The current Black Market rate is 18 and a half K ...
However ... and a very, very big However, is that the current long range economic Viet news is good, exteremly good.
The latest rice crop is above expectations, 20% above ... petroleum production, above expectations, foreign investment, above expectations ... ETC.
so ... Vietnam is currently in a hole, but the future is bright
From what I understand the VN government is soon going to stop subsidizing the fuel and it is going to increase the fuel cost dramatically. It already has increased a lot in the last year and it will really affect the people who can't afford it the most.
I would guess a big increase will only add pressure to the current condition and further drive the economy down, of course this is just speculation, but reading sources outside Vietnam are giving a much bleaker picture than what the VN news sources are saying.
Even several high profile development projects with foreign investors are relocating or looking to re-locate to Vietnam neighbours as they feel the market here is not currently stable and the red-tape - corruption issue is making things extra difficult in the face of the current economic situation.
Of course I hope teacherman is right and this is just a slight blip...but I don't really think it is.
I hope I am wrong though :)
Black market rate is 18200-18700, many people think it will go to 20000-21000 in July, so hoard your dollars if you can.... pay your landlord in VND if you can, because they just want your USD to hoard also to cash in later, or pay in USD and request a discount..free laundry or something like that to make up the difference in rate.
answered about 5 months ago by zzipp
Good to see the exchange rate issue is up on the recent questions list. If there was ever a need for New Hanioans to pull together and share what they know on the currency exchange situation (and general economic situation) in Vietnam, it is now. Everybody is affected by the situation, whether you realize it or not.
I spare some typing time by saying you can see my last update on attempts to convert VND to USD at my Ask a Hanoian question here:
http://newhanoian.xemzi.com/aska/answers/qid/831
Beyond that, it has been announced by the VN State Bank that as of tomorrow, Friday 27 June, the VND-USD exchange rate "band" will be widened to 2% on either side of the State Bank's daily published rate. Today, that rate was 16452. Previous to tomorrow's change, all Vietnamese banks, including the State Bank itself, could set their VND-USD exchange rates up to 1% lower or higher than the published rate. This means banks can buy dollars from customers at a low rate and sell them to customers at a high rate, thus making up to about a 2% profit from the exchange. Starting tomorrow, all bank rates will likely push the two rates to the widest of the band, meaning dollars will cost 16781 VND (if the state bank published rate remains at 17452.)
This exchange rate band change has been planned or in the works since at least as early as March, but it's now become part of the government's so-called "12 point plan" to cool off the economy and stem inflation. I haven't found a published version of the list of these 12 points, but it's safe to assume the 2% adjustment to devalue the Dong recently was part of the plan. Also likely part of the plan is limiting access to buying dollars to almost everybody in the country as much as possible, in an attempt to stop the "dollarization" of VN's economy. I also suspect that it's also having the intended goal of slowing down imports due to the amazingly high exchange rates importers have been faced with. This may be a method to slow down importing in restore the trade deficit (at last count, with an over $10 billion USD difference in imports and exports,) to a more manageable amount. This is just theory, mind you, and I am only now just trying to get a grip on what the economic situation is here in VN.
This still leaves many of us, not to mention so many Vietnamese, out in the lurch when it comes to buying dollars, which we may want to do for valid reasons - rather than for speculation, as the government is trying to avoid. Speculation is buying currency with the hopes the price will go up so you can sell it off at a profit. I myself need USD for a trip back to the US, and then also to protect my earnings which were exchanged from my USD contract rate to a much lower VND rate than is is now. This means I've lost money if I could actually find a bank that would sell me dollars. Add to this - which applies to everyone - the fact that anything which is imported into Vietnam will cost more now, because the dollars used (or whatever other currency) cost more VND to pay for those goods. These higher prices have been and will continue to affect every facet of business in this country. The loudest noise I've heard to date from foreigners is mostly about rent rates jumping up. Well, that's just the tip of the iceberg.
hanoiwiki: 17800 to buy dollars at a real bank sounds like an illegal rate from what I've read in the news. The government is cracking down on banks which have been charging higher rates or fees to importers buying dollars - upwards of over 19000 to the dollar. I'd really like to know more information, and how they are skirting around the 1% rate band limitation.
As for not being able to withdraw USD from any USD based account - that is just a rumor which is plain wrong. Make sure you withdraw from your USD account at an ATM with disperses dollars (I haven't a clue where that might be,) or from the teller inside your bank with the USD account. Now, as I remember, ANZ charges some 10000 VND or close for each teller withdrawal, so take that in to account.
Black market rates seem to vary quite wildly as of late, but you can be sure that you will generally lose money if you buy dollars that way, especially if it's with VND you received exchange from USD at a bank rate before now. Selling dollars is another story, however....
Please please please if you are reading this and you know any factual information, I'm sure many people would appreciate to hear about it, so post it, okay?
I have a USD and VND account. No problem getting USD from the account and doing wire transfers to Canada. I haven't tried to wire from the VND account yet, but I heard it can be done. Also withdrawing in USD can only be done at my branch with ID proof and WP.
Transferring money depends on having the right paperwork, if you have a proper work permit it is alot easier, if not your need at minimum a labour contract and stamped pay slips and proof of paying taxes.
I use Agricultural bank and find them a lot easier than Vietcom bank.
Well, tough luck for me-- the place I am staying at has been trying to up the rents, if I pay in VND, time and time again. I am quite tired of haggling, so I think I am just going to ask someone to bring USD for me.
