The Foreign Currency Market At Vietnam-China Border
VietNamNet Bridge - For years, the foreign currency exchange market in Mong Cai border area of Quang Ninh province has been a bustling one with hundreds of exchange points.
This market is located in Tran Phu ward, Mong Cai city. In 1995, after building two blocks of stalls, the market management board leased these stalls. So far, there are 88 registered currency exchange points in the market.
Most of the stall owners are women. However, there are no guards or police officers in this market.
According to the market management board, currency exchangers have to pay fixed charges and rent (VND 250,000/month).
The exchange of money here almost has no receipts. Most customers are Vietnamese tourists who travel to China.
There are many currency exchange points around the market.
There are many currency exchangers on the sidewalks of streets in Mong Cai city as Tran Phu, Hung Vuong ...
At these points, one Chinese renminbi is exchanged for VND 3.400- 3.500. Several years ago the State Bank of Vietnam asked border provinces to stop licencing similar currency exchange points.
Under the rules, those who perform illegal currency exchange activities can be fined up to VND 600 million ($30,000) and those who exchange currency at unlicenced points can be fined up to VND100 million ($5,000).