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 | It has been suggested that Vietnamese one-hundred-dong bill be merged into this article. (Discuss) Proposed since October 2023. |
| It has been suggested that Vietnamese five-hundred đồng bill be merged into this article. (Discuss) Proposed since October 2023. |
| Đồng Việt Nam (Vietnamese) | |
|---|---|
 The 100,000 VND banknote, first issued in 2004 | |
| ISO 4217 | |
| Code | VND (numeric: 704) 1989–1990: VNC |
| Unit | |
| Plural | The language(s) of this currency do(es) not have a morphological plural distinction. |
| Symbol | ₫/đ |
| Denominations | |
| Superunit | |
| 1000 | nghìn (thousand) |
| 1000000 | triệu (million) |
| 1000000000 | tỷ (billion) |
| Subunit | |
| 1⁄10 | hào |
| 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 đồng |
| Coins | |
| Rarely used | 200, 500, 1,000, 2,000, 5,000 đồng |
| Demographics | |
| User(s) |  Vietnam |
| Issuance | |
| Central bank | State Bank of Vietnam |
| Website | www |
| Valuation | |
| Inflation |  2.7% (2019)[1] |
The dong (Vietnamese: đồng) (/dɒŋ/; Vietnamese: [ˀɗɜwŋ͡m˨˩]; 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 (hào), 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
French Indochina
The piastre (known in Vietnam as "silver"), was the currency of French Indochina between 1885 and 1952.
North Vietnam
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
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
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 Tố Hữu referred to it as a "vertical downturn".[citation needed] Despite the inflation rates having stabilised as part of the Đổi Mới 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
First dong
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.
| 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
Commemorative issues
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
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]
| 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, Đô 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 (Cu92Al6Ni2) | Micro-scalloped | Một Cột 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
First dong
In 1978, the State Bank of Vietnam (Ngân hàng Nhà nước Việt 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.
| 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
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]
| 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 | Hòn Phụ Tử (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. | |||||||||