Currency of Vietnam
đ?ng
đ?ng Vi?t Nam
(
Vietnamese
)
|
---|
The 100,000 VND banknote, first issued in 2004
|
|
Code
| VND (numeric:
704
)
1989–1990: VNC
|
---|
|
Plural
| The language(s) of this currency do(es) not have a morphological plural distinction.
|
---|
Symbol
| ?/đ
|
---|
|
Superunit
| |
---|
1000
| nghin
(thousand)
|
---|
1
000
000
| tri?u
(million)
|
---|
1
000
000
000
| t?
(billion)
|
---|
Subunit
| |
---|
1
⁄
10
| hao
|
---|
1
⁄
100
| xu
both subunits are obsolete due to inflation and have been unused in Vietnam for several decades
|
---|
Banknotes
| |
---|
Freq. used
| 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, 500,000 đ?ng
|
---|
Coins
| |
---|
Rarely used
| 200, 500, 1,000, 2,000, 5,000 đ?ng
|
---|
|
User(s)
|
Vietnam
|
---|
|
Central bank
| State Bank of Vietnam
|
---|
Website
| www
.sbv
.gov
.vn
|
---|
|
Inflation
| 2.7% (2019)
[1]
|
---|
The
dong
(
Vietnamese
:
đ?ng
) (
;
Vietnamese:
[???wŋ?m??]
;
sign
:
?
or informally
đ
in Vietnamese;
[2]
code
:
VND
) has been the
currency
of
Vietnam
since 3 May 1978.
[3]
[4]
It is issued by the
State Bank of Vietnam
.
[5]
The dong was also the currency of the predecessor states of North Vietnam and South Vietnam, having replaced the previously used
French Indochinese piastre
.
[6]
[7]
Formerly, it was subdivided into 10 hao (
hao
), which were further subdivided into 10
xu
, neither of which are now used due to inflation. The Vietnamese dong has increasingly moved towards exclusively using banknotes, with lower denominations printed on paper and denominations over 10,000 dong, worth about 40¢ dollar or euro, printed on polymer. As of 2022, no coins are used. Generally, Vietnam is moving towards digital payments.
[8]
[9]
[10]
The 500,000-dong note (VND) is the highest-denomination banknote in circulation in
Vietnam
. The note is dark blue in color and has been in circulation since 2003.
[11]
[12]
[13]
[14]
As of October 2023, the Vietnamese dong was the second-lowest valued currency unit (behind the
Iranian rial
), with one
United States dollar
equaling 24,385 dong.
[15]
History
[
edit
]
French Indochina
[
edit
]
The
piastre
(known in Vietnam as "silver"), was the currency of
French Indochina
between 1885 and 1952.
North Vietnam
[
edit
]
In 1946, the
Viet Minh
government (later to become the government of North Vietnam) introduced its own currency, the dong, to replace the
French Indochinese piastre
at
par
. Two revaluations followed, in 1951 and 1959; the first was at a rate of 100:1, the second at a rate of 1,000:1.
South Vietnam
[
edit
]
Notes dually denominated in piastres and dong were issued in 1953 for the
State of Vietnam
, which evolved into South Vietnam in 1954. On 22 September 1975, after the
fall of Saigon
, the currency in South Vietnam was changed to a "liberation dong" worth 500 old Southern dong.
United Vietnam and inflation
[
edit
]
After Vietnam was reunified, the dong was also unified on 3 May 1978. One new dong equalled one Northern dong or 0.8 Southern "liberation" dong.
On 14 September 1985, the dong was revalued again, with one new dong worth 10 old dong. At that time, Vietnamese economists believed that revaluing the currency would increase its value, but it turned out to have the opposite effect: savings of many people were wiped out, the currency experienced unprecedentedly heavy inflation that peaked at 700% in September 1986 and prices skyrocketed. For example, in 1986, the price of agricultural products increased by 2000% compared to ten years before. Aiming to solve this problem, the government banned all forms of non-state-owned internal trade, which they believed to be
capitalistic
, resulting in an economic crisis so severe that
T? H?u
referred to it as a "vertical downturn".
