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Businesses still listing prices in dollars, ignoring PM
A lot of businesses are still violating the law by quoting prices in foreign currencies, though the prime minister has ordered the heavy punishment of violators.
Quoting prices in both VND and US$
Online price quotations of maytinhxachtay, maytinhxachtaymy, sieuthilaptop and DigiWorld, for example, show prices in both VND and dollars. Though the quotations do not show the names of the currencies, VND or dollar, seeing the numbers ‘320’ or ‘780’, people understand that these are prices in dollars.
Though prices in both VND and dollars are being quoted, payments are always made in dollars because VND prices change every day due to VND/US$ exchange rate fluctuations.
Managing Director of Dang Khoa IT Plaza Nguyen Manh Lan said that information technology companies quote product prices in VND. However, as all products are imported in dollars, businesses still have to determine retail prices in dollars and then calculate the VND prices based on the dollar prices.
On May 25, at some fashion shops on Mac Thi Buoi road in district 1 of HCM City, including Mango, Charles & Keith, visitors could see both VND and dollar prices shown. Buyers could pay in either currency.
Owners of shops on streets in HCM City which receive many foreign tourists, like Le Loi, Nguyen Hue and Dong Khoi, though they don’t quote prices in dollars, when they are asked about prices by foreigners, they always give prices in dollars.
Representatives of the Caravell Hotel said that most big hotels in the world are quoting prices in dollars, or in both dollars and the local currencies. He said that it is quite easy to convert the dollar prices into VND prices, but the big sums of money in VND may make people ‘feel dizzy’.
Still implacably quoting prices in dollars
Advertising pieces for training courses and foreign language classes in newspapers all quote in dollars.
For example, students going on an overseas learning trip with EF will enjoy the discount of $200. The He Moi, an overseas study consultancy company, has promised to cover 100 percent of the fee for a US visa, worth $131. Students are also invited to attend a workshop on studying in the US which offers the opportunity to get a scholarship of $250-1,500.
At spas in district 1 of HCM City, service fees are also listed in dollars. MiuMiu Spa on Chu Manh Trinh road, for example, quotes a body massage at $20.
Price quotations in dollars can also be seen on the real estate market. It is estimated that 30 percent of apartments on sale on real estate trading floors are quoted in dollars.
Quynh Chi
vietnamnet
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