comprehensive Partnership.

The US is Vietnam's largest export market. In 2020, the value of Vietnam's goods exported to the US reached nearly USD 77.1 billion.