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Vietnam denies subsidising tires, rejects US finding

HANOI: Vietnam on Thursday denied a U.S. Commerce Department's finding that said the country's car and light truck tires are being unfairly subsidised due to a currency undervaluation.

"Vietnam doesn't dump nor subsidise its automobile tires for exports, and doesn't manipulate currency to gain unfair advantage in international trade," Foreign Ministry spokeswoman Le Thi Thu Hang said in an emailed statement.

The U.S. Commerce Department on Monday said tires from Vietnam are being subsidised at a rate ranging from 6.23per cent to 7.89per cent through the conversion of U.S. dollars into Vietnamese dong at an undervalued exchange rate.

Hang said Vietnam will continue to work with the United States over the issue.

Last month, the U.S. Treasury Department refrained from formally branding Vietnam a currency manipulator.

(Reporting by James Pearson; writing by Khanh Vu; editing by Jason Neely)

Source: Reuters

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