Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Vietnam News  >>   Economy  >>   Firms in Vietnam defy dollar rules
NEWS UPDATES Asean Affairs        10  May 2011

Firms in Vietnam defy dollar rules

Related Stories

May 5,2011
Vietnam eyes foreign reserve disclosure

April 25,2011
April Vietnam CPI reaches 20-year high

April 21, 2011
Piracy damaging Vietnamese economy

April 4, 2011
Vietnamese textiles thrive

April 1 , 2011
Vietnam its banks orders SOEs to sell dollars

March 1, 2011
Vietnam trade in gold bars banned

February 25, 2011
Vietnamese PM outlines inflation measures

Many businesses in HCM City have continued to list the prices of goods and services in US dollar despite the State Bank of Viet Nam's ban on such practice. The latest central bank document guiding implementation of Decree on Foreign Exchange forbids listing prices of goods and services in US dollar or both in dollar and Vietnamese dong, with violators to be fined.

Nguyen Hoang Minh, deputy director of the State Bank of Viet Nam's HCM City branch, said the branch this year had, by working with market watchdogs and police, fined 27 offenders with a total of VND25 million (US$1,196) for each violation.

However, the practice still occurs in different sectors, and even watch and clothing shops inside several large shopping centres in HCM City are listing goods in US dollar.

He said the branch would play a central role in making random inspections soon.

One shop found to be in violation was a computer store run by the TD Service and Trading Co Ltd on Bui Thi Xuan Street in District 1. It was found to be quoting electronic products in catalogues, including projectors and laptops, in US dollar.

The shop salesman said the shop sold mostly imported goods, so quoting prices in US dollar was a way to hedge against the often-devalued Vietnamese dong.

He added that customers who paid for their purchases in dong would also be charged with the exchange rate at the time of buying.

A nearby beauty parlor is also quoting its services in the greenback, with expenses for breast-boosting surgery listed at $1,900-2,700.

Several other service companies are also quoting in dollar.

The branch of a travel agent on Pham Ngu Lao Street in District 1 advertised their tours to Cambodia by quoting prices in dollar and dong.

"Exploring Angkor complex for a 4-day and 3-night stay at NagaWorld Hotel for $198/per person (VND4.3 million)," the branch's billboard said.

Foreign language centres and websites on real estate and car trading are also listing trading and rental prices in dollar.


Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
  Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below
Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code



 
Today's  Stories    10  May 2011 Subsribe Now !
 • Ministers agree on border observers Subcribe: Asean Affairs Global Magazine
• Pertamina bids $3.5 billion for Exxon’s Angola stake Asean Affairs Premium
• Indonesia promises incentives for energy investors
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

 
• Malaysia’s foreign reserves peak
• A religious row in Malaysia

• Asean open to Myanmar leadership, BUT

• Corruption in Philippines Customs?

• Firms in Vietnam defy dollar rules p

Asean Analysis    10  May 2011

Advertise Your Brand
• EU and Asean trade ties increase Sponsor Our Events

Asean Stock Watch    10  May 2011

 
• Asean Stock Watch-May 10 p

Global News Impacting Asia    17 November 2010

p

• Bank of America sees Asian inflation

p

• Lloyd’s increases insurance push in Malaysia

p

• Wells Fargo analyst on euro

p

• Obama’s visit to Asia

p

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent

• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore
• Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline
• Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com