Monetary Unit of Vietnam: A Guide to VND and Currency Exchange

The official monetary unit of Vietnam is the VND, or Vietnamese Dong. The VND is subdivided into 10,000 smaller units called hào, although these are no longer in circulation.

You can exchange your currency for VND at banks, currency exchange offices, or some hotels. Be aware that exchange rates vary between providers, so it's a good idea to shop around.

The VND is available in various denominations, including 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000.

The piastre, also known as the "silver", was the currency of French Indochina between 1885 and 1952.

In 1946, the Viet Minh government introduced its own currency, the dong, to replace the French Indochinese piastre at par. The dong went through two revaluations, in 1951 and 1959, with the first being at a rate of 100:1 and the second at a rate of 1,000:1.

The dong was unified on 3 May 1978, with one new dong equaling one Northern dong or 0.8 Southern "liberation" dong.

French Indochina was a region that existed from 1885 to 1952. This period saw the introduction of the piastre, also known as the "silver" in Vietnam, as the currency of the region.

The piastre was the official currency of French Indochina from 1885 to 1952.

North Vietnam introduced its own currency, the dong, in 1946, replacing the French Indochinese piastre at par.

The dong went through two significant revaluations. In 1951, the exchange rate changed to 100:1, and in 1959, it changed again to 1,000:1.

This revaluation had a significant impact on the economy, and it's interesting to note how currency fluctuations can affect a country's financial stability.

The dong has been the official currency of North Vietnam since 1946, and it's still used today in some form.

South Vietnam had its currency notes dually denominated in piastres and dong issued in 1953 for the State of Vietnam, which later evolved into South Vietnam in 1954.

The State of Vietnam's currency was a precursor to the currency system in South Vietnam.

In 1954, the State of Vietnam officially became South Vietnam, marking a significant change in the country's name and, by extension, its currency system.

The currency in South Vietnam was changed to a "liberation dong" on 22 September 1975, after the fall of Saigon.

In 1978, Vietnam was finally united under one government, and with it, the dong currency was also unified on May 3rd. This meant that one new dong was equal to one Northern dong or 0.8 Southern "liberation" dong.

The unification of the currency was a significant step forward, but it also had some unforeseen consequences. One new dong was worth 10 old dong after a revaluation in 1985, but this move had the opposite effect of increasing the currency's value.

The revaluation led to a massive inflation rate of 700% in September 1986, wiping out the savings of many people. Prices skyrocketed, with agricultural products increasing by 2000% compared to ten years before.

The government responded to the crisis by banning all non-state-owned internal trade, which they believed was capitalistic. This move only made the economic crisis worse, earning it the nickname "vertical downturn" from Tố Hữu.

In Vietnam, commemorative and official currency have played a significant role in the country's economic history. The first dong notes, introduced in 1978, featured a range of denominations, including 5 hao, 1, 5, 10, 20, and 50 dong.

Banknotes with denominations of 5,000 dong and under have been discontinued from production, but as of 2015, they are still in wide circulation. The State Bank of Vietnam has introduced multiple series of banknotes, with the current series dated 2003. The second dong series, introduced in 1985, featured notes with denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong.

The second dong series notes were printed with various themes and designs, including the Flag Tower of Hanoi, Hòn Phụ Tử (Father and Son islet), and Ho Chi Minh.

Commemorative issues have been a part of currency since 1986, with coins made from various metals like copper, brass, copper-nickel, silver, and gold issued during this time.

These commemorative coins are often created to honor special events or people, but they've never been used in everyday circulation.

Commemorative coins in copper-nickel, silver, and gold have been issued since 1986, but none of these have ever been used in circulation.

Banknotes have been an essential part of Vietnamese currency since 1978. The first notes introduced were in denominations of 5 hao, 1, 5, 10, 20, and 50 dong, dated 1976.

These early notes were printed with specific dimensions, colors, and descriptions, making them easily recognizable. The 5 hao note, for example, measured 107 × 53 mm and had a purple-brown color with a coat of arms on the obverse side.

In 1980, 2 and 10 dong notes were added to the series, followed by 30 and 100 dong notes in 1981. These notes were eventually discontinued in 1985 due to inflation and economic instability.

A new series of banknotes was introduced in 1985, featuring notes in denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong. The 5 hao note from this series measured 100 × 50 mm and had a pink color with a flag tower of Hanoi on the obverse side.

The State Bank of Vietnam has issued multiple series of banknotes over the years, with each series featuring unique designs and themes. However, the first series lacked unified themes and coordination in their designs, making them confusing to the user.

Here's a breakdown of the dimensions and main colors of some of the notes from the 1985 series:

These early banknotes provide a glimpse into the history of Vietnamese currency and the efforts of the State Bank of Vietnam to introduce new designs and themes over the years.

The Vietnamese dong is the official currency of Vietnam, and it's widely accepted throughout the country. The dong is subdivided into 10,000 smaller units called xu, although xu are no longer used in everyday transactions.

The dong is pegged to the US dollar at a fixed rate, which is set by the State Bank of Vietnam. This means that the value of the dong is directly tied to the value of the US dollar.

In 2000, Vietnam introduced a new currency, the dong, to replace the old Vietnamese currency, the dong. The new currency was designed to be more stable and easier to manage.

The dong is widely used for both domestic and international transactions, and it's accepted by most businesses and individuals in Vietnam.

The Vietnamese đồng, commonly abbreviated as VND, is the national currency of Vietnam. It's issued by the State Bank of Vietnam and comes in various denominations, including 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000.

The đồng is composed of 10 hào and 100 xu, although neither of these units is currently in use in Vietnam. The bank has also minted coins in 200, 500, 1,000, 2,000, and 5,000 đồng denominations.

The VND was introduced in 1946 by the Viet Minh government, which later became the government of North Vietnam. It replaced the French Indochinese piastre and has since undergone several changes, including the introduction of new banknotes and coins.

The Vietnamese đồng is managed against the U.S. dollar, and its value has been affected by inflation. In fact, it's one of the poorest currencies worldwide, according to the global currency market.

Here are the different denominations of VND banknotes:

One U.S. dollar was equal to roughly 23,631 VND on June 29, 2023, based on the exchange rate.