Vietnamese đồng
Vietnamese đồng đồng Việt Nam (Vietnamese) |
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ISO 4217 Code | VND | ||||
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User(s) | Vietnam | ||||
Inflation | 7.5% | ||||
Source | The World Factbook, 2006 est. | ||||
Subunit | |||||
1/10 | hào | ||||
1/100 | xu both subunits have been unused in Vietnam for several years |
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Symbol | ₫ | ||||
Coins | 200₫, 500₫, 1000₫, 2000₫, 5000₫ | ||||
Banknotes | 100₫, 200₫, 500₫, 1000₫, 2000₫, 5000₫, (these first six are old issue) 10 000₫, 20 000₫, 50 000₫, 100 000₫, 200 000₫, 500 000₫ | ||||
Issuing authority | State Bank of Vietnam | ||||
Website | www.sbv.gov.vn |
The đồng (VND, IPA: dɔŋ) is the currency of Vietnam since May 3, 1978. It is issued by the State Bank of Vietnam. It has the symbol ₫. It is subdivided into 10 hào. However, the hào is now worth so little that it is no longer issued.
Contents |
Etymology
In Vietnamese, đồng literally means copper. This originates from the practice of minting coins from copper before French colonization. When Vietnam was part of French Indochina, the standard unit of currency was the French Indochinese piastre. The Vietnamese text on these currencies called it the đồng or, less commonly, the bạc ("silver").
฿ • ₵ • ¢ • $ • ₡ • B/. • ₫ • € • ƒ • ₲ • ₭
£ • ₤ • Lm • ₥ • ₦ • ₱ • P • R • Sk • ₨
৲ • S/. • ৳ • R$ • $ • ₮ • ₩ • ¥ • zł • ₴ • ₪
History
North Vietnam
In 1946, North Vietnam's government introduced their own currency, the đồng, which replaced 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
Notes dual denominated in piastre and đồng were issused in 1953 for the use in South Vietnam . On September 22, 1975, after the fall of Saigon, the currency in South Vietnam was changed to the "liberation" đồng worth 500 old southern đồng.
United Vietnam
After the nation was reunified, the đồng was also unified, on May 3, 1978. 1 new đồng = 1 northern đồng = 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 [1].
Coins
1978 Issue
In 1978, aluminium coins (dated 1976), were introduced in denominations of 1, 2 and 5 hào and 1 đồng. Due to chronic inflation, no coins circulated for many years.
Commemorative Issues
Commemorative coins in copper, brass, copper-nickel, silver and gold were issued from 1986 till today, however, these coins have never been in circulation
2003 Issue
The State Bank of Vietnam resumed issuing coins on 17 December 2003.[2] The new coins, minted by the , were in denominations of 200, 500, 1000, 2000 and 5000 đồng. Before that, Vietnamese had to exchange banknotes for tokens with a clerk before purchasing goods from vending machines. Many residents expressed excitement of seeing coins again after many years, as well as concern for the usefulness of the 200 đồng coins.[3]
2003 Series [2] | ||||||||
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Value | Technical parameters | Description | Date of | |||||
Diameter | Thickness | Mass | Composition | Obverse | Reverse | first minting | issue | |
200₫ | 20 mm | 1.45 mm | 3.2 g | Steel plated with nickel | Coat of arms | National designs | 2003 | 17 December 2003 |
500₫ | 22 mm | 1.75 mm | 4.5 g | Steel plated with nickel | 1 April 2004 | |||
1000₫ | 19 mm | 1.95 mm | 3.8 g | Steel plated with a copper-zinc alloy | Coat of arms | Water Temple, Đô Temple | 2003 | 17 December 2003 |
2000₫ | 23.5 mm | 1.8 mm | 5.1 g | Steel plated with a copper-zinc alloy | Ethnic house | 1 April 2004 | ||
5000₫ | 25.5 mm | 2.2 mm | 7.7 g | Copper alloy (CuAl6Ni92)[citation needed] | Chùa Một Cột () | 17 December 2003 | ||
For table standards, see the coin specification table. |
Banknotes
First đồng
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
In 1985, notes were introduced in denominations of 5 hào, 1, 2, 5, 10, 20, 30, 50, 100 and 500 đồng. As inflation took hold, these first banknotes were followed by 200, 1000, 2000 and 5000 đồng notes in 1987, 10,000 and 50,000 đồng in 1990, 20,000 đồng in 1991, 100,000 đồng in 1994, 500,000 đồng in 2003 and 200,000 đồng in 2006.
There have been five banknote series. Except for the current 2003 series, all previous series were rather confusing and did not have a unified design theme. The first table below shows the latest banknotes prior to the 2003 series, 100 đồng or higher.
