Due to the situation today, money is the most important factor for human being. People need money to survive and buy things. In Vietnam, the dollar price increasing sharply to 19,500 dong now, so it makes the apartment more expensive and expensive in dong. For this post, I would like to talk about an increase in the amount of dollar that has made apartment buyers feel sick. The reason why I choose this news is because almost of people around the world are faced with this problem.
In the news article, it was said that the raising in dollar price has made investment in apartment less attractive. Son who bought an apartment at Vet Kieu Chau Au Village project now he is scheduled to make a third phase payment of it. His payment has increased by tens of millions of dong. Even though the quoted charge of the apartment is in dong, the developer of this project set the price based on the dollar. They had lost tens of millions of dong because the dollar price has been increasing continuously from 18,600 dong to 19,300 dong and then 19,500 dong. However, the laws currently stipulate that all transactions in Vietnam must be carried out in dong. The real estate developer still ignored this laws and resolute quoted prices in dollar. For example, the apartment at Indochina Plaza in Cau Giay district are offered at $2800 per square meter, Royal city $2000, Park city $3300. A representative of a real property in Hanoi mention that price quotations in dollar attract to the secondary market, where buyers want to sell dollar price in following with the price quoted by commercial bank. On the other hand, the sellers want to set dollar price based on the black market which is higher than the banks' price. To sum up, Deputy Director of the Price and Market Research Institute under the Ministry of Finance, Dr. Vu Dinh Anh observed that the problem called 'dollarization' - meaning the dollar could be used as a second currency in Vietnam.
In my opinion, I think the government should solve this problem as soon as possible because the rate of dollar price are continuing to increase. Most of Vietnamese could not pay their rental in dollar price. Therefore, Vietnam's government should strictly control the estate developers to follow the laws. To compare with Thailand, we dose not have a problem in this case. We use only Thai unit of currency, baht, to buy and sell. However, dollar price will effect only to Thai people who doing business with other country.
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