Exchange Currency

Vietnamese Dong

The đồng has been the currency of Vietnam since May 3, 1978. Issued by the State Bank of Vietnam, it is represented by the symbol "₫". Formerly, it was subdivided into 10 hào, which was further subdivided into 10 xu, neither of which is now used.

Summary info

Summary information about Vietnamese đồng
ISO 4217 Code:
VND
Currency sign:
Country:
Socialist Republic of Vietnam
Subunit:
hào
Coins:
200 đồng, 500 đồng, 1000 đồng, 2000 đồng, 5000 đồng
Banknotes:
200 đồng, 500 đồng, 1 000 đồng, 2 000 đồng, 5 000 đồng, 10 000 đồng, 20 000 đồng, 50 000 đồng, 10 0000 đồng, 20 0000 đồng, 500 000 đồng
Central bank:
State Bank of Vietnam

History

Viet Nam was under direct Chinese rule from 111 BC until AD 968 and Chinese coins circulated in present-day Vietnam. After the collapse of the Tang Dynasty, the Vietnamese prince Dinh Bo-linh established himself as an independent ruler and in 970 he issued Vietnam’s first local coinage, imitating Chinese coins. There was little change in Viet Nam’s coins until Viet Nam began casting zinc and silver coinage under Nguyen Anh (1802-20). Silver coins were introduced in response to the opening up of trade and the influx of silver dollars into Viet Nam. Cash type coins continued to be issued until 1933, but in 1879 the French began issuing their first coins for French Indochina and in 1885 the first silver piastres (dollars) were struck.

A national resistance movement drove the Chinese out of Vietnam in 1428. Under the Le dynasty the borders of Vietnam were gradually pushed southward. By 1757, however, the country had been divided into two parts, and it was not reunited until 1802, by the general Nguyen Anh, who became the emperor Gia Long. Viet Nam was created out of three states, Tonkin in the north, Annam in the center, and Cochinchina in the south. Cochinchina was made a French colony on June 5, 1862, and Annam and Tonkin became French protectorates on August 25, 1883.

The Union of Indochina was formed in 1887 and also included Laos and Cambodia. The Japanese occupied Indochina between March 9, 1945 and August 15, 1945. The Democratic Republic of Vietnam proclaimed its independence on September 2, 1945. The Autonomous Republic of Cochinchina was declared on June 1, 1946, and was renamed South Vietnam on October 8, 1947, Vietnam on May 27, 1948, and the State of Vietnam on June 14, 1949, though it was still a French Protectorate. The division between North and South Vietnam was not formally recognized until the Geneva Accords of July 21, 1954. In the South, the Republic of Vietnam was established October 26, 1955. The North and South were unified as the Socialist Republic of Vietnam on July 2, 1976. When Vietnam was reunited, it took on the codes for South Viet Nam (VN, VNM). Although North Vietnam had its own ISO alphabetic codes, it had no numeric code since reunification occurred in 1981 before numeric codes were introduced.

The state of Annam used the copper Dong (VND) for subsidiary coinage in the 1800s, with 260 Dong equal to 1 Piastre, and 60 Dong equal to 1 Cash String. The Copper Dong was equal to 10 Zinc Dongs. The Gold Lang (VINYL) was equal to 1 Gold Piastre or 14-17 Silver Piastres. The French Indo China Piastre (ICFP) was set equal to the Mexican Silver Dollar (XSD), which also circulated in French Indochina.

Both coins were made legal tender in French Indochina on April 10, 1862 with 1 Mexican Silver Dollar equal to 5.37 French Francs, though the Franc was little used in practice. Piastre coins were also issued in French Cochinchina and Tonkin.

In 1884, the Piastre de Commerce was introduced, equal in value to the Mexican Trade Dollar (24.4935 grams of silver) or about 5.37 French Francs. On July 8, 1895, Piastre coins of 24.3 grams were introduced and on July 8, 1895, the import of Mexican Trade Dollars was prohibited. Piastre coins were also issued in French Cochinchina and Tonkin. On March 31, 1930, the exchange rate between the French Indo China Piastre and French Franc was fixed at 10 to 1.

