# Vietnamese đồng

The dong (Vietnamese: đồng) (/dɒŋ/; Vietnamese:; sign: ₫ or informally đ and sometimes Đ in Vietnamese; code: VND) has been the currency of Vietnam since 3 May 1978. It is issued by the State Bank of Vietnam. The dong was also the currency of the predecessor states of North Vietnam and South Vietnam, having replaced the previously used French Indochinese piastre.
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. 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.
As of August 2024, the Vietnamese dong is the third-lowest valued currency unit (behind the Iranian rial and the Lebanese pound), with one United States dollar equaling 25,135 dong.

## Etymology

The word đồng (Chinese: 銅) means "copper" in Sino-Vietnamese.

## 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". Despite the inflation rates having stabilized 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.

## Coins
### First dong

In 1978, aluminum 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.
1976 Series :
| Image | Value | Technical parameters | Technical parameters | Technical parameters | Technical parameters | Description | Description | Description | Date of | Date of | Date of | Date of |
| Image | Value | Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | First Minting | Issue | Issue Suspended | Withdrawal |
| | 1 hao | Unknown | Unknown | Unknown | Aluminum | Reeded | Coat of arms | Denomination | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 2 hao | Unknown | Unknown | Unknown | Aluminum | Reeded | Coat of arms | Denomination | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 5 hao | Unknown | Unknown | Unknown | Aluminum | Reeded | Coat of arms | Denomination | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 1 dong | Unknown | Unknown | Unknown | Aluminum | Reeded | Coat of arms | Denomination | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| 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 17 December 2003. 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.
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. Eventually, State Bank of Vietnam withdrew its distribution in April 2011.
2003 Series :
| Image | Value | Technical Parameters | Technical Parameters | Technical Parameters | Technical Parameters | Description | Description | Description | Date of | Date of | Date of | Date of |
| Image | Value | Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | First Minting | Issue | Issue Suspended | Withdrawal |
| | 200 dong | 20 mm | 1.45 mm | 3.2 g | Nickel-plated steel | Plain | Coat of arms | Denomination | 2003 | 17 December 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) | Coat of arms | Denomination | 2003 | 1 April 2004 | April 2011 | Very rare, partly withdrawn out of circulation |
| | 1,000 dong | 19 mm | 1.95 mm | 3.8 g | Brass-plated steel | Reeded | Coat of arms | Water Temple, Đô Temple | 2003 | 17 December 2003 | April 2011 | Very rare, partly withdrawn out of circulation |
| | 2,000 dong | 23.5 mm | 1.8 mm | 5.1 g | Brass-plated steel | Segmented (6 groups) | Coat of arms | Highland Stilt house in Tay Nguyen | 2003 | 1 April 2004 | April 2011 | Very rare, partly withdrawn out of circulation |
| | 5,000 dong | 25.5 mm | 2.2 mm | 7.7 g | Brass (Cu$_{92}$Al$_6$Ni$_2$) | Micro-scalloped | Coat of arms | Một Cột Pagoda (One Pillar Pagoda) | 2003 | 17 December 2003 | April 2011 | Very rare, partly withdrawn out of circulation |
| 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.
First dong (1978-1981) :
| Image | Value | Dimensions | Main Color | Description | Description | Date of | Date of | Date of | Date of |
| Image | Value | Dimensions | Main Color | Obverse | Reverse | Printing | Issue | Issue Suspended | Withdrawal |
| | 5 hao | 107 × 53 mm | Purple-Brown | Coat of Arms | Coconut palm | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 1 dong | 115 × 57 mm | Brown | Coat of Arms | Thai Nguyen Iron and Steel Corporation | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 2 dong | 115 × 58 mm | Purple | Coat of Arms | River Scene | 1980 | 1980 | 14 September 1985 | 14 September 1985 |
| | 5 dong | 123 × 61 mm | Green | Coat of Arms | Fishery | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 10 dong | 131 × 63 mm | Purple-Blue | Coat of Arms | Elephant, logging | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 10 dong | 131 × 65 mm | Purple | Coat of Arms | Ho Chi Minh house | 1980 | 1980 | 14 September 1985 | 14 September 1985 |
| | 20 dong | 141 × 70 mm | Blue | Ho Chi Minh | Tractors, hydroelectric dam | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 30 dong | 143 × 71 mm | Red-Brown | Ho Chi Minh | Freighters; "Dragon's House" (Nha Rong), Ho Chi Minh museum, Saigon | 1981 | 1981 | 14 September 1985 | 14 September 1985 |
| | 50 dong | 151 × 75 mm | Red | Ho Chi Minh | Hong Gai open pit mining | 1976 | 2 May 1978 | 14 September 1985 | 14 September 1985 |
| | 100 dong | 158 × 80 mm | Brown-Yellow | Ho Chi Minh | Ha Long Bay | 1980 | 1980 | 14 September 1985 | 14 September 1985 |
| 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.
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. 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.
Second dong (1985) :
| Image | Value | Dimensions | Main Color | Description | Description | Date of | Date of | Date of | Date of |
| Image | Value | Dimensions | Main Color | Obverse | Reverse | printing | issue | issue suspended | withdrawal |
| | 5 hao | 100 × 50 mm | Pink | Flag Tower of Hanoi | Denomination | 1985 | 14 September 1985 | Unknown | Unknown |
| | 1 dong | 114 × 57 mm | Blue-Green | Flag Tower of Hanoi | Hòn Phụ Tử (Father and Son islet) | 1985 | 14 September 1985 | Unknown | Unknown |
| | 2 dong | 110 × 56 mm | Purple | Flag Tower of Hanoi | Boats | 1985 | 14 September 1985 | Unknown | Unknown |
| | 5 dong | 128 × 64 mm | Green | Flag Tower of Hanoi | Boats in Hue | 1985 | 14 September 1985 | Unknown | Unknown |
| | 10 dong | 128 × 64 mm | Red | Flag Tower of Hanoi | Ngoc Son Temple | 1985 | 14 September 1985 | Unknown | Unknown |
| | 20 dong | 128 × 64 mm | Purple | Ho Chi Minh | One Pillar pagoda | 1985 | 14 September 1985 | Unknown | Unknown |
| | 30 dong | 150 × 75 mm | Blue | Ho Chi Minh | Ben Thanh Market | 1985 | 14 September 1985 | Unknown | Unknown |
| | 50 dong | 150 × 75 mm | Green | Ho Chi Minh | Thac Ba hydro power plant | 1985 | 14 September 1985 | Unknown | Unknown |
| | 50 dong | 149 × 75 mm | Pink | Ho Chi Minh | Thang Long bridge | 1985 | 1987 | Unknown | Unknown |
| | 100 dong | 158 × 78 mm | Brown | Ho Chi Minh | Rice planting | 1985 | 14 September 1985 | Unknown | Unknown |
| | 500 dong | 158 × 78 mm | Red | Ho Chi Minh | Bim Son cement plant | 1985 | 14 September 1985 | Unknown | Unknown |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||

