| | Must Visits | Need to Know | Capital City Hanoi | | Tipping In most cases, about 10% of the bill would be an adequate amount to leave as a tip. | | Electricity 220 volts, 50 Hz | | Weights and Measurements Metric System |
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Economy
The Vietnamese economy is one of the most badly affected ‘victims’ of the communist regime in Vietnam. The communist government of the country has enforced a strictly centralized economic system, with an emphasis on the public sector with the private sector suppressed to a great extent- even being barred from access to certain markets. The result is poverty, falling foreign investments, and a poor rate of growth in a number of industries, including banking. If the economy has to get back on track, drastic measures- especially in the way of increasing the freedom of the private sector and encouraging foreign trade- will be necessary.
Some facts:
GDP: $275,639 billion (PPP, 2010 est.)
GDP per head: $2,942 (PPP, 2008 est.)
Annual Growth:6.7% (2010 est.)
Inflation: 11.75% (2010)
Major Industries: Food processing, garments, shoes, machine building, mining, cement, chemical fertilizer, glass, tires, oil, coal, steel, paper
Major trading partners: US, Japan, Australia, China, Singapore, Taiwan, South Korea, Thailand
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Currency
Currency: Dong
Vietnam is quite inexpensive, especially when compared with more popular tourist destinations like Thailand and Malaysia. In Vietnam, if you stay in a budget hotel and eat at small restaurants or roadside stalls (which are really good value for money- many of them serve excellent food at down-to-earth prices), you could spend less than US$25 a day- including transportation. Of course, if you want to stay in a mid-range hotel and enjoy a more comfortable vacation, then you’ll probably end up spending upwards of US$ 50-60 daily.
Keep in mind two things when dealing with money in Vietnam- first of all, foreign currency isn’t accepted, so you should carry an adequate quantity of dong with you. Secondly, bargaining is acceptable- even expected- in Vietnam so don’t shy away from haggling.
Vietnam has a number of banks all over the country, both state-run and private. Some of the better-known banks allowed by the government to handle foreign currency transactions are the Vietcombank (a government bank), Incombank, Eximbank (a private enterprise) and Saigonbank. These banks exchange foreign currency, and also allow you (if you’re going to be staying for long) to open an account, either in dong or in foreign currency. Do keep in mind that you’re unlikely to find banks dealing in foreign currency outside the larger cities- so go prepared.
Most moneychangers in Vietnam are concentrated in major cities and popular tourist destinations, so if you’re going to be in small-town Vietnam or if you are heading for the villages, then you’d best carry along all the cash you’re likely to need. Within larger cities, banks, authorized bureaux de change and hotels can exchange foreign currency, with banks offering the best rates. It’s best to steer clear of the black market currency exchanges - they are generally unreliable and likely to get you into trouble.
Credit cards - and then only the major ones are accepted in large cities.
Note that foreign currency isn’t accepted in Vietnam- all payments have to be made in dong.
Banking Hours: Most banks in Vietnam work five days a week, eight hours a day. They usually open by about 8, and carry on working till 4, with a lunch break (sometimes of about an hour) in the middle. Banks work till noon on Saturdays and are closed on Sundays.
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Business Guide
Business Hours:
Most government offices throughout Vietnam work nine hours a day, six days a week, Monday to Saturday. Offices open early- at 7.30, and continue working till 4.30.
Private offices also usually work approximately the same hours.
Shops and markets, however, stay open till longer- at least till 7.30 or 8, although many of them also open later than 7.30.
Post offices are open from 6.30am to 9pm and banks work from 8am to 4pm, through Monday to Friday and till noon on Saturdays.
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