Logo of Phnom Penh Post newspaper Phnom Penh Post - VN begins dollar curb

VN begins dollar curb

VN begins dollar curb

H ANOI - Vietnam has started curbing the use of the US dollar, which has served for years as a parallel currency to the dong.

First indications were that the new foreign exchange rules, requiring the dong to be used for nearly all transactions, had little impact.

Most hotels were still billing customers in dollars, though some smaller ones charged guests in dong, changing their dollars in front-desk exchange kiosks.

Some shops which previously charged in dollars became "exchange agents" for the banks, continuing to take dollars and changing them on the spot into dong. They would then deposit the dollars in the bank.

"It's like a house with two doors," said a hotel employee. "You go in one door with dollars and you change them into dong. For the guest, it doesn't make any difference."

Prime Minister Vo Van Kiet ordered the changes last August to suck at least $600 million in dollar notes circulating in this communist country of 72 million people into the banking system.

Hotels, restaurants, landlords, some shops and Vietnamese state and private companies - now required to deposit their hard currency earnings in bank accounts - were among the businesses most likely to be affected.

MOST VIEWED

  • Purging Sihanoukville’s past with a new masterplan

    Amid illicit activities, haphazard development and abandoned projects, the coastal city of Sihanouk province needs a reset to move forward. A new masterplan might be the answer to shake off its seemingly mucky image to become the Shenzhen of the south Gun toting, shootouts, police

  • Chinese may be first in tourism revival: PM

    Cambodia's tourism industry is gearing up to roll out the red carpet for Chinese travellers after Prime Minister Hun Sen on September 17 indicated that the Kingdom could soon throw open its doors to international holidaymakers vaccinated against Covid-19 – starting with guests from China. Cambodia Chinese

  • 'Pursue your goals, reach out to me': Young diplomat tapped as envoy to South Korea

    Chring Botum Rangsay was a secretary of state at the Ministry of Foreign Affairs and International Cooperation before being designated as the new Cambodian ambassador to South Korea. According to her official CV published on the foreign ministry’s website, she started her first government

  • Tourism concerns laid bare

    To ensure the success of plans to reopen the tourism market for international visitors, Cambodia must pay utmost attention to two primary determinants – the ongoing paradigm shift in domestic tourism services towards the ‘new normal’, and the factors influencing choices of destinations among foreign holidaymakers.

  • Covid jab drive for 6-11 age group to begin Sept 17

    Prime Minister Hun Sen has permitted Covid-19 vaccinations for over 1.8 million children aged 6-11 across the country from September 17 in order for them to return to school after a long hiatus. Hun Sen also hinted that vaccinations for the 3-6 age group will follow in

  • No ‘Crown Prince’ exists to buy France football club: ministry

    The Ministry of the Royal Palace has denied media reports that a Cambodian “Crown Prince” had purchased the AS Saint Etienne football club of France’s top-flight LIGUE 1 at the cost of €100 million ($117 million). In a press statement on September 19, the ministry stressed that Cambodia