[
citation needed
]
Despite the inflation rates having stabilised as part of the
đ?i M?i
reforms, especially during the 1990s and early 2000s, the effects of the crisis still last in the value of the dong, one of the lowest in the world today.
[16]
Coins
[
edit
]
First dong
[
edit
]
In 1978, aluminium coins dated 1976 were introduced in denominations of 1, 2 and 5 hao, as well as 1 dong. The coins were minted by the Berlin Mint in the
German Democratic Republic
and bear the state crest on the obverse and denomination on the reverse. Due to the
chronic inflation
experienced by Vietnam during the 1980s and 1990s, these coins lost all their relevant value and no coins were circulated for many years after this series.
1976 Series
Image
|
Value
|
Technical parameters
|
Description
|
Date of
|
Diameter
|
Thickness
|
Mass
|
Composition
|
Edge
|
Obverse
|
Reverse
|
First minting
|
Issue
|
Issue suspended
|
Withdrawal
|
|
1 hao
|
Unknown
|
Aluminum
|
Reeded
|
Coat of arms
|
Denomination
|
1976
|
May 2, 1978
|
September 14, 1985
|
|
2 hao
|
|
5 hao
|
|
1 dong
|
These images are to scale at 2.5 pixels per millimetre. For table standards, see the
coin specification table
.
|
Second dong
[
edit
]
Commemorative issues
[
edit
]
Commemorative coins in copper, brass, copper-nickel, silver, and gold have been issued since 1986, but none of these have ever been used in circulation.
2003 issue
[
edit
]
The State Bank of Vietnam resumed issuing coins on December 17, 2003.
[17]
The new coins, minted by the
Mint of Finland
, were in denominations of 200, 500, 1,000, 2,000, and 5,000 dong in either nickel-clad steel or brass-clad steel. Prior to its reintroduction, Vietnamese consumers had to exchange banknotes for tokens with a clerk before purchasing goods from vending machines. This was also to help the state ease the cost of producing large quantities of small denomination banknotes, which tended to wear easily. Many residents expressed excitement at seeing coins reappear after many years, as well as concern for the limited usefulness of the 200 dong coins due to ongoing inflationary pressures.
[18]
Since the launch of the 2003 coin series, the State Bank has had some difficulties with making the acceptance of coins universal despite the partial discontinuation of smaller notes, to the point of some banks refusing coin cash deposits or the cashing in of large numbers of coins. This has prompted laws requiring private and municipal banks to transact and offer services for coins and the full discontinuation of small denomination and cotton-based notes. Also, the coins did not gain popularity from the Vietnamese people.
[19]
Eventually, State Bank of Vietnam withdrew its distribution in April 2011.
[20]
[21]
2003 Series
[17]
Image
|
Value
|
Technical parameters
|
Description
|
Date of
|
Diameter
|
Thickness
|
Mass
|
Composition
|
Edge
|
Obverse
|
Reverse
|
first minting
|
issue
|
Issue suspended
|
Withdrawal
|
[22]
[23]
|
200 dong
|
20 mm
|
1.45 mm
|
3.2 g
|
Nickel-plated steel
|
Plain
|
Coat of arms
|
Denomination
|
2003
|
December 17, 2003
|
April 2011
|
Very rare, partly withdrawn out of circulation
|
|
500 dong
|
22 mm
|
1.75 mm
|
4.5 g
|
Nickel-plated steel
|
Segmented (3 groups)
|
April 1, 2004
|
[24]
[25]
|
1,000 dong
|
19 mm
|
1.95 mm
|
3.8 g
|
Brass-plated steel
|
Reeded
|
Coat of arms
|
Water Temple, đo Temple
|
2003
|
December 17, 2003
|
April 2011
|
Very rare, partly withdrawn out of circulation
|
[26]
[27]
|
2,000 dong
|
23.5 mm
|
1.8 mm
|
5.1 g
|
Brass-plated steel
|
Segmented (6 groups)
|
Highland Stilt house in Tay Nguyen
|
April 1, 2004
|
|
5,000 dong
|
25.5 mm
|
2.2 mm
|
7.7 g
|
Brass (
Cu
92
Al
6
Ni
2
)
|
Micro-scalloped
|
M?t C?t Pagoda (
One Pillar Pagoda
)
|
December 17, 2003
|
These images are to scale at 2.5 pixels per millimetre. For table standards, see the
coin specification table
.
|
Banknotes
[
edit
]
First dong
[
edit
]
In 1978, the
State Bank of Vietnam
(
Ngan hang Nha n??c Vi?t Nam
) introduced notes in denominations of 5 hao, 1, 5, 10, 20, and 50 dong dated 1976. In 1980, 2 and 10 dong notes were added, followed by 30 and 100 dong notes in 1981. These notes were discontinued in 1985 as they gradually lost value due to inflation and economic instability.
