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Oneonta
Joined: 23 May 2008
Posts: 20
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 Posted: Fri Mar 11, 2011 7:16 am Post subject: |
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Update
The authorities have shut down the gold shops, aka 'black market'
Selling dollars is prohibited. If caught, the authorities confiscate. And confiscate they did. 2 days ago a place was caught selling USD and the police confiscated $200,000, so say the news reports.
The busiest dollar sellers in town are now quiet.
There will be, a way around this. With all of the dollars being held, I now see individuals selling US dollars at even a higher price.
But I think this move was needed.
If you want to buy any currency of the world in Vietnam you have to show your passport (which means, be a foreigner) and then you have to show a plane ticket out of the country, even if you're buying Thai Baht, Euros, or Japanese Yen. |
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Jbhughes
Joined: 01 Jul 2010
Posts: 254
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| Posted: Fri Mar 11, 2011 9:55 am Post subject: |
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Here are some relevant newspaper articles from tuoitre:
Foreign cash on black market can be confiscated
http://www.tuoitrenews.vn/cmlink/tuoitrenews/business/foreign-cash-on-black-market-can-be-confiscated-1.23926
Interesting quotes:
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Chief Inspector of the SBV is authorized to give violators a fine of up to VND500 million (US$24,000), while the allowable rates for chief inspectors of SBV branches and SBV inspectors are VND30 million ($1,440) and VND500,000 ($24) respectively.
In addition to being fined, violators, whether they are individuals or entities, will have the cash involved confiscated. |
Sounds like quite a profitable exercise for those involved! Confiscate the money and a fine!
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| For safety, citizens should sell their foreign currencies to banks or credit institutions, he advised. |
Obviously aimed at replenishing SBV's stock of foreign reserve.
$390,000 forex black market deal busted in Hanoi
http://www.tuoitrenews.vn/cmlink/tuoitrenews/society/390-000-forex-black-market-deal-busted-in-hanoi-1.23858
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| The police made a report on the illegal trade and temporarily seized all the cash in dollars and dongs for investigation purposes. |
US$390,500 + VND8.427 billion.
It seems to be agreed on the forum that the main reason that VND is depreciating is because of the negativity towards it and the subsequent choice to sell all of it barring enough for 'transactions' (can't remember who I'm quoting here - sorry).
IF this move does stop the VNese people from obtaining dollars and depreciating their own currency this way, aren't they just going to put the money into gold or other commodities and depreciate their currency that way?
Assuming this,
1. Surely gold is going to appreciate in value and therefore is worth a punt or at least could be useful as another source of saving?
2. Has anyone ever bought gold in VN and successfully taken it to another country and sold it?
3. For that matter, how does the price of gold in VN compare to others?
I'm looking at my arrival - departure declaration card here in front of me and it states (on page 4) you have to declare foreign currencies over $7000, VND over 15,000,000 and gold over 300g. It's unclear (at least to me) whether this is for departure (xuất cảnh), arrival (nhập cảnh) or both. |
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Mattingly
Joined: 03 Jul 2008
Posts: 249
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| Posted: Fri Mar 11, 2011 2:36 pm Post subject: |
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| Jbhughes wrote: |
| IF this move does stop the VNese people from obtaining dollars and depreciating their own currency this way, aren't they just going to put the money into gold or other commodities and depreciate their currency that way? |
It won't drive down the currency as much. Buying a gold tail is much more expensive (37 million Dong) than buying say, $100 USD in cash.
To buy other currencies in VN now, Vietnamese AND foreigners can only buy a limited amount of foreign currency IF they show I.D. and a plane ticket out of VN.
That said, there is talk of limiting gold speculation. It was in the Thanhnienniews yesterday.
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2. Has anyone ever bought gold in VN and successfully taken it to another country and sold it? |
You basically can't. VNese gold has something in it, or with it, that makes selling it outside VN not possible (or extremely rare). If you buy it in VN you sell it inside VN. |
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Jbhughes
Joined: 01 Jul 2010
Posts: 254
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| Posted: Wed Mar 16, 2011 2:37 pm Post subject: |
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| Mattingly wrote: |
| Jbhughes wrote: |
| IF this move does stop the VNese people from obtaining dollars and depreciating their own currency this way, aren't they just going to put the money into gold or other commodities and depreciate their currency that way? |
It won't drive down the currency as much. Buying a gold tail is much more expensive (37 million Dong) than buying say, $100 USD in cash.
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I'd hardly an expert here, but I see a lot of women in particular using jewellery as a form of saving, which surely is cheaper? The gold bangles women wear seem ubiquitous amongst middle-aged women and above.
Thanks for the info on gold exportation. |
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refugee
Joined: 21 Dec 2009
Posts: 33
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| Posted: Wed Apr 06, 2011 10:05 am Post subject: |
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| Mattingly wrote: |
You basically can't. VNese gold has something in it, or with it, that makes selling it outside VN not possible (or extremely rare). If you buy it in VN you sell it inside VN. |
I don't understand. How is VN gold different than gold elsewhere? I have some Krugerrands, Sovereigns, and US Eagles at a foreign bank which each contain specific amounts of gold, copper, silver, zinc etc. If I buy gold from a VN gold shop, what's in it? And how do you know it's genuine? You can tell whether gold coin (or bar) 'X' is genuine by its official specifications of size/weight.
I'm a bit worried since my wife gets paid '(unofficially & tax free) in USD and so we save it all. the question is where? We can't leave it in our rented house, we can't leave it in a dodgy bank and risk confiscation (her employer only gives her a business visa) and we now, apparently can't send it overseas without an outbound ticket, and VN gold is non-transferable outside VN it seems.
She can withdrawn her paycheck in USD, so aside from giving it to trusted visiting friends/relatives to take out the country, what are we supposed to do with it?
Don't say 'spend it'  |
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[email protected]
Joined: 27 Oct 2010
Posts: 30
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| Posted: Wed Apr 06, 2011 1:04 pm Post subject: |
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Not being able to sell Vietnamese gold outside the country is not fully true. The problem with the Vietnamese gold bar is that it's not fully recognized throughout the world unlike the American Eagles or the Canadian Maple coins. You can sell it and I was told that you could do it two ways.
First you could have it melted down and sell the gold. I'm quite sure gold is gold everywhere you go in the world. Second, Kitco will buy Vietnamese gold because they are aware of it.
Hopefully if you do have any Vietnamese gold bars, they are from the SJC company. If you don't know what that is, then just google it. I too, wouldn't put my money in the bank. |
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