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Quoting prices in VND – no longer an option
The State Bank of Vietnam is now intensifying foreign exchange management. Enterprises now have to quote prices in VND and accept payments in VND.
The current laws stipulate that all transactions in Vietnamese territory must be made in VND. Enterprises must quote sale prices in VND, not foreign currencies. Vietnamese businesses are well aware of the regulation, but many ignored it until the central bank began tightening the forex market by inspecting foreign currency exchange agents and examining price quotations recently.
Computer part shops on Bui Thi Xuan and Ton That Tung streets in district 1, HCM City began quoting sale prices in VND yesterday, June 10.
Previously, Phong Vu computer supermart’s price quotation had two columns, showing prices in VND and US$. The prices in VND were just for reference, while the actual sale prices were the prices in dollars. If clients paid in VND, they had to make payment in accordance with the exchange rate at the moment of payment.
Now Phong Vu supermart only quotes sale prices in VND. The sales prices applied now were calculated based the exchange rate of VND17,889/US$1, which was the exchange rate on the black market on June 10.
While all big supermarts are giving quotations in VND, many smaller shops are still quoting prices in both VND and dollar. Some shops apply the exchange rate of VND17,500/US$1, while others VNDVND17,000/US$1.
At Van Phat Shop No 108 Ton That Tung in district 1 in HCM City, staffs said that clients can make payments in either VND or dollars, but the price board there shows prices in dollars. Hoang Gia Shop, next to Van Phat, also quotes in dollars, though it accepts payment in either VND or dollars.
At Thanh Nhan Computer Shop on Bui Thi Xuan street, a lot of sale items, including MP3s, keyboards, recorders and memory cards, are being quoted in dollars. Explaining this, the staffs there said that these are imported products and they need to be sold in dollars in order to avoid losses.
Meanwhile, beauty care and hair salons still charge service fees in dollars. Previously, when the exchange rate was stable, both service providers and clients accepted the exchange rate of VND16,000/US$1. However, nowadays, as the dollar price has skyrocketed, beauty salons all demand the exchange rate on the black market.
At a hair salon on Nguyen Trai street in district 1, HCM City on June 10, a client who enjoyed the skin care service gave the staff VND290,000 for the service, quoted at $18 (equal to VND16,100/US$1). However, the staff there asked the client to use the exchange rate of VND18,000/US$1.
Consultancy officers at California Sports Centre are still selling membership cards in dollars. The owner of a beauty salon on Su Van Hanh street in district 10 in HCM City said that as all equipment and lotions are imported from other countries, the services must be calculated in dollars.
VNN
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