Introduce

Before embarking on your journey to explore Vietnam, it is essential to familiarize yourself with the local currency - the Vietnamese Dong (VND). This currency not only reflects Vietnam's economic diversity but is also the key to exploring the vibrant local markets. Join iGuide.ai to learn about the Vietnamese Dong and how to use it effectively during your trip.

1. Vietnamese Currency: Name and Symbol

The Vietnamese currency is called the Vietnamese dong (VND), with the symbol "₫". The word "dong" comes from the copper material used to mint the country's first coins. Since 1978, the dong has been the official currency of Vietnam and is issued by the State Bank of Vietnam.

Currently, there are two types of banknotes in circulation: Polymer banknotes with denominations of 500,000 VND, 200,000 VND, 100,000 VND, 50,000 VND, 20,000 VND, and 10,000 VND; and Cotton banknotes with denominations of 5,000 VND, 2,000 VND, 1,000 VND, 500 VND, and 200 VND. However, due to their small value, the last two denominations are rarely used. Coins have been discontinued in Vietnam since 2011.

2. History of Vietnamese Currency

Vietnam has a long history of using different currencies, starting with Chinese coins during the Han Dynasty. During the French colonial period, the Piastre, also known as "Bac", was used as the currency. Later, the Bank of Indochina issued banknotes depicting traditional costumes of Vietnam, Laos and Cambodia, replacing the Piastre. In 1945, the Democratic Republic of Vietnam introduced the first Vietnamese currency - aluminum coins to replace the existing currencies.

The Vietnamese Dong (VND) has a history closely linked to complex socio-political changes in Vietnam. The Dong was introduced as the official currency in Northern Vietnam on May 3, 1946, replacing the French Indochinese Piastre. After the reunification of North and South Vietnam in 1976, the Dong became the unified currency of the whole country.

Despite economic difficulties and inflation over the years, the Vietnamese government has kept its currency modern and stable, maintaining Vietnam’s competitive edge in the world market. The Dong continues to be an important component of the national economic landscape, reflecting Vietnam’s history and economic progress.

3. Current Exchange Rates of the Vietnamese Dong Against 20 Popular Currencies

Please note that the exchange rate of the Vietnamese Dong can change frequently and may vary depending on the source of information. This table provides the exchange rates according to Vietcombank, updated as of 12/11/2024 08:11. At different transaction points and times, exchange rates and fees may vary, so please check before making a transaction to ensure you get the best value for your money.

3.1. AUD to Vietnamese Dong

For Australian travelers, the Australian Dollar (AUD) can be exchanged for Vietnamese Dong at authorized banks and exchange counters. As of the update on 12/11/2024 08:11, one AUD is approximately equivalent to 16,213.98 VND when the bank buys directly at the counter, and 16,377.75 when buying via transfer. When exchanging money, check the exchange rate and fees to ensure you get the best value for your money.

3.2. CAD to Vietnamese Dong

Canadian travelers can exchange the Canadian Dollar (CAD) for Vietnamese Dong at authorized banks and exchange counters. As of the update on 12/11/2024 08:11, one CAD is approximately equivalent to 17,722.53 VND when the bank buys directly at the counter and 17,901.54 VND when buying via transfer. When exchanging money, ensure to check the current exchange rate and associated fees to get the best value for your money.

3.3. CHF to Vietnamese Dong

Swiss travelers can exchange the Swiss Franc (CHF) for Vietnamese Dong at authorized banks and exchange counters. As of the update on 12/11/2024 08:11, one CHF is approximately equivalent to 28,013.22 VND when the bank buys directly at the counter and 28,296.18 VND when buying via transfer. Check the rates and related fees before exchanging money.

3.4. CNY to Vietnamese Dong

Chinese travelers can exchange the Chinese Yuan (CNY) for Vietnamese Dong at authorized banks and exchange counters. As of the update on 12/11/2024 08:11, one CNY is approximately equivalent to 3,420.74 VND when buying directly at the counter and 3,455.29 VND when buying via transfer. Check the rates and fees to ensure you get the best value.

3.5. DKK to Vietnamese Dong

Travelers from Denmark can exchange the Danish Krone (DKK) for Vietnamese Dong at authorized banks and exchange counters. Currently, only the transfer purchase rate is available at 3,550.58 VND for one DKK. Confirm the rates and fees when needed to exchange money.

