Business
Foreign currency black market thrives in Hanoi
  • | dtinews.vn | October 14, 2011 05:08 PM

>> Black market for USD rebounds despite ban

>> Demand for foreign currency reveals need for stricter regulations

The unofficial market for foreign currencies has thrived in Hanoi despite the State Bank of Vietnam’s efforts to stop their operations.

The unofficial market for foreign currencies has thrived in Hanoi despite the State Bank of Vietnam’s efforts to stop their operations.

US dollar prices on the unofficial market remain at VND500-600/USD more compared to the official rate, with brisk trade over recent days.

At a gold shop in Ha Trung Street, staff were quite happy to receive customers who came to sell dollars. A staff member said, “Many people come here for dollar transactions, we can’t refuse them. Of course, we don’t sell or buy US dollars in a massive way, but try to balance supply and demand.”

According to observations of DTiNews reporter, the range of customers served was very diverse, including traders and tourists.

Their transactions often range between USD500-2,000. However, the gold shop’s staff said they are often dealt with much bigger transactions of tens of thousands of dollars and they were quite capable of meeting such demands for foreign currency.

After a quiet period, the unofficial market now thrives and it may become increasingly animated towards the year end.

Customers have their own explanations for their demand for foreign currency, including for tourism, business trips, and medical costs or for sending their children abroad to study.

A customer said he preferred using the black market rather than banks for buying USD because banks required far too many procedures.

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