If Vietnam is a currency manipulator it is not a good one
- Months' long US investigation of alleged Vietnam currency manipulation could lead to higher tariffs but this is unlikely
- Real effective exchange rate (REER) implies c30% over-valuation on an absolute basis and 6% relative to 10-year median
- Vietnam enjoys low tariffs on US exports (eg its garment exports attract half the tariff of those from Bangladesh)
This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a res...