The Banque de l'Indochine was established by a decree of January 21, 1875. A branch was established in Phnom Penh, which became the note-issuing bank for all of Indochina from February 22, 1891 to December 31, 1951. During the Second World War, French Indochina (Cambodia, Laos, and Vietnam) and Thailand, though occupied by Japanese troops, did not have Japanese occupation currency; rather, they paid a kind of ransom by creating domestic currency and giving it to Japan to pay for local expenses. The Piastre was divisible into 100 Cents.

After the war, France initially revalued the Piastre to equal 17 French Francs, but the Piastre was devalued back to its old level of 10 French Francs on May 11, 1953. On December 31, 1951 the exclusive privilege of banknote issue was transferred to the Institut d'Émission des États du Cambodge, du Laos et du Viet-Nam, which also had its headquarters in Phnom Penh. Although separate notes were issued for Cambodia, Laos and Vietnam, the notes were legal tender in all three states.

The Japanese issued Yen (ICFG) banknotes in 1945, but these were demonetized on November 17, 1945. After the war, the French Indo China Piastre continued to be issued in Viet Nam until July 21, 1954 and were used in the south and in the parts of the north not occupied by the Viet Minh.

The Viet Minh issued their own banknotes in areas they held in Viet Nam. They issued the Viet Minh Piastre Dong Viet (VDP) on November 3, 1946. The New Piastre Dong Viet (VDD) replaced the Viet Minh Piastre Dong Viet in 1953 with 1 New Piastre Dong Viet equal to 100 Piastre Dong Viet. Under this currency reform, all banknotes issued between 1946 and 1951 were withdrawn and demonetized. There is some disagreement as to whether there were two currency reforms in 1951 and 1953, or a single currency reform in 1953 with notes dated 1951.

Banknotes were printed by the Viet Minh in Vietnam until 1951 when the National Bank of Vietnam introduced banknotes printed in Shanghai. Banknotes issued during the battle against the French continued to be used after the Viet Minh gained control over North Vietnam. French Indochina Piastres were converted into Viet Nam Dong at the rate of 32 Dongs to the Piastre. Nevertheless, inflation continued, and another currency reform occurred on February 28, 1959 with 1 Dong (VDD) equal to 1000 New Piastre Dong Viet. The State Bank of Vietnam succeeded the Bank of Vietnam in 1964. Officially, the exchange rate during this time was 2.94 Dong = 1 US Dollar, but the rate was nominal only.

South Vietnam introduced its own Dong (VNR) on September 30, 1955 at par with the French Indo China Piastre which ceased to be legal tender on November 7, 1955. The Dong was divisible into 100 Xu, and was issued by the National Bank of Viet Nam, a separate entity from the National Bank of Viet Nam in the North.

On September 22, 1975, after South Vietnam was defeated by the North, the North introduced a National Dong (VNS) for the South with 1 National Dong equal to 500 South Vietnam Dong and 1 South Viet Nam Dong = 1.25 North Vietnam Dongs. The special currency for the South was eliminated on May 3, 1978 and replaced by the Viet Nam Dong (VND) at 1 South Viet Nam Dong = 1 Viet Nam Dong. Viet Nam introduced a new Dong (VND) on September 14, 1985 with 1 New Dong equal to 10 Old Dongs. The Dong is divisible into 10 Hao or 100 Xu and is issued by the State Bank of Vietnam.


Coins

In 1978, aluminium coins (dated 1976), were introduced in denominations of 1, 2, and 5 hào and 1 đồng. The coins were minted by the Berlin mint in the German Democratic Republic. Due to chronic inflation, no coins circulated for many years.

Commemorative coins in copper, brass, copper-nickel, silver, and gold have been emitted since 1986, but none has ever been in circulation.

The State Bank of Vietnam resumed issuing coins on December 17, 2003. The new coins, minted by the Mint of Finland, were in denominations of 200, 500, 1,000, 2,000, and 5,000 đồng. Earlier, Vietnamese had to exchange banknotes for tokens with a clerk before purchasing goods from vending machines. Many residents expressed excitement at seeing coins reappear after many years, as well as concern for the usefulness of the 200 đồng coins.