On June 7, 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000₫ notes. They will be taken out of circulation by September 1, 2007.[4]
Pre-2003 Banknotes in Circulation[2] | ||||||||
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Image | Value | Dimensions | Main Colour | Description | Date of | |||
Obverse | Reverse | Obverse | Reverse | printing | issue | |||
100₫[5] | 120 × 59 mm | Brown on green background | National designs | Phổ Minh Pagoda | 1991 | 2 May 1992 | ||
200₫ | 130 × 65 mm | Orange | Ho Chi Minh | Agricultural production | 1987 | 30 September 1987 | ||
500₫ | 130 × 65 mm | Pink | Port Haiphong | 1988 | 15 August 1989 | |||
1000₫ | 134 × 65 mm | Multicolour on lime background | Lumber productions | 20 October 1989 | ||||
2000₫ | 134 × 65 mm | Multicolour | Textile factory | |||||
5000₫ | 134 × 65 mm | Blue | Trị An hydropower plant | 1991 | 15 January 1993 | |||
10,000₫ | 140 × 68 mm | Red | Halong Bay | 1993 | 15 October 1994 | |||
20,000₫ | 140 × 68 mm | Blue | Canned food factory | 1991 | 2 March 1993 | |||
50,000₫ | 140 × 68 mm | Green | Nhà Rồng Port | 1994 | 15 October 1994 | |||
100,000₫ | 145 × 71 mm | Brown | Uncle Ho's ethnic house | 1 September 2000 | ||||
These images are to scale at 0.7 pixels per millimetre, a standard for world banknotes. For table standards, see the banknote specification table. |
Since 2003, Vietnam has replaced its cotton banknotes with plastic polymer banknotes, which it claims will save money[6]. 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[6]. The government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions on other newspapers.
2003 Polymer Series[2][7] | ||||||||
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Image | Value | Dimensions | Main Colour | Description | Date of | |||
Obverse | Reverse | Obverse | Reverse | printing | issue | |||
10,000₫ | 132 × 60mm | Dark brown on greenish yellow | Ho Chi Minh | Offshore platform | First 2 digits of serial | 30 August 2006 | ||
20,000₫ | 136 × 65 mm | Blue | Japanese bridge in Hoi An | 17 May 2006 | ||||
50,000₫ | 140 × 65 mm | Pink | Huế | 17 December 2003 | ||||
100,000₫ | 144 × 65 mm | Yellowish green | Temple of Literature | 1 September 2004 | ||||
200,000₫ | 148 × 65mm | Brownish-red | Halong Bay | 30 August 2006 | ||||
500,000₫ | 152 × 65 mm | Cyan-Green | Ho Chi Minh's birthplace in | 17 December 2003 | ||||
These images are to scale at 0.7 pixels per millimetre, a standard for world banknotes. For table standards, see the banknote specification table. |
A commemorative, polymer 50 đồng banknote dedicated to the 50th anniversary of the State Bank of Vietnam was issued in 2001, however, its face value is so minimal it was meant only for collectors. The note usually comes with a presentation folder.
Bearer's Checks 1992-2002
To support the growing industry's need for large money transactions, the Central 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, changed their design every 5-6 months, and had expiration dates in 5 or 6 months from the day of issue. The checks worked until the banking system was upgraded to handle electronic transfers of large amounts of Dong, so most large cash transactions were no longer needed.
Other uses of đồng
In the Vietnamese language, đồng can be used as a generic term for any currency by adding the country name as a qualifier. This practice is more common for more esoteric units of currency. In some overseas Vietnamese-speaking communities, notably Vietnamese Americans, it is used to denote the local currency (USD) and one must refer to VND as đồng Việt Nam (Vietnamese đồng). Similarly, hào and xu are occasionally used to translate U.S. "dime" and "cent" respectively into Vietnamese.
In modern-day Vietnam, because the value of the currency is so small, one đồng could also be understood as one thousand đồng.
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After the revaluation of the Zimbabwean dollar on 1 August 2006 [1], the đồng became the least valued currency unit. Around March 21, 2007, the revalued Zimbabwean dollar regained least valued currency status (in terms of black market exchange rate), and the đồng is currently the 2nd least valued currency unit. On September 7, 2007, the official exchange rate of the Zimbabwean dollar dropped below the đồng.
See also
References
- ^ LOC Country Study Vietnam.
- ^ a b c d State Bank of Vietnam. Technical characteristics of Vietnamese currency (Vietnamese). Retrieved on 2006-08-09.
- ^ Curious Vietnamese sneak a peek at no-tear notes, coins (2003-12-19). Archived from the original on 2004-06-01.
- ^ State Bank of Vietnam. Đình chỉ lưu hành tiền cotton loại 50.000 đồng và 100.000 đồng. Retrieved on 2007-06-08.
- ^ No longer used
- ^ a b BBC. "Vietnam censorship concern grows", 2006-10-21.
- ^ NGÂN HÀNG NHÀ NƯỚC VIỆT NAM THÔNG BÁO PHÁT HÀNH TIỀN MỚI VÀO LƯU THÔNG
- Krause, Chester L. and Clifford Mishler (1991). Standard Catalog of World Coins: 1801-1991, 18th ed., Krause Publications. ISBN 0-87341-150-1.
- Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues, Colin R. Bruce II and Neil Shafer (editors), 7th ed., Krause Publications. ISBN 0-87341-207-9.
External links
- Don's World Coin Gallery - Viet Nam
- Ron Wise's World Paper Money - Vietnam Mirror site
- Tables of Modern Monetary Systems by Kurt Schuler - Asia Mirror site
- The Global History of Currencies - Viet Nam
- Global Financial Data data series - Viet Nam Dong
- Global Financial Data currency histories table ( Microsoft Excel format)
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 |
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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 |
Preceded by: First đồng Reason: inflation Ratio: 1 second đồng = 10 first đồng |
Currency of Vietnam 1985 – |
Succeeded by: Current |
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South-East | Brunei dollar · Cambodian riel · Indonesian rupiah · Lao kip · Malaysian ringgit · Myanmar kyat · Philippine peso · Singapore dollar · Thai baht · U.S. dollar (East Timor) · Vietnamese đồng |
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