Vietnam is one of the fastest growing economies in Southeast Asia. It is on the outermost tip of the Indochina Peninsula. Cambodia and Laos are its closest neighbors. Its exports include rice, cashew nuts, coffee, tea and rubber. Textile exports are also important. The symbol of the Vietnam currency is VND. It is stated as 100 xu equal 1 dong.
History
The first coins in Vietnam came from China. Northern Vietnam was under direct Chinese rule until after the Tang Dynasty (AD618-907). Prince Dinh Bo-linh was the first ruler of an independent Vietnam. He introduced the first Vietnamese coinage in 970. The coins were round and bonze. The obverse featured 4 Chinese characters around a single central hole with an inscription. The reverse featured characters representing Dinh and his family instead of the Chinese style of the mint’s name.
The successors of Prince Dinh followed this design. It remained prominent until the 20th century. The successors over the next generations altered various aspects of the coin and introduced a few basic changes. They stopped minting after the mines stopped. The only coin was then the imports. In 1205, the Tran Dynasty issued new coins. There was little variation except during a brief period of Chinese rule (1406-1428). The Le took control twice. Later Le currency included imitative coins of the Chinese.
In Southern Vietnam, currency came through the rulers of Cambodian Champa and Khmer Kingdoms. Only imports arrived. In 1428, Le ruled Vietnam. He absorbed Sothern Vietnam but some parts still lay under the control of the Nguyen clan. While the Trinh retook the copper mines and embarked on mass production of coinage, the Nygun clan did little. In their sectors, there was no official coinage, simply private imitations. There rule was interrupted by the Tayson Rebellion in the Tayson District in Southern Vietnam in 1773. The Tayson even succeeded in casting some coins. These resembled those of the Canh Hong. They were very light and of brass.
The Tayson coinage was short-lived. The Nygun retook the rebellious region during the Gia Long period (1802-1820). Coinage then entered a new phase including the use of newer metals. During the later Monh Mang Period (1820-1840), the country adopted Spanish silver dollars as a basis. In 1832, the coins, silver dollars, featured a Chinese-style dragon. This was the introduction of the first silver dollar in an East Asian country. Financial troubles resulted in the failure of this Spanish dollar experiment.
Vietnam became a French protectorate. The French had been easing into the country since 1877. Although the Nyguen coinage continued until 1933, new coinage began to takeover in many transactions. The 1879 coins consisted of sapeque as well as cent pieces. In 1885, a silver piaster or dollar joined the line of currency. In 1905, there was a separate issue for Northern Vietnam with both French and Vietnamese inscriptions.
WWII created some problems for Vietnam currency. Independence in 1949 did as well. The new country within the French union replaced the cent with the su or xu at a rate of 100 xu equal 1 dong. This was shortly before the Vietnamese drove out the French creating two states in 1944/1945. The two states split along currency and political lines. The North Vietnamese Communist coins, in dong and xu, featured a star design. The Republic Of Vietnam continued to follow their own design preference. The end of the Civil War and the reunification of the country aligned the two currencies at par in 1976.
The country ceased production of coins ceased in 1978. They restarted production again in 2003. In 2003, the banknotes changed. The Vietnamese replaced the cotton notes with synthetic materials. Today, the country has coins in denominations of 200, 500, 1,000, 2,000 and 5,000 dong. Banknotes come in 100, 200, 500, 1,000, 2,000, 5,000 10,000, 20,000, 50,000, 100,000, 200,000 and 500,000 dong.
Obtaining Vietnam Dong
There are many different ways to obtain the local currency. You can exchange it at an authorized money exchanger, a bank, at a hotel or on the black market. There are also ATMs. All forms of money are available in the country’s major cities. Rates differ. Your choice may depend upon convenience. Be careful of scams from street unauthorized moneychangers.
Protecting Your Currency
Crime is on the increase in this country. In the large cities of Hanoi, Ho Chi Minh City and Nha Trang, petty crime is becoming a serious problem. Thefts occur most frequently in shopping centers, tourist places, markets and hotels. Crowded trains and buses are also open for picketpockets and purse-snatchers.
Using Your Vietnam Dong
The businesses throughout Vietnam welcome local currency. In fact, it is the only legal tender. Use it when you bargain with street venders or in the open markets. It can buy you a quick snack on the street. Eat a dragon fruit. You can also use it to purchase handicrafts including silk, gems, lacquer ware, bamboo blinds, wood-block prints and reed mats.
Travel Tips and Warnings
- Some parts of Vietnam are restricted. You cannot go near some military facilities and some parts of the central highlands.
- You may not be able to go near the border regions of China, Laos and Cambodia.
- A legacy of the Vietnam War is unexploded landmines central Vietnam rural areas.
- You must visit Hanoi, the capital with the Temple of Literature and the ho Chi Minh Museum
- Take a day trip to the Perfume Pagoda, a Buddhist Temple in a cave.
- The other city requiring a visit is Ho Chi Minh City, formerly Saigon. Go to the War Remnant Museum and the Ho Chi Minh City Museum.
- Take a trip along the Mekong Delta. You can see sampans and rowing boats.
- There is the walled city of Hué, with traditional Sin-Vietnamese architecture. Be sure to see the walled citadel.
- Take a trip to the port city of Hoi An with its narrow streets and 200-year old merchant homes.
- No one should leave Vietnam without exploring the hundreds of kilometers of underground tunnels. These are the much-visited Cu Chi tunnels near Saigon.
Overview
Vietnam
has risen from the ashes of the War like a phoenix. This South East
Asian country continues to rebuild its economy, attracting business and
tourists.
For travel information, see www.vietnamtourism.com.
Currency Summary
Current currency: dong
100 xu equal 1 dong
Coins: 200, 500, 1,000, 2,000 and 5,000 dong
Banknotes: 100, 200, 500, 1,000, 2,000, 5,000 10,000, 20,000, 50,000, 100,000, 200,000 and 500,000 dong