Vietnamese dong

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Vietnamese dong
đồng Việt Nam
500000 dong polymer.jpg500 dong.jpg
500,000 đồng500 đồng
ISO 4217 codeVND
Central bankState Bank of Vietnam
 Websitewww.sbv.gov.vn
User(s)Socialist Republic of Vietnam
Inflation18.7%
 Source2011 [1]
Subunit
 1/10hào
 1/100xu
both subunits have been unused in Vietnam for several years
Symbol
U+20AB dong sign (HTML: ₫)
Coins200₫, 500₫, 1000₫, 2000₫, 5000₫
Banknotes100₫, 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₫
 
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Vietnamese dong
đồng Việt Nam
500000 dong polymer.jpg500 dong.jpg
500,000 đồng500 đồng
ISO 4217 codeVND
Central bankState Bank of Vietnam
 Websitewww.sbv.gov.vn
User(s)Socialist Republic of Vietnam
Inflation18.7%
 Source2011 [1]
Subunit
 1/10hào
 1/100xu
both subunits have been unused in Vietnam for several years
Symbol
U+20AB dong sign (HTML: ₫)
Coins200₫, 500₫, 1000₫, 2000₫, 5000₫
Banknotes100₫, 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₫

The đồng (/ˈdɒŋ/; Vietnamese: [ɗôŋm]) (sign: ; code: VND) 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.

Etymology[edit]

The word đồng is from the term đồng tiền ("money"), a cognate of the Chinese tóng qián (Traditional Chinese: 銅錢; Simplified Chinese: 铜钱). The term refers to Chinese bronze coins used as currency during the dynastic periods of China and Vietnam. The term hào is a cognate of the Chinese háo (Chinese: 毫), meaning a tenth of a currency unit.

The sign is encoded U+20AB dong sign (HTML: ₫).

History[edit]

North Vietnam[edit]

In 1946, the Viet Minh government (later to become the government of North Vietnam) introduced its own currency, the đồng, to replace 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.

South Vietnam[edit]

Notes dually denominated in piastres 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 a "liberation đong" worth 500 old Southern đồng.

United Vietnam[edit]

After Vietnam was reunified, the đồng was also unified, on May 3, 1978. One new đồng equalled one Northern đồng or 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.[2]

Coins[edit]

First đồng[edit]

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.

Second đồng[edit]

Commemorative Issues[edit]

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

2003 Issue[edit]

The State Bank of Vietnam resumed issuing coins on December 17, 2003.[3] 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.[4]

2003 Series[3]
ImageValueTechnical parametersDescriptionDate of
DiameterThicknessMassCompositionObverseReversefirst mintingissue
[1][5]200₫20 mm1.45 mm3.2 gSteel plated with nickelCoat of armsDenomination2003December 17, 2003
500 dong.jpg500₫22 mm1.75 mm4.5 gSteel plated with nickelApril 1, 2004
[2][6]1,000₫19 mm1.95 mm3.8 gSteel plated with a copper-zinc alloyCoat of armsWater Temple, Đô Temple2003December 17, 2003
[3][7]2,000₫23.5 mm1.8 mm5.1 gSteel plated with a copper-zinc alloyEthnic houseApril 1, 2004
5,000₫25.5 mm2.2 mm7.7 gCopper alloy (Cu Al6Ni92)[citation needed]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.

Banknotes[edit]

First đồng[edit]

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.

Second đồng[edit]

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.[8] 10,000 and 20,000₫ cotton notes are no longer in circulation as of January 1, 2013.

Pre-2003 Banknotes in Circulation[3]
ImageValueDimensionsMain ColorDescriptionDate of
ObverseReverseObverseReverseprintingissue
200₫130 × 65 mmOrangeHo Chi MinhAgricultural production1987September 30, 1987
500₫130 × 65 mmPinkPort Haiphong1988August 15, 1989
1,000₫134 × 65 mmMulticolor on lime backgroundLumber productionsOctober 20, 1989
2,000₫134 × 65 mmMulticolorTextile factory
5,000₫134 × 65 mmBlueTrị An hydropower plant1991January 15, 1993
10,000₫140 × 68 mmRedHalong Bay1993October 15, 1994
20,000₫140 × 68 mmBlueCanned food factory1991March 2, 1993
50,000₫140 × 68 mmGreenNhà Rồng Port1994October 15, 1994
100,000₫145 × 71 mmBrownHo Chi Minh's ethnic houseSeptember 1, 2000
These images are to scale at 0.7 pixels per millimeter.