First dong (1978-1981)
Image
|
Value
|
Dimensions
|
Main Color
|
Description
|
Date of
|
Obverse
|
Reverse
|
printing
|
issue
|
Issue suspended
|
withdrawal
|
|
5 hao
|
107 × 53 mm
|
Purple-Brown
|
Coat of Arms
|
Coconut palm
|
1976
|
2 May 1978
|
September 14, 1985
|
|
1 dong
|
115 × 57 mm
|
Brown
|
Thai Nguyen Iron and Steel Corporation
|
|
2 dong
|
115 × 58 mm
|
Purple
|
River Scene
|
1980
|
1980
|
|
5 dong
|
123 × 61 mm
|
Green
|
Fishery
|
1976
|
2 May 1978
|
|
10 dong
|
131 × 63 mm
|
Purple-Blue
|
Elephant, logging
|
|
131 × 65 mm
|
Purple
|
Ho Chi Minh house
|
1980
|
1980
|
|
20 dong
|
141 × 70 mm
|
Blue
|
Ho Chi Minh
|
Tractors, hydroelectric dam
|
1976
|
2 May 1978
|
|
30 dong
|
143 × 71 mm
|
Red-Brown
|
Freighters; "Dragon's House" (Nha Rong), Ho Chi Minh museum, Saigon
|
1981
|
1981
|
|
50 dong
|
151 × 75 mm
|
Red
|
Hong Gai open pit mining
|
1976
|
2 May 1978
|
|
100 dong
|
158 × 80 mm
|
Brown-Yellow
|
Ha Long Bay
|
1980
|
1980
|
These images are to scale at 0.7 pixel per millimetre. For table standards, see the
banknote specification table
.
|
Second dong
[
edit
]
In 1985, notes were introduced in denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong. As inflation became endemic, these first banknotes were followed by 200, 1,000, 2,000, and 5,000 dong notes in 1987, by 10,000 and 50,000 dong notes in 1990, by a 20,000 dong note in 1991, a 100,000 dong note in 1994, a 500,000 dong note in 2003, and a 200,000 dong note in 2006. Banknotes with denominations of 5,000 dong and under have been discontinued from production, but as of 2015 are still in wide circulation.
[28]
Five banknote series have appeared. Except for the current series, dated 2003, all were confusing to the user, lacking unified themes and coordination in their designs. The first table below shows the latest banknotes, of 100 dong or higher, prior to the current series.
On 7 June 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000 dong notes.
[
citation needed
]
They were taken out of circulation by 1 September 2007. State Bank of Vietnam 10,000 and 20,000 dong cotton notes are no longer in circulation as of 1 January 2013.
[29]
Second dong (1985)
Image
|
Value
|
Dimensions
|
Main Color
|
Description
|
Date of
|
Obverse
|
Reverse
|
printing
|
issue
|
issue suspended
|
withdrawal
|
|
5 hao
|
100 × 50 mm
|
Pink
|
Flag Tower of Hanoi
|
Denomination
|
1985
|
14 September 1985
|
Unknown
|
|
1 dong
|
114 × 57 mm
|
Blue-Green
|
Hon Ph? T? (
Father and Son islet
)
|
|
2 dong
|
110 × 56 mm
|
Purple
|
Boats
|
|
5 dong
|
128 × 64 mm
|
Green
|
Boats in Hue
|
|
10 dong
|
Red
|
Ngoc Son Temple
|
|
20 dong
|
Purple
|
Ho Chi Minh
|
One Pillar pagoda
|
|
30 dong
|
150 × 75 mm
|
Blue
|
Ben Thanh Market
|
|
50 dong
|
Green
|
Thac Ba hydro power plant
|
|
149 × 75 mm
|
Pink
|
Thang Long bridge
|
1987
|
|
100 dong
|
158 × 78 mm
|
Brown
|
Rice planting
|
14 September 1985
|
|
500 dong
|
Red
|
Bim Son cement plant
|
These images are to scale at 0.7 pixel per millimetre. For table standards, see the
banknote specification table
.
