The State Bank of Vietnam (SBV) decided to fine Thong Nhat Metropole Hotel Joint Venture Ltd. Co. VND500 million (USD23,800) for violations in foreign currency transactions.
The Sofitel Metropole is a high-profile, five-star hotel in Hanoi
The major stakeholder of Hanoi's high-profile, five-star hotel, the Sofitel Metropole, has recently allegedly been listing prices on the menus of their restaurants and bars in USD. This would be a violation of a law which requires businesses to advertise prices in VND.
They have also allegedly signed contracts to lease spaces using USD instead of the dong.
Recently SBV also fined FPT University, along with two other companies, Ngoc Long Trading and Gold Manufacturing Company and My Phuong Gold Private Enterprise, for similar violations.
The SBV has made moves to put a stop to trade in foreign currency. Still, however, these types of advertisements and transactions are widespread in Hanoi.
Thong Nhat Metropole Hotel Joint Venture Limited Company was set up by Vietnam’s Hanoitourist and Hanoi Investment and Import-Export One Member Ltd. Company, along with Singapore’s Indotel Ltd. Co.
It has invested heavily in the Sofitel Metropole Hotel and also owns a range of stores, including, “Metropole Shoping Arcade”, which have been rented out operated by well-known brands.