Banknotes

In 1978, the State Bank of Vietnam (Ngân hàng Nhà nước Việt Nam) introduced notes in denominations of 5 hào, 1, 5, 10, 20, and 50 đồng dated 1976. In 1980, 2 and 10 đồng notes were added, followed by 30 and 100 đồng notes in 1981.

In 1985, notes were introduced in denominations of 5 hào, 1, 2, 5, 10, 20, 30, 50, 100, and 500 đồng. As inflation became endemic, these first banknotes were followed by 200, 1,000, 2,000, and 5,000 đồng notes in 1987, by 10,000 and 50,000 đồng notes in 1990, by a 20,000 đồng note in 1991, a 100,000 đồng note in 1994, a 500,000 đồng note in 2003, and a 200,000 đồng note in 2006.

Five banknote series have appeared. Except for the current series, dated 2003, all were confusing to the user and lacked a unified themes in their designs. The first table below shows the latest banknotes, of 100 đồng or higher, prior to the current series.

On June 7, 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000₫ notes. They were taken out of circulation by September 1, 2007.

Since 2003, Vietnam has replaced its cotton banknotes with plastic polymer banknotes, which it claims will reduce costs. 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. The government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions against other newspapers.

A commemorative polymer 50-đồng 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 usually comes in a presentation folder.


VND banknotes pictures gallery


200 Vietnamese đồng
Banknote of 200 Vietnamese đồng has dimensions 130×65 mm and main colors are light taupe, dark salmon, desert sand, pale pink, ash grey, wheat, pearl and pale chestnut. The banknote of 200 Vietnamese đồng was issued on the 30 September 1987.
200 Vietnamese đồng (Obverse)
Obverse side of the 200 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
200 Vietnamese đồng (Reverse)
Reverse side of the 200 Vietnamese đồng is showing the Agricultural production: field workers, tractor and the traditional decoration.

500 Vietnamese đồng
Banknote of 500 Vietnamese đồng has dimensions 130×65 mm and main colors are tea rose, linen, almond, rosy brown, ruddy pink, old rose, light thulian pink, languid lavender, splashed white and lavender mist. The banknote of 500 Vietnamese đồng was issued on the 15 August 1989.
500 Vietnamese đồng (Obverse)
Obverse side of the 500 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
500 Vietnamese đồng (Reverse)
Reverse side of the 500 Vietnamese đồng is showing the Hai Phong port dockside scene with trawlers being unloaded and the lotus ornamental design.

1000 Vietnamese đồng
Banknote of 1000 Vietnamese đồng has dimensions 134×65 mm and main colors are pastel purple, pale silver, grullo, pastel gray, medium spring bud, splashed white, trolley grey and pale silver. The banknote of 1 000 Vietnamese đồng was issued on the 20 October 1989.
1000 Vietnamese đồng (Obverse)
Obverse side of the 1000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
1000 Vietnamese đồng (Reverse)
Reverse side of the 1000 Vietnamese đồng is showing the elephant logging.

2000 Vietnamese đồng
Banknote of 2000 Vietnamese đồng has dimensions 134×65 mm and main colors are rosy brown, grullo, bazaar, rose ebony, tea rose, purple taupe, desert sand, cinereous and timberwolf. The banknote of 2 000 Vietnamese đồng was issued on the 2000 October 1989..
2000 Vietnamese đồng (Obverse)
Obverse side of the 2000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
2000 Vietnamese đồng (Reverse)
Reverse side of the 2000 Vietnamese đồng is showing the light industrial production: women workers inside of Nam Dinh Textile Factory.

