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.
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