Haggling In Vietnam: How To Bargain Like A Local

Understand clearly the currency in Vietnam 

The currency system in Vietnam is relatively easy to understand. You just need to remember some general features to use it competently. These are 9 denominations of currency in Vietnam, and the list below will help you to understand clearly the exchange rate differences between Vietnam and your home currency. 

Currently, 1 USD equates to about 24.540 VND. Because of its large difference, you will struggle to convert it into USD currency in your head. A tip for you when traveling to Vietnam is to download a free currency converter app to your phone in advance. It will help you a lot when spending money during your trip. Using this app, you can easily figure out how much the vendors are charging.

10 denominations currency in Vietnam

Sometimes, the seller will round up the price if you pay in USD. For instance, the price of an item that you want to buy costs 100.000 VND which is equivalent to around 4.30 USD. In reality, this price will be rounded up to the nearest dollar, so that’s why you have to pay 5 USD for that item instead of 4.30 USD. Although 0.7 USD is not worth much, after you are charged 10 times like that, it will add up.

Another thing you need to keep in mind is to be careful when purchasing the 10.000 VND and 200.000 VND because they do look similar, as well as the 20.000 VND and 500.000 VND. So be aware when exchanging these denominations.

You should estimate the price before purchasing

In addition, when going shopping at most famous markets, you will have a wide range of choices for which stall you will buy. If you see something you like, you will also see it around the corner. Therefore, the advice for you is to scope out prices before purchasing, and then you just need to go around and find the stall with the best price to buy. 

Begin with low and deal around 40% of the first price

This method is not always effective, but it can be practiced in most stalls. Haggling in Vietnam is just like a game, always keep in mind the 40% rule at all tourist attractions. In other smaller markets, you may not need to use this rule because sellers may offer you a fixed price, and it tends to be cheaper than in tourist areas. 

Feel free to haggle in Vietnam

I will show you an example of haggling in Vietnam. The seller may offer you a price of 200.000 VND for an item that you want. After bargaining, the final price of that item is reduced to 100.000 VND. At that time, you should try to convince the seller that the final settlement is 160.000 VND for the two of them. If they accept that price, it means you had a successful haggling. If they disagree, just pretend to walk away. You may hear the vendor call after you with a good deal. Otherwise, you can find that item in other stalls, as I mentioned above. 

Tips for effectively haggling in Vietnam 

Although haggling in Vietnam is like a game, you still need some skill to master this game. Follow these tips, you will raise your success percentage when haggling in Vietnam. 

Maintain a good attitude

No matter how you haggle, you have to remember that your attitude determines 90% of the success of the negotiation. The goal of haggling is to buy what you want at an acceptable price, not to win a battle. From my obversion, being friendly and humorous during the bargaining process will facilitate you getting the deal better. Some humorous jokes help you break down obstacles and get what you desire faster.

Always smile and be friendly when haggling in Vietnam

Choose the local market for a better price

In local markets outside the main tourist areas, you can shop comfortably without worrying about the prices. Tan Dinh Market is the best example of a local market in Ho Chi Minh City. It is located in Distríct 1 and just 3km away from Ben Thanh Market. Strolling in this market, you can find a lot of interesting things to buy with fair and fixed prices. 

In addition, there is also Dong Xuan market which is one of the largest wholesale markets in Hanoi. It is located at Dong Xuan Street, Hoan Kiem District and north of the Old Quarter. There are a wide array of traditional Vietnamese items like silk, ceramics, lacquerware, and bamboo products, along with imported merchandise from China, Thailand, and various other nations that beckon you to discover here. You can also visit Hanoi Weekend Night Market which is known as a relaxing area for locals and travelers to Hanoi. 

Local market - Where you can find fair and fixed prices 

Learn some common Vietnamese phrases

Last but not least, it is advisable to learn how to say numbers, ask the price, and say “It’s too expensive,... The below table will synthesize some most common phrases. Thanks to these basic Vietnamese, you can have a smooth conversation with the sellers. 

To complete your understanding, read our article on travel guide to Vietnam!

Haggling in Vietnam is just one of many things you need to know about this enchanted country. If you have any further questions about issues when traveling to Vietnam, don’t hesitate to contact New Asia Tours for quick advice for your journey.