5000 Vietnamese đồng
Banknote of 5000 Vietnamese đồng has dimensions 134×65 mm and main colors are ucla blue, blue, st. patrick’s blue, wild blue yonder, ash grey, white smoke and snow. The banknote of 5 000 Vietnamese đồng was issued on the 15 January 1993.
5000 Vietnamese đồng (Obverse)
Obverse side of the 5000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
5000 Vietnamese đồng (Reverse)
Reverse side of the 5000 Vietnamese đồng is showing the Tri An Hydroelectric Power Plant/Station and high voltage overhead electric power lines and transmission towers (pylons).

10000 Vietnamese đồng
Banknote of 10000 Vietnamese đồng has dimensions 132×60 mm and main colors are vanilla, pale goldenrod, sunset, dark chestnut, rose taupe, beaver, light khaki and champagne. The banknote of 10 000 Vietnamese đồng was issued on the 30 August 2006.
10000 Vietnamese đồng (Obverse)
Obverse side of the 10000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
10000 Vietnamese đồng (Reverse)
Reverse side of the 10000 Vietnamese đồng is showing the offshore oil rigs.

20000 Vietnamese đồng
Banknote of 20000 Vietnamese đồng has dimensions 136×65 mm and main colors are pale blue, united nations blue, languid lavender, pale spring bud, glaucous, light mauve, wild blue yonder, blizzard blue and periwinkle. The banknote of 20 000 Vietnamese đồng was issued on the 17 May 2006.
20000 Vietnamese đồng (Obverse)
Obverse side of the 20000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
20000 Vietnamese đồng (Reverse)
Reverse side of the 20000 Vietnamese đồng is showing the Japanese Bridge at Hoi An.

50000 Vietnamese đồng
Banknote of 50000 Vietnamese đồng has dimensions 140×65 mm and main colors are pale chestnut, tea rose, pale gold, grullo, turkish rose, rosy brown, white smoke and pale gold. The banknote of 50 000 Vietnamese đồng was issued on the 17 December 2003.
50000 Vietnamese đồng (Obverse)
Obverse side of the 50000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
50000 Vietnamese đồng (Reverse)
Reverse side of the 50000 Vietnamese đồng is showing the old buildings in Hua.

100000 Vietnamese đồng
Banknote of 100000 Vietnamese đồng has dimensions 144×65 mm and main colors are medium spring bud, camouflage green, cinereous, moss green, medium spring bud, dark khaki, camouflage green, tan and dark gray. The banknote of 100 000 Vietnamese đồng was issued on the 1 September 2004.
100000 Vietnamese đồng (Obverse)
Obverse side of the 100000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
100000 Vietnamese đồng (Reverse)
Reverse side of the 100000 Vietnamese đồng is showing Van Mieu & Quoc Tu Giam.

200000 Vietnamese đồng
Banknote of 200000 Vietnamese đồng has dimensions 148×65 mm and main colors are old rose, vivid auburn, rose vale, light taupe, battleship grey, khaki, pale chestnut, puce and tan. The banknote of 200 000 Vietnamese đồng was issued on the 30 August 2006.
200000 Vietnamese đồng (Obverse)
Obverse side of the 200000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
200000 Vietnamese đồng (Reverse)
Reverse side of the 200000 Vietnamese đồng is showing the Halong Bay and the junk sailboat.

500000 Vietnamese đồng
Banknote of 500000 Vietnamese đồng has dimensions 152×65 mm and main colors are pastel blue, ucla blue, pastel gray, tan, khaki, platinum, gainsboro and timberwolf. The banknote of 500 000 Vietnamese đồng was issued on the 17 December 2003.
500000 Vietnamese đồng (Obverse)
Obverse side of the 500000 Vietnamese đồng is showing the portrait of Ho Chi Minh (19 May 1890 – 2 September 1969), a Vietnamese Communist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam).
500000 Vietnamese đồng (Reverse)
Reverse side of the 500000 Vietnamese đồng is showing the old country house with a garden.




Useful links

About State Bank of Vietnam:
State Bank of Vietnam
List of currencies:
Currencies
Security and design features of VND banknotes:
VND banknotes
VND currency on Wikipedia:
Vietnamese đồng
Official Website of State Bank of Vietnam:
www.sbv.gov.vn
Commemorative coins:
Commemorative Coins