| Vietnamese đồng | |||||
|---|---|---|---|---|---|
| đồng Việt Nam (Vietnamese) | |||||
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| ISO 4217 code | VND | ||||
| User(s) | Socialist Republic of Vietnam | ||||
| Inflation | 23% | ||||
| Source | [1], August 24, 2011 | ||||
| Subunit | |||||
| 1/10 | hào | ||||
| 1/100 | xu both subunits have been unused in Vietnam for several years |
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| Symbol | ₫ U+20AB ₫ dong sign (HTML: ₫ ) |
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| Coins | 200₫, 500₫, 1000₫, 2000₫, 5000₫ | ||||
| Banknotes | 100₫, 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫ (these first six are old issue, but still in circulation), 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫ | ||||
| Central bank | State Bank of Vietnam | ||||
| Website | www.sbv.gov.vn | ||||
The đồng (English pronunciation: /ˈdɒŋ/, Vietnamese: [ɗôŋm]) (sign: ₫; code: VND) has been the currency of Vietnam since May 3, 1978. It is issued by the State Bank of Vietnam. It has the symbol ₫. The đồng currently ranks as the least valuable currency in terms of exchange rate. It used to be subdivided into 10 hào which was further subdivided into 10 xu. However, neither the xu or the hao are currently in use in Vietnam.
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The word đồng is from the term “đồng tiền” (lit. money) which is a cognate of the Chinese tóng qián (Traditional Chinese: 銅錢; Simplified Chinese: 铜钱). The term refers to Chinese bronze coins which were used as currency during the dynastic periods of China and Vietnam. The term hào is a cognate of the Chinese "háo" (Chinese: 毫) which means 1/10 a currency unit.
The sign is encoded U+20AB ₫ dong sign (HTML: ₫ ).
In 1946, the Viet Minh government (later to become the government of North Vietnam) introduced their own currency, the đồng, which replaced the French Indochinese piastre at par. Two revaluations followed, in 1951 and 1958. The first was at a rate of 100:1, the second at a rate of 1000:1.
Notes dual denominated in piastre and đồng were issued in 1953 for the State of Vietnam, which evolved into South Vietnam in 1954. On September 22, 1975, after the fall of Saigon, the currency in South Vietnam was changed to the "liberation đồng" worth 500 old southern đồng.
After Vietnam was reunified, the đồng was also unified, on May 3, 1978. 1 new đồng = 1 northern đồng = 0.8 southern "liberation" đồng.
On September 14, 1985, the đồng was revalued, with the new đồng worth 10 old đồng. This started a cycle of chronic inflation that continued through much of the early 1990s.[1]
In 1978, aluminium coins (dated 1976), were introduced in denominations of 1, 2 and 5 hào and 1 đồng. Due to chronic inflation, no coins circulated for many years.
Commemorative coins in copper, brass, copper-nickel, silver, and gold were issued since 1986 but these coins have never been in circulation.
The State Bank of Vietnam resumed issuing coins on December 17, 2003.[2] The new coins, minted by the Mint of Finland, were in denominations of 200, 500, 1,000, 2,000 and 5,000 đồng. Before that, Vietnamese had to exchange banknotes for tokens with a clerk before purchasing goods from vending machines. Many residents expressed excitement of seeing coins again after many years, as well as concern for the usefulness of the 200 đồng coins.[3]
| 2003 Series [2] | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Date of | |||||
| Diameter | Thickness | Mass | Composition | Obverse | Reverse | first minting | issue | ||
| [2] [4] | 200₫ | 20 mm | 1.45 mm | 3.2 g | Steel plated with nickel | Coat of arms | Denomination | 2003 | December 17, 2003 |
| 500₫ | 22 mm | 1.75 mm | 4.5 g | Steel plated with nickel | April 1, 2004 | ||||
| [3] [5] | 1,000₫ | 19 mm | 1.95 mm | 3.8 g | Steel plated with a copper-zinc alloy | Coat of arms | Water Temple, Đô Temple | 2003 | December 17, 2003 |
| [4] [6] | 2,000₫ | 23.5 mm | 1.8 mm | 5.1 g | Steel plated with a copper-zinc alloy | Ethnic house | April 1, 2004 | ||
| 5,000₫ | 25.5 mm | 2.2 mm | 7.7 g | Copper alloy (CuAl6Ni92) | Một Cột Pagoda (One Pillar Pagoda) | December 17, 2003 | |||
| These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table. | |||||||||
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 took hold, these first banknotes were followed by 200, 1,000, 2,000 and 5,000 đồng notes in 1987, 10,000 and 50,000 đồng in 1990, 20,000 đồng in 1991, 100,000 đồng in 1994, 500,000 đồng in 2003 and 200,000 đồng in 2006.
There have been five banknote series. Except for the current 2003 series, all previous series were rather confusing and did not have a unified design theme. The first table below shows the latest banknotes prior to the 2003 series, 100 đồng or higher.
