Last updated on April 8th, 2024 at 12:09 pm
Welcome to our comprehensive guide on Vietnam currency, where we will dive into all you need to know about the Vietnamese Dong, commonly known as VND. Vietnam, a captivating Southeast Asian nation, is renowned for its rich history, diverse culture, and picturesque landscapes. Before you embark on your exciting journey, it’s essential to familiarize yourself with the local currency and understand how to handle money during your stay. Grasping the intricacies of the Vietnamese Currency Guide is rather challenging. Therefore, I will introduce you to Vietnam’s Currency, one of the most confusing currencies in the world
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If you are going to Vietnam, I would like to congratulate you on becoming a multi-millionaire or even a billionaire there. However, you should not be too excited because almost everyone there is a millionaire. You can become a millionaire in Vietnam for less than $50 USD thanks to the crazy exchange rate. $1 USD is equivalent to over 23,000 VND. Because of this, many foreigners feel that using Vietnam’s currency is quite troublesome and inconvenient. You have to spend millions every day to pay for basic needs like a hotel, food, entertainment, etc.
Luckily for you, online payments and credit cards are starting to be widely accepted in Vietnam’s major cities. You should be safe as long as you own a credit card from VISA, Master Card, JCB, American Express, etc. However, cash is still king. It is much more convenient if you carry both credit cards and cash with you in case your destination does not accept plastic, you want to pay quickly, or simply tip a staff member.
Vietnamese Dong
The Vietnamese Dong (VND) is the official currency of Vietnam, denoted by the symbol “₫”. Its fascinating history dates back to the 19th century, and it has gone through various denominations and redesigns over the years. As of 2023, the Dong is issued in both coins and banknotes, with multiple denominations catering to different monetary values.
Currently, the Vietnamese Dong is available in banknotes of various denominations, including 1,000₫, 2,000₫, 5,000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, and 500,000₫. Each banknote features distinctive designs and vibrant colors, showcasing prominent figures, historical landmarks, and cultural symbols of Vietnam.
To avoid confusion when using cash, please note some common VND bills as follows. First, we will talk about the smallest denomination bills. In this list, you will have 1000 VND, 2,000 VND, and 5,000 VND bills, which are roughly equivalent to half a cent, 1 cent, and 2 cents. You can use these Vietnamese Dongs to buy yourself a street iced tea or a mint.
Next, we will have polymer banknotes with larger denominations. With these bills, you’re starting to be able to actually purchase something. In this category, we will have 10,000 VND bills equivalent to 50 cents, 20,000 VND bills equivalent to 1 USD, 50,000 VND bills equivalent to a little more than 2 USD, and 100,000 VND bills equivalent to about 5 USD. These are the most popular Vietnamese Dong notes and they will become your best friends in your journey to discover Vietnam.
And finally, we have 200,000 VND bills equivalent to nearly 10 USD, and 500,000 VND bills corresponding to a little more than 20 USD. These are bills that are considered large in Vietnam and are not so common in everyday life. However, if you want to pay cash for everything or buy something expensive, you’ll need a lot of those bills, because, at the end of the day, they’re just tens and twenties. So, a perfect combination of cash and card would be: you have a credit card and about 2 million VND in cash (some 10,000 20,000 50,000, and 100,000 bills plus 1 or 2 200,000 and 500,000 just in case).
Price Examples of Vietnams Currency Exchange Rate
| Meal | 50,000.00 ₫ | $2 USD | |||
| Beer | 20,000.00 ₫ | $0.80 USD | |||
| Cappuccino | 43,237.98 ₫ | $1.74 USD | |||
| Water | 7,303.90 ₫ | $0.29 USD | |||
| Taxi per 1km | 15,000.00 ₫ | $0.60 USD | |||
| Budget Hotel | 655,800 ₫ | $27 USD |
Obsolete Vietnam Money
A small note is that Vietnamese currency bills with a denomination of 10,000 VND will be made from polymer. If you have banknotes with a denomination of 10,000 VND made of paper, it is highly likely that they are old bills and are no longer in circulation. Do not worry because you can exchange them at the bank for a very small fee, or you can also keep them as souvenirs because of their scarcity. The second small note is that VN has discontinued the use of coins. If you have VND coins, you can process them by changing them at the bank or keeping them as souvenirs.
Now that you possess knowledge about Vietnam’s banknotes, it should be enough for you to survive and explore Vietnam without any problems. I hope that you found this Vietnam Currency Guide useful and look forward to new articles with more interesting knowledge about Vietnam.
Conclusion of Vietnamese Currency Guide
In conclusion, understanding the Vietnamese Dong and how to handle money in Vietnam is crucial for a smooth and enjoyable travel experience. By familiarizing yourself with the currency, its history, denominations, and exchange options, you’ll be better equipped to navigate the financial aspects of your journey. Embrace the adventure, immerse yourself in the vibrant culture, and savor the delightful experiences that Vietnam has to offer. For a quick currency conversion calculator, please visit XE.com
Is the US Dollar widely accepted in Vietnam?
While some businesses in major cities may accept US Dollars, it’s generally advisable to use the Vietnamese Dong for transactions. Exchanging your money to the local currency will ensure you get the most favorable rates and avoid any inconvenience.
Can I exchange Vietnamese Dong back to my home currency after my trip?
Yes, you can exchange your remaining Vietnamese Dong back to your home currency at authorized currency exchange offices in Vietnam or international airports upon your departure.
Are credit cards widely accepted in Vietnam?
Credit cards are increasingly accepted in urban areas and popular tourist spots, but it’s essential to carry cash, especially in rural areas and smaller establishments where card payment options may be limited.
What is the best time to exchange currency in Vietnam?
It’s advisable to exchange your currency during regular banking hours at authorized banks or reliable exchange offices to ensure you receive competitive rates and avoid potential scams.
Are there any restrictions on the amount of foreign currency I can bring into Vietnam?
Yes, there are specific regulations on the amount of foreign currency you can bring into Vietnam. Currently, the limit is 5,000 US Dollars or equivalent in other foreign currencies. Make sure to check the latest regulations before your trip.
