A severe shortage of dong, Vietnam’s currency, has been causing headaches for foreign businesses in the country as the government tries to control inflation by reining in the supply of notes.
In one sign of the currency crunch, last week Hanoi was forced to give special permission to Morgan Stanley to pay $217m in dollars for a 10 per cent stake in PetroVietnam Finance Corp, instead of making the payment in dong, as is normally required by law.
Elsewhere, an accountant for a foreign firm tried to convert $30,000 into local currency to pay staff salaries and office rent but was turned away when the bank said it did not have enough dong.
“It’s outrageous,” said a foreign executive, spurned in a recent attempt to convert dollars to dong. “We are going to have to go to the automatic teller machine and draw money out to pay salaries by hand.”
由于越南央行(State Bank of Vietnam)试图从金融系统中回笼流动性，以遏制通胀并压低越南盾兑美元汇率，大量外资企业最近数周都受到了影响。
A number of foreign businesses have been affected in recent weeks, as the State Bank of Vietnam, the central bank, tries to drain liquidity from the financial system to control inflation and hold down the value of the dong against the dollar.
For the past four months, international bankers and economists said, the central bank had curbed its purchases of dollars, refusing to accommodate commercial banks seeking to offload dollars and acquire dong.
Overnight inter-bank rates for the currency have reached as high as 40 per cent recently although rates dropped last week to 9 -10 per cent when the central bank injected some additional liquidity into the system.
“The State Bank of Vietnam understands that inflation is partly caused by the rapid growth of the money supply,” said Jonathan Pincus, chief economist at the United Nations Development Program. “One way to squeeze the supply of Vietnam dong would be to stop buying dollars.”
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