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Showrooms still quoting prices in US$, violating the law
Following the State Bank of Vietnam's threat to heavily punish those individuals and institutions who quote commodity and service prices in foreign currencies, some automobile showrooms have started to quote prices in VND, but many others continue to quote US$ prices.
Quoting prices in VND
VietNamNet’s reporters, who were present at the My Dinh Honda auto showroom on April 26, noticed that the prices of Honda cars displayed there were quoted in VND. The prices of Honda models were as follows: VND522,790,800 for the Civic 1.8, VND652,599,400 for the Civic 2.0 model, and VND883,765,400 for the CRV model.
A My Dinh staff member said that the VND pricing had been implemented as the result of written instructions issued by state management agencies.
“It is somewhat troublesome for us as we have to change the car prices daily in accordance with the VND/US$ exchange rate,” he said.
The sales agent of Mercedes Benz at No 2 Ngo Quyen Street in Hanoi, said that it is going to quote prices in VND as instructed by the State Bank. Currently, the showroom is quoting US$, but Phung Duy Trung, sales consultant, said that VND prices will be introduced next month.
Trung also pointed out that VND pricing ensures that customers will be ‘safe’ from exchange rate fluctuations. The car's price will be converted to VND at the prevailing exchange when a purchase contract is completed, and will remain unchanged until the buyers finalizes the purchase and receives delivery of the vehicle.
Quoting prices in US$
Although the State Bank of Vietnam has issued a directive instructing car manufacturers to quote prices in VND, only Honda Vietnam and Mercedes have, or will comply. Other car showrooms are continuing to quote prices in US$.
At Viasco's showroom, specializing in selling Toyota’s imported products, located at No 46C Lang Ha Road, a salesman was very surprised when asked why car prices were not quoted in VND, as legally required. It would seem that the salesman was not aware that US$ pricing breaks the law. He said that prices are always quoted in US$, though customers pay in VND at the appropriate exchange rate.
Vu Hong Lien, sale representative of Toyota’s showroom, said that car prices are being quoted in US$ as usual. The sale prices are set by the manufacturer, and can be checked on the company’s website. Sales staff are not authorized to change prices.
Lien also stated that the manufacturer’s sales policy allowed customers to pay in VND at the exchange rate quoted by Vietcombank, which is always lower than the black market exchange rate.
Ford’s showroom at No 105 Lang Ha Street also continues to quote US$ prices. Nguyen The Tinh, sales consultant, said that it is impractical to quote prices in VND because the exchange rate is subject to daily variation.
Other showrooms on Kim Lien Road, including RavoAuto and Salon Auto, and those on Le Van Luong Street, all are quoting prices in US$, because ‘we pay for imported cars with dollars, so we have to quote sales prices in dollars’. Buyers can pay in VND, but at the black market rate rather than the official rate set by Vietcombank.
Giving verbal price quotations
The décor of Lang Ha Toyota showroom reflects a professional image, but potential customers can only look at the cars on display. Prices and other information are not available except by discussion with sales staff. Apparently, the company believes that it is not necessary to display prices.
“In general, before coming here, customers seek information about the manufacturer’ products on its website and they already know the prices,” sales representative, Lien, claimed.
Furthermore, Viasco does not publicize sale prices because this is confidential information and therefore a ‘competition secret’.
Do Minh Thang, a Viasco salesman, said that most other showrooms also apply a policy of ‘verbal price quotation’ for the same reason.
“We never confirm prices by email or fax, only by direct communication with genuine customers,” he added.
The showrooms on Kim Lien Road, RavoAuto and Salon Auto, also do not make public about the sale prices. A salesman here said that clients should meet the owner of the showroom directly to negotiate the prices and make deposit.
Phan Hung
vietnamnet
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