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jerseyblue
Joined: 24 Jun 2011
Posts: 16
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 Posted: Sat Aug 13, 2011 4:58 am Post subject: rental agreement in USD or VND??? |
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I just want to get a heads up on this....
I am about to sign a rental agreement for an apartment in HCMC. The realtor wrote up the contract as "$xxx USD per month that can be paid in USD or VND"
I asked for her to change the contract to VND, and take off any USD amounts on it (as we are in VN). She said that it's uncommon. I am pretty sure that I have heard people say "my rent is in VND, not USD" and that's their rate. Also, I am pretty sure that I have read on here that people have said "pay your rent in VND, not USD" and I am pretty sure that they meant that the contract stated that...not that the actual physical exchange of money was in USD or VND.
Correct me if I am wrong or if this is common practice in VN.
I just want to protect myself and make sure that I get a good honest deal and not get screwed over down the line.
Thanks. |
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LettersAthruZ
Joined: 25 Apr 2010
Posts: 466
Location: North Viet Nam
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| Posted: Sat Aug 13, 2011 6:01 am Post subject: |
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Sadly, can't advise you as to what standard operating procedure is in Ho Chi Minh City......
l have rented five houses and one room over several years up here, and I can tell you that I never have, nor have ever been asked to, rent and pay on a rental agreement that said anything about United States Dollars in it......
But, AGAIN - I am not sure how things work in The South - this COULD be common down there....but if it said "$XXX USD Dollars, to be paid in Dong or Dollars"....I'd be a bit leery..... |
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CThomas
Joined: 21 Oct 2009
Posts: 380
Location: HCMC, Vietnam
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| Posted: Sat Aug 13, 2011 6:06 am Post subject: Re: rental agreement in USD or VND??? |
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| jerseyblue wrote: |
I just want to get a heads up on this....
I am about to sign a rental agreement for an apartment in HCMC. The realtor wrote up the contract as "$xxx USD per month that can be paid in USD or VND"
I asked for her to change the contract to VND, and take off any USD amounts on it (as we are in VN). She said that it's uncommon. I am pretty sure that I have heard people say "my rent is in VND, not USD" and that's their rate. Also, I am pretty sure that I have read on here that people have said "pay your rent in VND, not USD" and I am pretty sure that they meant that the contract stated that...not that the actual physical exchange of money was in USD or VND.
Correct me if I am wrong or if this is common practice in VN.
I just want to protect myself and make sure that I get a good honest deal and not get screwed over down the line.
Thanks. |
I paid at USD rates before, but now I pay in VND. It is common to state the amount in USD at either black market or official VND rates in particular cases..
I've looked at many, many houses, and know many people that live in houses, and they're invariably in VND. Apartments and rooms are more often, but not always, in USD, as they're more for internationals.
In any case, and in your particular case, you can tell the person that either you establish a VND rate or there is simply no deal. It depends on where you're trying to rent, but it is a renter's market right now.
To be sure, as I consider moving into a Q7 apartment, I am pretty much resigned to pay at a USD rate if I do so. In other words, you most often pay Western currency for a Western place.
Call it business, call it a scam -- call it whatever you wish. But that's the nature of the thing in itself. I'll close here and say that if you do agree on a USD rate, make sure it is calculated at the VietcomBank rate and NOT black market rates. Though these 2 rates are closer now, you don't know how things will go in the future. |
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Oh My God
Joined: 31 Jan 2010
Posts: 273
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| Posted: Sat Aug 13, 2011 12:57 pm Post subject: Re: rental agreement in USD or VND??? |
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| jerseyblue wrote: |
I am about to sign a rental agreement for an apartment in HCMC. The realtor wrote up the contract as "$xxx USD per month that can be paid in USD or VND"
I asked for her to change the contract to VND, and take off any USD amounts on it (as we are in VN). She said that it's uncommon. I am pretty sure that I have heard people say "my rent is in VND, not USD" and that's their rate. Also, I am pretty sure that I have read on here that people have said "pay your rent in VND, not USD" and I am pretty sure that they meant that the contract stated that...not that the actual physical exchange of money was in USD or VND. |
The lease being stated in USD becomes a floating rate as a guard against inflation, etc., etc...