3.6. EUR to Vietnamese Dong

Travelers from the EU region can exchange the Euro (EUR) for Vietnamese Dong at authorized banks and exchange counters. As of the update, one EUR is approximately equivalent to 26,289.73 VND when buying directly and 26,555.28 VND when buying via transfer. Ensure to check the rates and fees before making a transaction.

3.7. GBP to Vietnamese Dong

Travelers from the United Kingdom can exchange the British Pound (GBP) for Vietnamese Dong. As of the update, one GBP is valued at approximately 31,737.15 VND when buying directly and 32,057.73 VND when buying via transfer. Check the rates and fees for the best value.

3.8. HKD to Vietnamese Dong

Travelers from Hong Kong can exchange the Hong Kong Dollar (HKD) for Vietnamese Dong. As of the update, one HKD is approximately equivalent to 3,173.59 VND when buying at the counter and 3,205.64 VND when buying via transfer. Consider checking the rates and fees.

3.9. INR to Vietnamese Dong

Indian travelers can exchange the Indian Rupee (INR) for Vietnamese Dong at authorized banks and exchange counters. Currently, the rate only applies to transfer transactions, at 299.17 VND for one INR. Evaluate the rates and fees before exchanging.

3.10. JPY to Vietnamese Dong

Japanese travelers can exchange the Japanese Yen (JPY) for Vietnamese Dong. One JPY is valued at approximately 158.82 VND when buying directly and 160.42 VND when buying via transfer. Check the rates and fees before making a transaction.

3.11. KRW to Vietnamese Dong

Korean travelers can exchange the Korean Won (KRW) for Vietnamese Dong. As of the update, one KRW is valued at approximately 15.62 VND when buying cash and 17.36 VND when buying via transfer. For the best experience, check the rates and fees before exchanging money.

3.12. KWD to Vietnamese Dong

Travelers from Kuwait can exchange the Kuwaiti Dinar (KWD) for Vietnamese Dong. The current rate only applies to transfer transactions, at 82,192.39 VND for one KWD. Before exchanging, confirm the rates and fees to ensure a reasonable exchange value.

3.13. MYR to Vietnamese Dong

Malaysian travelers can exchange the Malaysian Ringgit (MYR) for Vietnamese Dong. Only applicable for transfer transactions with a rate of 5,675.01 VND for one MYR. Check the rates and fees when making a transaction.

3.14. NOK to Vietnamese Dong

Travelers from Norway can exchange the Norwegian Krone (NOK) for Vietnamese Dong. The current rate only applies to transfer transactions, at 2,250.40 VND for one NOK. Evaluate the rates and fees for optimal benefits.

3.15. RUB to Vietnamese Dong

Travelers from Russia can exchange the Russian Ruble (RUB) for Vietnamese Dong. The current rate only applies to transfer transactions, at 251.00 VND for one RUB. Check the rates and fees to ensure efficiency.

3.16. SAR to Vietnamese Dong

Travelers from Saudi Arabia can exchange the Saudi Arabian Riyal (SAR) for Vietnamese Dong. Only the transfer rate is available at 6,722.44 VND for one SAR. Consider the rates and fees for a reasonable choice.

3.17. SEK to Vietnamese Dong

Travelers from Sweden can exchange the Swedish Krona (SEK) for Vietnamese Dong. The current rate only applies to transfer transactions, at 2,289.22 VND for one SEK. Check the fees and rates before converting.

3.18. SGD to Vietnamese Dong

Travelers from Singapore can exchange the Singapore Dollar (SGD) for Vietnamese Dong. As of the update, one SGD is valued at approximately 18,499.77 VND when buying directly and 18,686.64 VND when buying via transfer. Before making a transaction, check the rates and fees to ensure maximum benefits.

3.19. THB to Vietnamese Dong

Travelers from Thailand can exchange the Thai Baht (THB) for Vietnamese Dong. Currently, one THB is valued at approximately 646.83 VND when buying cash and 718.70 VND when buying via transfer. Ensure to check the rates and fees.

3.20. USD to Vietnamese Dong

American travelers can exchange the US Dollar (USD) for Vietnamese Dong. As of the update, one USD is valued at approximately 25,090.00 VND when buying cash and 25,120.00 VND when buying via transfer. Check the rates and fees for the best value.

