SBV lashes out at dollar listed violations

The State Bank of Viet Nam has directed branches in Ha Noi and HCM City to tightly monitor US dollar-listed prices for property trading and construction projects.

The order was issued after the central bank uncovered price listing violations.

"Such business behaviour not only violates the law, but also has a negative impact on the consumers," the central bank says in a statement.

Article 22 of the Foreign Exchange Management Law bans trading, paying, listing prices or advertising with foreign currencies, except among credit institutions.

Vendors must have prime ministerial approval to do otherwise.

Enterprises and individuals are not allowed to list and collect prices or services fee in foreign currencies without approval. Each violation carries a VND20-30 million (US$1,028-1,038) fine with the money made from the violation confiscated. Offenders' business licences may also be revoked.

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