Since 2003, Vietnam has replaced its cotton banknotes with plastic polymer banknotes, which it claims will reduce costs.[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 against other newspapers.

2003 Polymer Series[3][10]
ImageValueDimensionsMain ColorDescriptionDate of
ObverseReverseObverseReverseprintingissue
[4][5]10,000₫132 × 60mmDark brown on greenish yellowHo Chi MinhOffshore platformThe first two digits of the serial number give the last two digits of the year of issue.August 30, 2006
[6][7]20,000₫136 × 65 mmBlueCovered bridge in Hoi AnMay 17, 2006
[8][9]50,000₫140 × 65 mmPinkHuếDecember 17, 2003
[10][11]100,000₫144 × 65 mmYellowish greenTemple of LiteratureSeptember 1, 2004
[12][13]200,000₫148 × 65mmBrownish-redHalong BayAugust 30, 2006
[14][15]500,000₫152 × 65 mmCyan-GreenHo Chi Minh's birthplace in Kim LienDecember 17, 2003
These images are to scale at 0.7 pixels per millimeter.

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.

Bearer's checks 1992–2002[edit]

To support growing industrial 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, 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 đồng, making most large cash transactions unnecessary.

Other uses of đồng[edit]

In the Vietnamese language, "đồng" can be used as a generic term for any currency by adding the name of a country as a qualifier. This practice is more common for more esoteric units of currency. In some overseas Vietnamese-speaking communities, notably among Vietnamese Americans, it is used to denote the local currency (United States dollars), and one must refer to Vietnamese đồng as đồng Việt Nam ("Vietnamese đồng"). Similarly, hào and xu are occasionally used to translate the American "dime" and "cent", respectively, into Vietnamese.

In present-day Vietnam, because the value of the currency is so small, one đồng could also be understood as one thousand đồng.

Exchange rate[edit]

Current VND exchange rates
From Google Finance:AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From Yahoo! Finance:AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From XE.com:AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From OANDA.com:AUD CAD CHF EUR GBP HKD JPY USD INR CNY
From fxtop.com:AUD CAD CHF EUR GBP HKD JPY USD INR 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.

See also[edit]

References[edit]

  1. ^ "Report for Selected Countries and Subjects". Imf.org. 2006-09-14. Retrieved 2013-12-27. 
  2. ^ "LOC Country Study Vietnam.". Lcweb2.loc.gov. Retrieved 2014-01-07. 
  3. ^ a b c d State Bank of Vietnam. "Technical characteristics of Vietnamese currency" (in Vietnamese). Archived from the original on 2006-07-22. Retrieved 2006-08-09. 
  4. ^ "Curious Vietnamese sneak a peek at no-tear notes, coins". 2003-12-19. Archived from the original on 2004-06-01. 
  5. ^ "collection/vncoins/vn-20003-r". art-hanoi.com. Retrieved 2014-01-25. 
  6. ^ "collection/vncoins/vn-1k03-r". art-hanoi.com. Retrieved 2014-01-25. 
  7. ^ "collection/vncoins/vn-2k03-r". art-hanoi.com. Retrieved 2014-01-25. 
  8. ^ State Bank of Vietnam. "Đình chỉ lưu hành tiền cotton loại 50.000 đồng và 100.000 đồng". Retrieved 2007-06-08. [dead link]
  9. ^ a b BBC (2006-10-21). "Vietnam censorship concern grows". BBC News. 
  10. ^ NGÂN HÀNG NHÀ NƯỚC VIỆT NAM THÔNG BÁO PHÁT HÀNH TIỀN MỚI VÀO LƯU THÔNG[dead link]
  11. ^ Ngan Phieu (Bearer's Checks) 1992-2002 Coins and banknotes of Vietnam and French Indochina
  12. ^ "Zimbabwe money loses three zeros". BBC News. July 31, 2006. 

External links[edit]

First đồng
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
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
Second đồng
Preceded by:
First đồng
Reason: inflation
Ratio: 1 second đồng = 10 first đồng
Currency of Vietnam
1985 –
Succeeded by:
Current