### Third dong

Third dong (1987-2000) :
| Image | Value | Dimensions | Main Color | Description | Description | Date of | Date of | Date of | Date of |
| Image | Value | Dimensions | Main Color | Obverse | Reverse | Printing | Issue | Issue Suspended | Withdrawal |
| | 100 dong | 120 × 60 mm | Green | Coat of Arms | Phổ Minh Temple | 1991 | 2 May 1992 | 1994 | Current, but rarely used |
| | 200 dong | 130 × 65 mm | Orange | Ho Chi Minh | Agricultural production | 1987 | 30 September 1987 | 2015 | Current, but rarely used |
| | 500 dong | 130 × 65 mm | Pink | Ho Chi Minh | Port Haiphong | 1988 | 15 August 1989 | 2015 | Current, but rarely used |
| | 1,000 dong | 134 × 65 mm | Brown-Green | Ho Chi Minh | Coal Mining | 1987 | 2 March 1988 | 20 October 1989 | 20 October 1989 |
| | 2,000 dong | 134 × 65 mm | Brown-Pink | Ho Chi Minh | Thai Nguyen Iron and Steel Corporation | 1987 | 2 March 1988 | 20 October 1989 | 20 October 1989 |
| | 1,000 dong | 134 × 65 mm | Green | Ho Chi Minh | Lumber productions | 1988 | 20 October 1989 | 2015 | Current |
| | 2,000 dong | 134 × 65 mm | Pink | Ho Chi Minh | Textile factory | 1988 | 20 October 1989 | 2015 | Current |
| | 5,000 dong | 134 × 65 mm | Blue | Ho Chi Minh | Offshore platform | 1987 | 2 March 1988 | 15 January 1993 | 15 January 1993 |
| | 5,000 dong | 134 × 65 mm | Blue | Ho Chi Minh | Trị An hydropower plant | 1991 | 15 January 1993 | 2015 | Current |
| | 10,000 dong | 140 × 68 mm | Red | Ho Chi Minh | Hạ Long Bay | 1990 | 2 May 1992 | 1994 | 1 January 2013 |
| | 10,000 dong | 140 × 68 mm | Red | Ho Chi Minh | Hạ Long Bay | 1993 | 15 October 1994 | 2006 | 1 January 2013 |
| | 20,000 dong | 140 × 68 mm | Blue | Ho Chi Minh | Canned food factory | 1991 | 2 March 1993 | 2006 | 1 January 2013 |
| | 50,000 dong | 140 × 68 mm | Green | Ho Chi Minh | Nhà Rồng Port | 1990 | 2 March 1993 | 1994 | 1 September 2007 |
| | 50,000 dong | 140 × 68 mm | Green | Ho Chi Minh | Nhà Rồng Port | 1994 | 15 October 1994 | 2003 | 1 September 2007 |
| | 100,000 dong | 145 × 71 mm | Brown | Ho Chi Minh | Ho Chi Minh's ethnic house | 1994 | 1 September 2000 | 2004 | 1 September 2007 |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. ||||||||||
The one-hundred-dong bill technically remains in circulation, however due to its low value (roughly $0.004 USD) it is rarely ever used for transactions. The bill is largely seen as a collectible or an oddity, with it often selling for many times its original face value.
In 2003 Vietnam began replacing its cotton banknotes with plastic polymer banknotes, claiming that this would reduce the cost of printing. 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 the 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. Even though the 2003 series banknotes listed in the table below have now completely replaced the old notes of the same denominations, as of 2019 the cotton fibre banknotes of 200, 500, 1,000, 2,000, and 5,000 dong still remain in wide circulation and are universally accepted.
2003 Polymer Series :
| Image | Image | Value | Dimensions | Main Color | Description | Description | Date of | Date of | Date of | Date of |
| Obverse | Reverse | Value | Dimensions | Main Color | Obverse | Reverse | Printing | Issue | Issue Suspended | Withdrawal |
| | | 10,000 dong | 132 × 60 mm | Yellow | Ho Chi Minh | Bạch Hổ oil field | The first two digits of the serial number give the last two digits of the year of issue. | 30 August 2006 | Current | Current |
| | | 20,000 dong | 136 × 65 mm | Blue | Ho Chi Minh | Covered bridge in Hội An | The first two digits of the serial number give the last two digits of the year of issue. | 17 May 2006 | Current | Current |
| | | 50,000 dong | 140 × 65 mm | Pink | Ho Chi Minh | Huế | The first two digits of the serial number give the last two digits of the year of issue. | 17 December 2003 | Current | Current |
| | | 100,000 dong | 144 × 65 mm | Green | Ho Chi Minh | Temple of Literature | The first two digits of the serial number give the last two digits of the year of issue. | 1 September 2004 | Current | Current |
| | | 200,000 dong | 148 × 65 mm | Red | Ho Chi Minh | Hạ Long Bay | The first two digits of the serial number give the last two digits of the year of issue. | 30 August 2006 | Current | Current |
| | | 500,000 dong | 152 × 65 mm | Cyan | Ho Chi Minh | Ho Chi Minh's birthplace in Kim Liên | The first two digits of the serial number give the last two digits of the year of issue. | 17 December 2003 | Current | Current |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |||||||||||
A commemorative polymer 50 dong 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 is available in three forms, by itself, in a presentation folder or in a presentation folder in an envelope. In 2016, a 100 dong banknote was issued on cotton-based paper to commemorate the 65th anniversary of central banking.
Commemorative Notes :
| Image | Value | Dimensions | Main Color | Materials | Description | Description | Date of | Date of |
| Image | Value | Dimensions | Main Color | Materials | Obverse | Reverse | Printing | Issue |
| | 50 dong | 165 × 82 mm | Pink | Polymer | Ho Chi Minh | State Bank of Vietnam | 2001 | May 2001 |
| | 100 dong | 163 × 82 mm | Red | Paper | Ho Chi Minh | State Bank of Vietnam | 2016 | 6 May 2016 |
| These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table. |||||||||

