The Vietnamese dong’s devaluation against the U.S. dollar has driven up the prices of the old iPhone models in Vietnam and is likely to fuel up a price hike among the new iPhone 14s.
The dollar has recently surged to a 20-year high and has sent currencies worldwide tumbling, as the U.S. Federal Reserve keeps hiking interest rates to control inflation while geopolitical tensions like the Russia-Ukraine crisis show no signs of ending.
Like many other imported goods, Apple items have seen their prices pick up in Vietnam.
Prices of the iPhone 11s climbed from VND10.7 million (US$430) to VND11.3-11.7 million ($454-470), iPhone 13 from VND18.5 million ($743) to VND19.1-19.3 million ($767-776), and iPhone 13 Pro Max from VND27 million ($1,085) to VND28-28.5 million ($1,125-1,145).
The iPhone 12 prices also went up by about 5 percent.
Most retailers are trying to keep the prices of the new iPhone 14s stable to draw customers.
However, the iPhone 14s are also subject to a price hike in the near future, according to many dealers.
A representative of the 24hStore smartphone retailer said that prices of the iPhone 14 and iPhone 14 Pro may rise by more than VND1 million ($40) and VND2 million ($80).
The 24hStore also plans to adjust prices of iPad Pro M2 and iPad Gen 10 upward by 5-7 percent, as well as MacBook, Apple Watch, stylus, and keyboard, whose new shipments arrived in mid-October.
The corespending rate of price hike applicable at the CellphoneS electronics retailer is 5-10 percent, according to a representative.
Some companies have reduced promotions for agents, instead of increasing the selling prices.
However, these firms would have to increase their prices within the next few days when their old inventory runs out, according to the CellphoneS representative.