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

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At

  • Chinese firms unveil preliminary results on metro, monorail for capital

    Minister of Public Works and Transport Sun Chanthol and representatives from China Road and Bridge Corp (CRBC) and its parent company, the state-owned China Communications Construction Co Ltd (CCCC), met on June 24 for talks on results of the firms’ preliminary study on a potential metro