Your Vietnam

Unlike previous years, when the ‘money market’ became bustling one month before Tet, the market now remains quiet though Tet will come in just one week. 

Few customers, low prices 

Vietnamese people always have a high demand to convert bank notes with high face value into small change, which they give children as presents, or use when they go to pagodas for Tet. 

Dinh Tien Hoang Street, in Hoan Kiem district in Hanoi, which is considered the biggest ‘money market,’ had more than ten women trying to solicit people to exchange money. It was easy to realize that the women were the ‘employees’ of the ‘money market,’ as they were holding transparent bags, through which people could see bank notes with small face value, VND 500, VND 1,000 and VND 2,000. 

“Get the small change. Our service is the best. Pay VND 550,000 and you will get VND 500,000 in small change,” a middle-aged woman told a client, adding that the conversion fee will be double in some days. 

Another woman was coming, trying to scramble the client. She said that she would accept the dirt low commission of only VND 20,000, which means that the client just had to pay VND 520,000 to get VND 500,000 in small change. 

The money market proves to be quiet this year. Ngoc, a woman on Dinh Le Street, complained that there have been very few clients, which proves to be quite different from previous years. 

As there have been few customers, the ‘commission’ for the money exchange remains low, VND 20-40,000 per every VND 200,000 of VND 2,000-bank note, and VND 50,000 per every VND 1 million of VND 10,000-bank note.  

However, Ngoc said, she and her ‘colleagues’ still can get a profit with the career of exchanging money. She said that last year she got tens of millions VND for the commission of money exchanges on Tet. VND 10,000 and VND 20,000 bank notes prove to be the most wanted bank notes. 

The supply of new bank notes 

A question has been raised about where Ngoc and her ‘colleagues’ can get small face value bank notes to provide money exchange services? 

The author of this story witnessed a big woman driving a scooter, stopping in front of the Central Post Office on Dinh Tien Hoang Street, and stood, waiting for someone with a black handbag. Five minutes later, several people came to meet the big woman, taking away the black handbag and went away. Several minutes later, people returned with the black handbag. The woman, after getting the handbag, drove away in a hurry. 

When asked who provides the small change, all the women providing the money service exchange said that they do not know. Some of them said that there are several ‘wholesalers’ who provide money to smaller traders. 

Ngoc denied the opinion that the money could be counterfeit money. She said that the money is real money, as there is always the seal with the words “The State Bank of Vietnam.” 

It is very difficult for people to come to banks to ask for money exchange, though they really have the demand for this, especially for Tet days. Hoa, who lives in Cau Giay district, related that she has to go to the ‘money market’ every year. The ‘money market,’ therefore, has been in existence for many years, as where there is demand, supply will come.

(Source: Tien phong)

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