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.[7]
| Pre-2003 Banknotes in Circulation[2] | ||||||||
|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | printing | issue | |||
| 100₫[8] | 120 × 59 mm | Brown on green background | National designs | Phổ Minh Pagoda | 1991 | May 2, 1992 | ||
| 200₫ | 130 × 65 mm | Orange | Ho Chi Minh | Agricultural production | 1987 | September 30, 1987 | ||
| 500₫ | 130 × 65 mm | Pink | Port Haiphong | 1988 | August 15, 1989 | |||
| 1,000₫ | 134 × 65 mm | Multicolor on lime background | Lumber productions | October 20, 1989 | ||||
| 2,000₫ | 134 × 65 mm | Multicolor | Textile factory | |||||
| 5,000₫ | 134 × 65 mm | Blue | Trị An hydropower plant | 1991 | January 15, 1993 | |||
| 10,000₫ | 140 × 68 mm | Red | Halong Bay | 1993 | October 15, 1994 | |||
| 20,000₫ | 140 × 68 mm | Blue | Canned food factory | 1991 | March 2, 1993 | |||
| 50,000₫ | 140 × 68 mm | Green | Nhà Rồng Port | 1994 | October 15, 1994 | |||
| 100,000₫ | 145 × 71 mm | Brown | Ho Chi Minh's ethnic house | September 1, 2000 | ||||
| These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table. | ||||||||
Since 2003, Vietnam has replaced its cotton banknotes with plastic polymer banknotes, which it claims will save money.[9] 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.[9] The government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions on other newspapers.
| 2003 Polymer Series[2][10] | ||||||||
|---|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions | Main Color | Description | Date of | |||
| Obverse | Reverse | Obverse | Reverse | printing | issue | |||
| 10,000₫ | 132 × 60mm | Dark brown on greenish yellow | Ho Chi Minh | Offshore platform | First 2 digits of serial | August 30, 2006 | ||
| 20,000₫ | 136 × 65 mm | Blue | Japanese bridge in Hoi An | May 17, 2006 | ||||
| 50,000₫ | 140 × 65 mm | Pink | Huế | December 17, 2003 | ||||
| 100,000₫ | 144 × 65 mm | Yellowish green | Temple of Literature | September 1, 2004 | ||||
| 200,000₫ | 148 × 65mm | Brownish-red | Halong Bay | August 30, 2006 | ||||
| 500,000₫ | 152 × 65 mm | Cyan-Green | Ho Chi Minh's birthplace in Kim Lien | December 17, 2003 | ||||
| These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table. | ||||||||
A commemorative, polymer 50 đồng banknote dedicated to the 50th anniversary of the State Bank of Vietnam was issued in 2001, however, its face value is so minimal it was meant only for collectors. The note usually comes with a presentation folder.
To support the growing industry's need for large money transactions, the State Bank issued Bearer's Checks or State Bank Settlement Checks (Ngân Phiếu Thanh Toán) in denominations from 100,000 to 5,000,000 đồng.[11] To prevent counterfeiting, these notes had many degrees of protection, changed their design every 5–6 months, and had expiration dates in 5 or 6 months from the day of issue. The checks worked until the banking system was upgraded to handle electronic transfers of large amounts of đồng, so most large cash transactions were no longer needed.
In the Vietnamese language, đồng can be used as a generic term for any currency by adding the country name as a qualifier. This practice is more common for more esoteric units of currency. In some overseas Vietnamese-speaking communities, notably Vietnamese Americans, it is used to denote the local currency (USD) and one must refer to VND as đồng Việt Nam (Vietnamese đồng). Similarly, hào and xu are occasionally used to translate U.S. "dime" and "cent" respectively into Vietnamese.
In modern-day Vietnam, because the value of the currency is so small, one đồng could also be understood as one thousand đồng.
| Current VND exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF EUR GBP HKD JPY USD CNY |
| From Yahoo! Finance: | AUD CAD CHF EUR GBP HKD JPY USD CNY |
| From OzForex: | AUD CAD CHF EUR GBP HKD JPY USD CNY |
| From XE.com: | AUD CAD CHF EUR GBP HKD JPY USD CNY |
| From OANDA.com: | AUD CAD CHF EUR GBP HKD JPY USD CNY |
After the revaluation of the Zimbabwean dollar on 1 August 2006,[12] the đồng 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. Since the revaluation of the Zimbabwean dollar on 1 August 2008 the đồng was again the least valued currency unit until 11 September 2008, when the Zimbabwean dollar once again surpassed it and on about 20 October in terms of cash rate. On 17 November 2008, the official rate of the Zimbabwean dollar fell below the đồng.
On 3 February 2009, the đồng had this title again as Zimbabwean dollar re-denominated, although in March 2009 the title was briefly held by São Tomé and Príncipe dobra. Since Zimbabwe abandoned its dollar on 12 April 2009, the Vietnamese đồng has been the least valued currency.
| Preceded by: North Vietnamese đồng Location: North Vietnam Reason: currency unification Ratio: at par |
Currency of Vietnam 1978 – 1985 Note: banknotes are dated 1976 |
Succeeded by: Second đồng Reason: inflation Ratio: 1 second đồng = 10 first đồng |
| Preceded by: South Vietnamese liberation đồng Location: South Vietnam Reason: currency unification Ratio: 1 new đồng = 0.8 liberation đồng |
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| Preceded by: Moneyless economy Reason: Vietnamese invasion of Cambodia Note: It is unclear whether the North, the South đồng, or nothing at all was used after the invasion in January 1980 and before the issuance of a united đồng 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 đồng = 0.25 U.S. dollar = 1kg rice |
| Preceded by: First đồng Reason: inflation Ratio: 1 second đồng = 10 first đồng |
Currency of Vietnam 1985 – |
Succeeded by: Current |
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![[2]](http://art-hanoi.com/collection/vncoins/vn-20003-o.jpg){kind=link}
![[3]](http://art-hanoi.com/collection/vncoins/vn-1k03-o.jpg){kind=link}
![[4]](http://art-hanoi.com/collection/vncoins/vn-2k03-o.jpg){kind=link}