No, tie the lease down to a specific amount in VND - if they won't do that, keep shopping! This does seem to be a trend as I'm seeing more and more landlords trying this BUT keep shopping, there's other places that will do this. |
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bobpen
Joined: 04 Mar 2011
Posts: 89
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| Posted: Sat Aug 13, 2011 6:08 pm Post subject: |
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Asking foreigners to pay based on a USD rate is simply one of those shaky things that exist in Vietnam, obviously they always work it in their favor -- that is, as the VND declines in value, this means your $200 a month now becomes, effectively, $215 the next month, not because they "raise" your rent but because they show you that "now $1 = 20,400" or something whereas shortly a while before it was 19.5 or something. So they demand more dong based on this "problem."
Interestingly, one time the dong actually increased significantly for a few months, landlord never mentioned it!
This is a problem that has existed for years now. It isn't really so much the loss of an extra $10 a month that is so much of a problem, in as much as it works as a fuel for more and more greed and the continued erosion of fairness, honesty, and good business. |
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I'm With Stupid
Joined: 03 Sep 2010
Posts: 432
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| Posted: Sun Aug 14, 2011 1:22 am Post subject: |
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| When I signed my contract, I was given the option to have the price set in USD or VND by the landlord. |
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jerseyblue
Joined: 24 Jun 2011
Posts: 16
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| Posted: Sun Aug 14, 2011 10:05 am Post subject: |
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| I told the broker that I wanted the contract changed to VND, and she said that she couldn't do it. Then said she could do it, but she hadn't changed the contract We had an appointment to arrange the signing of the lease with the landlord. The broker said that she would ask the landlord if it was ok. I said that if the landlord didn't agree, I would go somewhere else. The landlord agreed and my rent is a fixed rate and the landlord changed the contract at the last minute This was an 11th hour deal changer, I didn't want to have to bring it to that, but it worked out. |
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CThomas
Joined: 21 Oct 2009
Posts: 380
Location: HCMC, Vietnam
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| Posted: Sun Aug 14, 2011 12:16 pm Post subject: |
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| jerseyblue wrote: |
| I told the broker that I wanted the contract changed to VND, and she said that she couldn't do it. Then said she could do it, but she hadn't changed the contract We had an appointment to arrange the signing of the lease with the landlord. The broker said that she would ask the landlord if it was ok. I said that if the landlord didn't agree, I would go somewhere else. The landlord agreed and my rent is a fixed rate and the landlord changed the contract at the last minute This was an 11th hour deal changer, I didn't want to have to bring it to that, but it worked out. |
Good for you  |
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toiyeuthitmeo
Joined: 21 May 2010
Posts: 213
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| Posted: Thu Aug 18, 2011 9:17 pm Post subject: |
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Two words- rental deposit
Five words- will you get it back?
10 words- quite likely, but you must insist on rules of decorum |
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The Mad Hatter
Joined: 16 May 2010
Posts: 165
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| Posted: Wed Aug 24, 2011 4:38 pm Post subject: |
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| Quote: |
| This is a problem that has existed for years now. It isn't really so much the loss of an extra $10 a month that is so much of a problem, in as much as it works as a fuel for more and more greed and the continued erosion of fairness, honesty, and good business. |
I agree with Bob Pen here. And its a very important point that is rather hard to make. this is a misuse of standards and data we take for granted for aims that they were never intended. Its an attitude problem. Local currency dollar rate is not a signal when personal economy or national economy is no longer favorable -why would it every be?.things arent priced here in dollars. Dollars dont have anything to do with it. I just read an article in the Vietnam News where some local analyst blamed high inflation and the current national economic problems on the US currency and debt. This is just opportunistic excuses. So many of western institutions and tools are used in hick-like backwoods ways. It isnt even cynicism, its just a misunderstanding of the ways and means . |
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