Mar 29, 2012

Vietnam - Gucci showroom fined $3,600 for trading in dollars


A Gucci showroom located on Ly Thai To Street in Hanoi was recently fined a hefty sum of VND75 million ($3,600) by the State Bank of Vietnam for violating the regulations on trading in foreign currencies.

Earlier on January 5, the shop’s cashier was caught receiving a $300 payment from a customer, newswire Dan Tri reported.

The money was confiscated, as was another sum of $400, including $1, $2, $5, and $100 banknotes found at the cash desk.

In Vietnam, making payments in foreign currencies or gold is considered breaching the central bank’s monetary regulations, a violation that is subject to a fine of VND50-100 million, according to a government’s decree released last October. Such violations were previously not subject to any sanctions.

The new decree also raised the penalties on quoting prices of goods and services in foreign currencies up to VND500 million ($24,300), a sevenfold increase over the previous rate.

Many gold shops, hotels, and other businesses have been fined over the last few months under the new currency policy.

In one case, the central bank on December 31, 2011, slapped a VND500-million ($24,000) fine on the joint-venture Thong Nhat Metropole Hotel Co Ltd, which manages Hanoi-based Sofitel Metropole Hotel, for listing its restaurant and bar menus and signing space rental contracts with local customers in US dollars.

Similar penalties were also issued to three other violators, including FPT University, Ngoc Long Gold Processing Co, and My Phuong Co, all located in Hanoi, for listing tuition fees in US dollars and illegally trading in the greenback.

TuoiTrenews



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