The US Trade Representative (USTR) has just announced that it will not issue any trade restriction measures against Vietnam's exports.

The US Trade Representative (USTR) has just issued the conclusion of the investigation under Section 301 of the Trade Act of 1974 on Vietnam's acts, policies and practices related to currency undervaluation.

Accordingly, based on satisfactory solutions that meet the objectives of the investigation as stated in the Agreement reached on July 19, 2021 between the US Treasury Department and the State Bank of Vietnam, USTR will not issue any trade restriction measures against Vietnam's exports. 

USTR announces that it will not issue any trade restrictions on Vietnam's exports

Vietnam's Ministry of Industry and Trade said that this decision is of special positive significance for bilateral economic and trade relations, the business and investment environment in Vietnam and the multifaceted cooperation between the two countries, and clearly demonstrates the strategic trust between the two countries. 

"This is also a positive step following the agreement reached on July 19 between the State Bank of Vietnam and the US Treasury, the result of a substantive dialogue and goodwill of both sides to resolve issues in bilateral economic relations, towards building a stable and sustainable relationship that benefits both countries in the spirit of Comprehensive Partnership", the Ministry of Industry and Trade affirmed.

In the past time, as the Chair of the Vietnam Section of the Vietnam - US Trade and Investment Council (TIFA), the Ministry of Industry and Trade has coordinated with Vietnamese ministries and sectors to promote policy dialogue activities through the TIFA Council mechanism, achieving many substantive results. 

Since the Chairman-level meeting in October 2019, under the strong direction of the Prime Minister, leaders of Vietnamese ministries and sectors have actively coordinated with the US side to handle many issues, bringing about specific results, contributing to strongly promoting bilateral trade exchange activities. 

In the coming time, Vietnam will continue to proactively cooperate with US partners to comprehensively address the concerns of both sides, thereby maintaining stable trade relations, towards a harmonious, sustainable and mutually beneficial trade balance.

Previously, in 2020, the Vietnamese textile and garment industry exporting to the US was worried about the risk of being taxed due to the USTR launching an investigation under Section 301 of the US Trade Act.