|
Third dong
[
edit
]
Third dong (1987-2000)
[17]
Image
|
Value
|
Dimensions
|
Main Color
|
Description
|
Date of
|
Obverse
|
Reverse
|
printing
|
issue
|
issue suspended
|
withdrawal
|
|
100 đ?ng
|
120 × 60 mm
|
Green
|
Coat of Arms
|
Ph? Minh Temple
|
1991
|
2 May 1992
|
1994
|
Current, but rarely use
|
|
200 dong
|
130 × 65 mm
|
Orange
|
Ho Chi Minh
|
Agricultural production
|
1987
|
30 September 1987
|
2015
|
|
500 dong
|
Pink
|
Port
Haiphong
|
1988
|
15 August 1989
|
|
1,000 dong
|
134 × 65 mm
|
Brown-Green
|
Coal Mining
|
1987
|
2 March 1988
|
20 October 1989
|
|
2,000 dong
|
Brown-Pink
|
Thai Nguyen Iron and Steel Corporation
|
|
1,000 dong
|
Green
|
Lumber productions
|
1988
|
20 October 1989
|
2015
|
Current
|
|
2,000 dong
|
Pink
|
Textile factory
|
|
5,000 dong
|
Blue
|
Offshore platform
|
1987
|
2 March 1988
|
15 January 1993
|
|
Tr? An
hydropower
plant
|
1991
|
15 January 1993
|
2015
|
Current
|
|
10,000 dong
|
140 × 68 mm
|
Red
|
H? Long Bay
|
1990
|
2 May 1992
|
1994
|
1 January 2013
|
|
1993
|
15 October 1994
|
2006
|
|
20,000 dong
|
Blue
|
Canned food factory
|
1991
|
2 March 1993
|
|
50,000 dong
|
Green
|
Nha R?ng Port
|
1990
|
1994
|
1 September 2007
|
|
1994
|
15 October 1994
|
2003
|
|
100,000 dong
|
145 × 71 mm
|
Brown
|
Ho Chi Minh's ethnic house
|
1 September 2000
|
2004
|
These images are to scale at 0.7 pixel per millimetre. For table standards, see the
banknote specification table
.
|
In 2003 Vietnam began replacing its cotton banknotes with plastic
polymer banknotes
, claiming that this would reduce the cost of printing.
[30]
Many newspapers in the country criticized these changes, citing mistakes in printing and alleging that the son of the governor of the State Bank of Vietnam benefited from printing contracts.
[30]
The government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions against other newspapers.
[30]
Even though the 2003 series banknotes listed in the table below have now completely replaced the old notes of the same denominations, as of 2019 the cotton fibre banknotes of 200, 500, 1,000, 2,000, and 5,000 dong still remain in wide circulation and are universally accepted.
[
citation needed
]
2003
Polymer
Series
[17]
[31]
Image
|
Value
|
Dimensions
|
Main Color
|
Description
|
Date of
|
Obverse
|
Reverse
|
Obverse
|
Reverse
|
printing
|
issue
|
issue suspended
|
Withdrawal
|
|
|
10,000 dong
|
132 × 60 mm
|
Yellow
|
Ho Chi Minh
|
B?ch H? oil field
|
The first two digits of the serial number give the last two digits of the year of issue.
|
30 August 2006
|
Current
|
|
|
20,000 dong
|
136 × 65 mm
|
Blue
|
Covered bridge
in
H?i An
|
17 May 2006
|
|
|
50,000 dong
|
140 × 65 mm
|
Pink
|
Hu?
