The sudden appreciation of the US dollar has been driving up prices ofimported goods such as cars, motorbikes, and electronic products,leading to a slow-down in sales.
The price for a US dollaron the black market last month remained at 19,500 VND, equal to theinterbank rate, but it suddenly rose to 19,800 VND on Oct.15 and up to20,220 VND on Oct. 21.
Customers who buy luxury importedgoods at the current time will likely have to pay millions of dong more,based on such a hike in the exchange rate.
On Oct. 19, aSpacy motorbike was priced at 13,000 USD at Hang Dat showroom on BaTrieu street; a Honda SH 125i was priced from 6,100-6,300 USD; and HondaSH 150i from 7,700-7,800 USD.
However, the showroom'sowner Dang Anh Thang said prices had risen, and customers would havesaved 50 USD per vehicle if they had bought these motorbikes two daysearlier.
"The average price of these motorbikes has risen200-300 USD per unit over last week's figures, or 500-600 USD per unitcompared to last month's prices," Thang said.
He explainedmany imported motorbikes from European producers were paid for ineuros, and sold in US dollar in the Vietnamese market, therefore,customers were negatively influenced from increases in both euro anddollar exchange rates.
However, car purchasers will suffer the biggest losses when they have to make payments in cash in Vietnamese dong.
Customers buying a Toyota 's Lexus GX460 priced at 150,000 USD willhave to pay 79.5 million VND (3,975 USD) more than last month's pricewhen the price for a dollar reached 20,000 VND. Compared to Oct.15'sforex rate, they had to pay an additional 34.5 million VND (1,725 USD).
A representative from Hoang Gia Automobile Joint Stock Company saidprices of imported cars had recently increased. A Huyndai I30 rose inprice by 500 USD to about 33,000-34,000 USD; and the Santafe modelclimbed to 34,000-35,000 USD. One car showroom owner said the increasingvalue of the US dollar had not converted into improved profits, as ithad slowed sales.
Increasing exchange rates has alsolifted prices of electronic products and imported foodstuffs, and slowedconsumption of these goods.
The owner of the DigiWorldelectronics shop on Hang Bai street said the number of customers hadhalved when the dollar exceeded 20,000 VND.
An importedfoodstuff and distribution company used by the Fivimart supermarketchain, said they would have to increase prices of imported products inthe coming time.
"Price rises are unavoidable in the current context, though we know this can affect our sales," he said.
However, prices of electronic products sold at big electronics shoppingcentres in Hanoiremain largely unchanged as their stockpiles are stillplentiful, and domestically assembled products usually have more stableprices./.
The price for a US dollaron the black market last month remained at 19,500 VND, equal to theinterbank rate, but it suddenly rose to 19,800 VND on Oct.15 and up to20,220 VND on Oct. 21.
Customers who buy luxury importedgoods at the current time will likely have to pay millions of dong more,based on such a hike in the exchange rate.
On Oct. 19, aSpacy motorbike was priced at 13,000 USD at Hang Dat showroom on BaTrieu street; a Honda SH 125i was priced from 6,100-6,300 USD; and HondaSH 150i from 7,700-7,800 USD.
However, the showroom'sowner Dang Anh Thang said prices had risen, and customers would havesaved 50 USD per vehicle if they had bought these motorbikes two daysearlier.
"The average price of these motorbikes has risen200-300 USD per unit over last week's figures, or 500-600 USD per unitcompared to last month's prices," Thang said.
He explainedmany imported motorbikes from European producers were paid for ineuros, and sold in US dollar in the Vietnamese market, therefore,customers were negatively influenced from increases in both euro anddollar exchange rates.
However, car purchasers will suffer the biggest losses when they have to make payments in cash in Vietnamese dong.
Customers buying a Toyota 's Lexus GX460 priced at 150,000 USD willhave to pay 79.5 million VND (3,975 USD) more than last month's pricewhen the price for a dollar reached 20,000 VND. Compared to Oct.15'sforex rate, they had to pay an additional 34.5 million VND (1,725 USD).
A representative from Hoang Gia Automobile Joint Stock Company saidprices of imported cars had recently increased. A Huyndai I30 rose inprice by 500 USD to about 33,000-34,000 USD; and the Santafe modelclimbed to 34,000-35,000 USD. One car showroom owner said the increasingvalue of the US dollar had not converted into improved profits, as ithad slowed sales.
Increasing exchange rates has alsolifted prices of electronic products and imported foodstuffs, and slowedconsumption of these goods.
The owner of the DigiWorldelectronics shop on Hang Bai street said the number of customers hadhalved when the dollar exceeded 20,000 VND.
An importedfoodstuff and distribution company used by the Fivimart supermarketchain, said they would have to increase prices of imported products inthe coming time.
"Price rises are unavoidable in the current context, though we know this can affect our sales," he said.
However, prices of electronic products sold at big electronics shoppingcentres in Hanoiremain largely unchanged as their stockpiles are stillplentiful, and domestically assembled products usually have more stableprices./.
