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Banker lends a hand to “dollarisation”?
The information that a bank in Vietnam offers to provide 2-dollar banknotes to people has immediately sparked criticism of “lending a hand to the dollarisation” in Vietnam.
Several days ago, Saigon Bank (SCB) announced that it will provide 2-dollar banknotes to those, who want to use them as li xi (The lucky money given to children or to others as presents on Tet).
This has been violently criticized, especially by those who are calling for using Vietnamese goods instead of foreign. Saigon Tiep Thi newspaper has quoted a reader as saying that the bank is lending a hand to popularizing foreign goods among Vietnamese people, and that this will make the problem of dollarisation in Vietnam more serious.
Dollarisation occurs when people in a country use foreign currency parallel to or instead of the domestic currency. Under Vietnamese laws, only the local currency, Vietnam dong, can be used in transactionson Vietnamese territories. However, Vietnamese people still prefer using the US dollar, because they fear the local currency may depreciate.
The Saigon Tiep Thi’s reader said that li xi is a good Vietnamese tradition. However, the custom has become quite different in recent years. High income earners in big cities nowadays like giving dollars instead of Vietnam dong as Tet presents. forchildren Therefore, small change, including 1-dollar, 2-dollar or 5-dollar banknotes have become valuable.
Besides, giving presents in dollars instead of Vietnam dong shows that they belong to the upper class in the society. “However, they should understand that by doing so, they are getting Vietnamese children into the habit of using foreign goods and foreign currencies instead of Vietnamese goods and Vietnam currency,” a reader wrote.
Meanwhile, analysts have affirmed that SCB does not violate any laws when providing the money conversion service. However, they have pointed out that while Vietnam is struggling with the trade deficit and working hard to stabilize the dong/dollar exchange rate, the move by SCB, and maybe of many other banks, may lend a hand to the current dollarisation in Vietnam.
Many experts have also called on local newspapers to take actions to help ease the dollarisation in Vietnam.
“The bank provides the service because it believes that it can make profit. However, it seems that it forgets the national character. However, I hope that not many people will follow the snobbish way,” an expert said
Meanwhile, many other people, especially the youth, office workers or businessmen, have expressed their interest the currency conversion service. Le Anh, who works at a computer company in Hanoi, said that she plans to get 200 2-dollar banknotes which he will use as li xi to the colleagues at the same office or to the relatives and her bosses’children
Le Anh said that in mind of many people, 2-dollar bank note is considered lucky, therefore, many people would like to convert money to get them.
“I hope my 2-dollar banknotes will bring good fortune to my relatives,” she said.
Kim Tien
vietnamnet
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