|
17 December 2003
|
|
|
100,000 dong
|
144 × 65 mm
|
Green
|
Temple of Literature
|
1 September 2004
|
|
|
200,000 dong
|
148 × 65 mm
|
Red
|
H? Long Bay
|
30 August 2006
|
|
|
500,000 dong
|
152 × 65 mm
|
Cyan
|
Ho Chi Minh's birthplace in
Kim Lien
|
17 December 2003
|
These images are to scale at 0.7 pixel per millimetre. For table standards, see the
banknote specification table
.
|
A commemorative polymer 50 dong banknote dedicated to the fiftieth anniversary of the
State Bank of Vietnam
was issued in 2001, but its face value is so tiny that it clearly was meant only for collectors. The note is available in three forms, by itself, in a presentation folder or in a presentation folder in an envelope. In 2016, a 100 dong banknote was issued on cotton-based paper to commemorate the 65th anniversary of central banking.
Commemorative notes
Image
|
Value
|
Dimensions
|
Main Color
|
Materials
|
Description
|
Date of
|
Obverse
|
Reverse
|
printing
|
issue
|
|
50 dong
|
165 × 82 mm
|
Pink
|
Polymer
|
Ho Chi Minh
|
State Bank of Vietnam
|
2001
|
May 2001
|
|
100 dong
|
163 × 82 mm
|
Red
|
Paper
|
2016
|
6 May 2016
|
These images are to scale at 0.7 pixel per millimetre. For table standards, see the
banknote specification table
.
|
Bearer's checks 1992?2002
[
edit
]
To support the growing industrial need for large money transactions,
the State Bank issued "Bearer's Checks" or "State Bank Settlement Checks"
(
Ngan Phi?u Thanh Toan
) in denominations from 100,000 to 5,000,000 dong.
[32]
To prevent counterfeiting, these notes had many degrees of protection,
their designs were changed every five to six months, and they had expiration dates five or six months after the date of issue.
The checks worked until the banking system was upgraded to handle electronic transfers of large amounts of
đ?ng
, making most large cash transactions unnecessary.
Currency devaluation
[
edit
]
In November 2009, the
Vietnamese government
decided to devalue the Vietnamese dong by 5% and at the same time raise interest rates to 8%. This was seen as a move that could destabilize the financial markets in
Asia
, as economies in the region were competing for an advantage over the European and American markets.
[33]
February 11, 2010, The
State Bank of Vietnam
(SBV) adjusted the interbank exchange rate between the Vietnamese dong (VND) and the
US dollar
(USD) to 18,544 VND/USD, a devaluation of 3.25% from the previous rate of 17,941 VND/USD.
[34]
August 17, 2010, The SBV further devalued the VND by 2.04% to 18,932 VND/USD, an increase of 388 dong from the previous rate.
[34]
[35]
On February 11, 2011, the
State Bank of Vietnam
(SBV) announced a decision to increase the interbank exchange rate between USD and VND from 18,932 VND to 20,693 VND (a 9.3% increase).
[36]
[37]
[38]
[39]
Along with that, the SBV also narrowed the applicable range for the exchange rates of commercial banks from ±3% to ±1%.
[40]
However, by February 19, 2011, the USD exchange rate on the black market was 22,300 VND.
Exchange rate
[
edit
]
After the revaluation of the
Zimbabwean dollar
on 1 August 2006,
[41]
the dong became the least valued currency unit for months. Around 21 March 2007, the revalued Zimbabwean dollar regained least valued currency status (in terms of
black market
exchange rate), and on 7 September 2007 in terms of official exchange rate. After the use of the Zimbabwean dollar ceased on 12 April 2009,
[42]
the dong was the second least valued currency unit after the
Iranian rial
as of 28 November 2014. Since 19 June 2014, the Vietnamese dong has been devalued a total of five times in an effort to help spur exports and to ensure the stability of the currency.
[43]
Year
|
USD Exchange rate
|
1960
|
97
|
1970
|
410
|
1980
|
2,050
|
1990
|
6,500
|
2000
|
14,428
|
2010
|
19,495
|
2020
|
23,173
|
2022
|
22,862
|
2024
|
25,287
|
May 2024
|
25,425
|
(Sources: tradingeconomics.com, imf.org)
See also
[
edit
]
References
[
edit
]
- ^
"Vietnam and the IMF"
.
