Vietnam#5 Exchange 100USD fined nearly 4,000 USD
A man to exchange 100USD at the organization is not allowed to exchange foreign currency, He was fined up to 90 million VND.
On October 23/2018, CanTho City People's Committee has issued a sanctioning decision administrative violation towards Mr. Ca Re Nguyen amount of 90 million VNĐ (equivalent 3.863USD) about behavior "buying and selling foreign currency at organizations not allowed to exchange foreign currency". He is an electric worker with a salary of over 3 million VND/month < equivalent 129USD>
Previously, Mr. Ca Re Nguyen was caught by the functional forces while changing 100USD at a jewelry business establishments in Cai Khe ward, Ninh Kieu district, Can Tho city.
According to current Vietnamese law, people have the right to bring, save USD in their home or bank. However, people are only allowed to buy and sell in organizations by State Bank licensed foreign currency transactions. And the problem is that not all people know the regulation is only allowed to buy and sell foreign currencies at institutions licensed by the State Bank.
Related to foreign exchange, 7 border provinces of Vietnam bordered by China is allowed to use the yuan.
According to Circular No.19 of the State Bank, the seven provinces will use Yuan from October 13/2018. The status of exchange and use of the people's publicity in tourist cities still shared on many social networks.
Image source Mr. Ca Re, Nguyen
What is the purpose of this law? When I was in Vietnam 13 years ago, the banking system was not fully developed in the country side. There wasn’t any ATM. Even the ATMs in the city only dispense limited cash. So I used the jewelry stores. Finance and transactions have to go on.
Khakha, Dear my friend!
I believe if you learn about it, you will have the answer.
My own thinking: The USD exchange restriction aims to helping the government to control foreign currency more & restrict people to store USD this will help banks mobilize USD easier.
Allowing 7 provinces to use the Yuan, helping to exchange goods more favorably but it will have many implications and this also is unconstitutional. :(
About ATM, there are more, but withdrawals from ATMs are very troublesome. You can withdraw up to 5million VND or 2million VND (if different from the bank) and may have to wait long or the ATM will run out of money.
Azaza :(
What kind law is this 🤔🤔🤔🤔..this is insane 😕😕
Posted using Partiko Android
Thank you for coming here @somendra94
In my country (VietNam), folly is pretty much. There are many law unconstitutional.
There are things that go against the world.
I will leave a picture here for you to feel, It is history but very easy to see.
Source picture the money 30 VND in 1981
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