4. Best Places to Exchange Vietnamese Currency

Before exchanging money, it is important to know the current exchange rates and any associated fees. In Vietnam, currency can be exchanged at various locations, offering convenience and accessibility. When you arrive in Vietnam, one of the first things you need to do is exchange your currency for Vietnamese Dong. There are several options available for exchanging Vietnamese currency:

• Banks: While banks often offer the best exchange rates for Vietnamese Dong, the process can be more time-consuming and may require additional documentation, such as a passport or visa. Additionally, some banks only exchange Vietnamese currency during specific hours, so it is best to check before visiting the bank.
• Airports: Vietnamese currency exchange counters are a popular option found at most airports across Vietnam. These counters are often open 24/7, providing a convenient option for travelers arriving late at night or early in the morning.
• Gold and Jewelry Shops: While gold and jewelry shops may be more conveniently located than the other two places, they tend to have higher exchange rates for Vietnamese Dong and include hidden fees. It is important to carefully check any fees associated with the transaction before exchanging your Vietnamese currency.

You should research and compare exchange rates and fees among different options before deciding where to exchange your Vietnamese currency. This can help save time and money and ensure that you have enough Vietnamese currency to enjoy your trip in Vietnam.

5. Payment in Vietnam

In Vietnam, cash remains the most common and widely accepted method of payment. It is important to carry cash, especially in small towns, markets and rural areas where electronic payment capabilities may not be readily available. Cash is often preferred by street vendors, small businesses and local markets. For various transactions, a mix of small and large bills is recommended. Some tourist-focused establishments accept US dollars for larger transactions, especially in larger hotels and restaurants, but payment in VND is still more common and change can be received in VND.

Credit cards are widely accepted in urban areas and tourist-centric locations throughout Vietnam. Hotels, upscale establishments, shopping malls, large retailers and department stores generally accept major credit cards such as Visa, MasterCard and, to a lesser extent, American Express. Conversion rates and card swipe fees will be set by your card provider. Even though using a credit card is safe and convenient, it is a good idea to have some cash on hand in case using a credit card is impractical.

6. Useful Tips for Payment and Currency Exchange in Vietnam

Here are some tips for paying and exchanging Vietnamese currency that tourists should keep in mind:

• ATM: Check that your card is compatible with local ATMs before traveling to Vietnam.
• Beware of scams: Beware of street vendors and local markets using similar colors of 500,000 VND and 20,000 VND notes to scam tourists.
• Counterfeit money: There are some counterfeit notes circulating in Vietnam, especially the 500,000 VND note, the largest denomination of Vietnamese Dong, so you should only exchange money at reputable locations.
• Keep Small Change: Keep small bills for easy transactions as many vendors and small businesses may not have change for larger denominations.
• Notify your bank: If you plan to use your credit or debit card in Vietnam, notify your bank in advance to avoid any issues with your account being flagged for suspicious activity.
• Counterfeit money: To avoid counterfeit money in Vietnam, check notes for security features such as watermarks and holograms, exchange money at reputable banks or authorized counters, be careful with large amounts of money, and check denominations before paying.
• Tipping in Vietnam: It's perfectly fine if you can't tip in Vietnam, as it's not mandatory although appreciated. If you do want to tip someone, the general rule is to only tip when you're satisfied and to do so in a positive and sincere manner.
• Bargaining: Bargaining is an integral part of Vietnamese culture. It is common and expected, especially in markets. Don’t be afraid to bargain. Just do it in a friendly and respectful manner, and see it as a way to interact with the locals while ensuring fair prices for both parties.
• Local abbreviations: Menus in many local eateries and cafes in Vietnam use "k" to represent one thousand. For example, 50k means 50,000 VND.
• Simplify the denomination: If you are confused by too many zeros displayed on Vietnamese banknotes, you can remove the three zeros at the end of the denomination to easily remember their value.
• Carrying cash: Current law does not specifically limit the amount of money that foreigners can bring into Vietnam. However, if you enter Vietnam and carry cash of USD 5,000 (or equivalent) or more or VND 15,000,000 (or equivalent), you must declare it to customs at the border.

Vietnam’s currency can be a little tricky to navigate for first-time visitors, but with these tips in mind, you can handle your money with confidence as you travel through the country. Be sure to check for compatible ATMs, beware of counterfeit notes and street vendors using similar colors to Vietnamese currency, and consider keeping smaller denominations on hand. By following these guidelines, you can enjoy your travels throughout Vietnam without any currency issues.