Coins have been almost entirely removed from transactions in Hanoi nowadays, even though they were favoured just a few years ago.
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| Coins have been almost entirely removed from transactions in Hanoi nowadays. |
Ms Thanh, who lives on Hai Ba Trung in Hanoi, said that she has not kept coins in her pocket while going to the market for a long time as they are no longer preferred.
“Even onion sellers refuse to receive coins. One day, I ran out of small bills and was forced to pay in coins but the seller allowed me take the items and pay later with bills, refusing to accept coins,” Thanh said.
When asked, a seller in the Hanoi-based Dong Xuan market said, “You should take your coins back to a piggy bank for memories, I cannot accept payment in coins. Even though you go to other stores, you may be scolded for paying in coins.”
Concerning this issue, Ms. Hai Ha, an administrative official of a Hanoi-based company said, “I go to supermarkets to buy stationery for my company monthly and sometimes receive coins, I often return them or exchange it for candy. Nowadays, people no longer use coins as this type of money may be worth nothing in time.”
After short-term trial operation, a soda machine using coins, which was installed in front of the Hanoi Railway Station, brought in revenues of around VND100,000 (USD5) per day but coins have been gradually kept out of circulation.
Tung Anh, a pupil of grade 7 in Hanoi said, “I sometimes receive some coins from my parents for my piggy bank but when I broke my money-box the coins became blackened. Since then, my parents no longer give allowance to me in coins.”
Many people explained that they prefer light and tidy money while coins are easy to go missing due to the small size, regardless of its weight.
The State Bank of Vietnam (SBV), on December 17, 2003, issued coins with face values of VND5,000; VND1,000 and VND200. On April 1, 2004, the institution issued additional coins with values of VND2,000 and VND500 in order to increase the amount of coins in circulation upon the market demand.
By May 2005, coins had accounted for one fourth of change in circulation and this type of money was used more widely at the time. In the same year, SBV requested the Government to reduce circulation of paper money with small face value to boost coin use. Some state-owned enterprises including Vietnam Post & Telecommunications Corporation (VNPT), Saigon Post and Telecommunications Services Corporation (Saigon Postel) and three foreign telecom firms installed telephone posts using coins and automatic goods sellers.
However, SBV Governor Nguyen Van Giau admitted at the 11th National Assembly’s 6th session that the plan on boosting coin use was ineffective and attributed it to the previous governor’s responsibility. Giau added that he had requested to stop printing more coins and recall substandard ones.
“Even onion sellers refuse to receive coins. One day, I ran out of small bills and was forced to pay in coins but the seller allowed me take the items and pay later with bills, refusing to accept coins,” Thanh said.
When asked, a seller in the Hanoi-based Dong Xuan market said, “You should take your coins back to a piggy bank for memories, I cannot accept payment in coins. Even though you go to other stores, you may be scolded for paying in coins.”
Concerning this issue, Ms. Hai Ha, an administrative official of a Hanoi-based company said, “I go to supermarkets to buy stationery for my company monthly and sometimes receive coins, I often return them or exchange it for candy. Nowadays, people no longer use coins as this type of money may be worth nothing in time.”
After short-term trial operation, a soda machine using coins, which was installed in front of the Hanoi Railway Station, brought in revenues of around VND100,000 (USD5) per day but coins have been gradually kept out of circulation.
Tung Anh, a pupil of grade 7 in Hanoi said, “I sometimes receive some coins from my parents for my piggy bank but when I broke my money-box the coins became blackened. Since then, my parents no longer give allowance to me in coins.”
Many people explained that they prefer light and tidy money while coins are easy to go missing due to the small size, regardless of its weight.
The State Bank of Vietnam (SBV), on December 17, 2003, issued coins with face values of VND5,000; VND1,000 and VND200. On April 1, 2004, the institution issued additional coins with values of VND2,000 and VND500 in order to increase the amount of coins in circulation upon the market demand.
By May 2005, coins had accounted for one fourth of change in circulation and this type of money was used more widely at the time. In the same year, SBV requested the Government to reduce circulation of paper money with small face value to boost coin use. Some state-owned enterprises including Vietnam Post & Telecommunications Corporation (VNPT), Saigon Post and Telecommunications Services Corporation (Saigon Postel) and three foreign telecom firms installed telephone posts using coins and automatic goods sellers.
However, SBV Governor Nguyen Van Giau admitted at the 11th National Assembly’s 6th session that the plan on boosting coin use was ineffective and attributed it to the previous governor’s responsibility. Giau added that he had requested to stop printing more coins and recall substandard ones.
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