## Bearer's checks 1992–2002

To support the 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 dong. 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.

## Currency devaluation

In November 2009, the Vietnamese government decided to devalue the Vietnamese dong by 5% and at the same time raise interest rates to 8%. This was seen as a move that could destabilize the financial markets in Asia, as economies in the region were competing for an advantage over the European and American markets.
11 February 2010, The State Bank of Vietnam (SBV) adjusted the interbank exchange rate between the Vietnamese dong (VND) and the US dollar (USD) to 18,544 VND/USD, a devaluation of 3.25% from the previous rate of 17,941 VND/USD. 17 August 2010, The SBV further devalued the VND by 2.04% to 18,932 VND/USD, an increase of 388 dong from the previous rate.
On 11 February 2011, the State Bank of Vietnam (SBV) announced a decision to increase the interbank exchange rate between USD and VND from 18,932 VND to 20,693 VND (a 9.3% increase). Along with that, the SBV also narrowed the applicable range for the exchange rates of commercial banks from ±3% to ±1%. However, by 19 February 2011, the USD exchange rate on the black market was 22,300 VND.

### 2022 to 2024

In response to increasing pressure on the Vietnamese dong as a result of high inflation in the US, on 17 October 2022, the decision was made to increase the dong's trading band from 3 to 5 percent. As a result, from 16 October to 24 October the currency lost 2.98 percent of its value falling from 24,135 to 24,845 Vietnamese dong to the dollar. This decline has continued into 2024 with the dong losing about 4.5 percent of its value between 1 January 2024, and the end of July.

## Exchange rate

After the revaluation of the Zimbabwean dollar on 1 August 2006, the dong 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. After the use of the Zimbabwean dollar ceased on 12 April 2009, the dong was the second least valued currency unit after the Iranian rial as of 28 November 2014. Since 19 June 2014, the Vietnamese dong has been devalued a total of five times in an effort to help spur exports and to ensure the stability of the currency.
| Year | USD Exchange Rate |
| 1960 | 97 |
| 1970 | 410 |
| 1980 | 2,050 |
| 1990 | 6,500 |
| 2000 | 14,428 |
| 2010 | 19,495 |
| 2020 | 23,173 |
| 2022 | 22,862 |
| 2024 | 25,287 |
| August 2024 | 25,135 |
| January 2025 | 25,270 |
Sources: tradingeconomics.com, imf.org