Archived
from the original on 26 April 2020
. Retrieved
16 April
2020
.
- ^
The State Bank of Vietnam suggests other languages use the ISO code
"SBV - Tasks and Mandates of SBV"
.
Archived
from the original on 9 September 2022
. Retrieved
9 September
2022
.
- ^
World Currency Yearbook
. International Currency Analysis, Incorporated. 1990.
Archived
from the original on 4 January 2024
. Retrieved
26 December
2023
.
- ^
Kinh t? Vi?t Nam 1955-2000: tinh toan m?i, phan tich m?i
(in Vietnamese). Nha xu?t b?n Th?ng Ke. 2000.
Archived
from the original on 4 January 2024
. Retrieved
26 December
2023
.
- ^
"TI?N đANG L?U HANH"
.
Archived
from the original on 21 December 2023
. Retrieved
21 December
2023
.
- ^
"History of the Joint Chiefs of Staff"
(PDF)
.
Archived
(PDF)
from the original on 6 March 2023
. Retrieved
21 December
2023
.
- ^
"Ti?n va ho?t đ?ng ti?n t? t?i Vi?t Nam tr??c n?m 1945"
.
Archived
from the original on 21 December 2023
. Retrieved
21 December
2023
.
- ^
Hang, Th?i Bao Ngan (28 April 2021).
"L?ch s? đ?ng ti?n Vi?t Nam - Qua trinh hinh thanh va phat tri?n"
.
Th?i Bao Ngan Hang
(in Vietnamese).
Archived
from the original on 21 December 2023
. Retrieved
21 December
2023
.
- ^
VTV, BAO DIEN TU (4 May 2021).
"L?ch s? đ?ng ti?n Vi?t Nam"
.
BAO DIEN TU VTV
(in Vietnamese).
Archived
from the original on 21 December 2023
. Retrieved
21 December
2023
.
- ^
Khanh, V?nh (12 June 2022).
"Ti?n t? Vi?t Nam th?i Phap thu?c"
.
Bao Kinh t? đo th? - đ?c tin t?c th?i s? kinh t? 24h m?i nh?t
(in Vietnamese).
Archived
from the original on 21 December 2023
. Retrieved
21 December
2023
.
- ^
NLD.COM.VN.
"17-12, phat hanh ti?n gi?y 500.000 đ?ng va 50.000 đ?ng m?i"
.
Bao Ng??i Lao đ?ng Online
(in Vietnamese).
Archived
from the original on 21 December 2023
. Retrieved
21 December
2023
.
- ^
VnExpress.
"Vi?t Nam s?p co ti?n nh?a va ti?n xu"
.
vnexpress.net
(in Vietnamese).
Archived
from the original on 24 September 2022
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External links
[
edit
]
First dong
Preceded by:
North Vietnamese dong
Location:
North Vietnam
Reason:
currency unification
Ratio:
at par
|
Currency of
Vietnam
1978 – 1985
Note:
banknotes are dated 1976
|
Succeeded by:
Second dong
Reason:
inflation
Ratio:
1 second dong = 10 first dong
|
Preceded by:
South Vietnamese liberation dong
Location:
South Vietnam
Reason:
currency unification
Ratio:
1 new dong = 0.8 liberation dong
|
Preceded by:
No universal currency
Reason:
Vietnamese invasion of Cambodia
Note:
It is unclear whether the North, the South dong, or nothing at all was used after the invasion in January 1980 and before the issuance of a united dong in May
|
Currency of
Cambodia
1978 – 1980
Concurrent with:
Thai baht
and some other foreign currencies, to some extent
|
Succeeded by:
Cambodian riel
Reason:
reintroduction of a national currency
Ratio:
1 riel = 3 dong = 0.25 US dollar = 1 kg rice
|
Second dong
Preceded by:
First dong
Reason:
inflation
Ratio:
1 second dong = 10 first dong
|
Currency of
Vietnam
1985 –
|
Succeeded by:
Current
|
Currencies of Asia
|
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Central
| |
---|
East
| |
---|
North
| |
---|
South
| |
---|
Southeast
| |
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West
| |
---|