Vietnamese đồng: Wikis

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Vietnamese đồng
đồng Việt Nam (Vietnamese)
[[Image:{{{image_1}}}|126px|]] 500 dong.jpg
ISO 4217 Code VND
User(s) Vietnam Socialist Republic of Vietnam
Inflation 2.4%
Source Vietnam Business Finance, September 24, 2009
Subunit
1/10 hào
1/100 xu
both subunits have been unused in Vietnam for several years
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₫
Central bank State Bank of Vietnam
Website www.sbv.gov.vn

The đồng (English pronunciation: /ˈdɒŋ/, Vietnamese: [ɗôŋm]) (sign: ; code: VND) 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

The word đồng is from the term “đồng tiền” (lit. money) which is a cognate of the Chinese tóng qián (Traditional Chinese:銅錢; Simplified Chinese: 铜钱). The term refers to Chinese bronze coins which were used as currency during the dynastic periods of China and Vietnam. The term hào is a cognate of the Chinese "háo" (Traditional Chinese: 毫) which means 1/10th a currency unit.

History

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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 Vietnam 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

1 đồng 1976

First đồng

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.

Second đồng

Commemorative Issues

Commemorative 10 đồng 1989

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 December 17, 2003.[2] The new coins, minted by the Mint of Finland, 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]
Image Value Technical parameters Description Date of
Diameter Thickness Mass Composition Obverse Reverse first minting issue
[1] [2] 200₫ 20 mm 1.45 mm 3.2 g Steel plated with nickel Coat of arms Denomination 2003 December 17, 2003
500 dong.jpg 500₫ 22 mm 1.75 mm 4.5 g Steel plated with nickel April 1, 2004
[3] [4] 1000₫ 19 mm 1.95 mm 3.8 g Steel plated with a copper-zinc alloy Coat of arms Water Temple, Đô Temple 2003 December 17, 2003
[5] [6] 2000₫ 23.5 mm 1.8 mm 5.1 g Steel plated with a copper-zinc alloy Ethnic house April 1, 2004
Vietnam 5000 dong 2003.jpg 5000₫ 25.5 mm 2.2 mm 7.7 g Copper alloy (CuAl6Ni92) Một Cột Pagoda (One Pillar Pagoda) December 17, 2003
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.

Banknotes

1 đồng 1976(1978)

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 were taken out of circulation by September 1, 2007.[4]

Pre-2003 Banknotes in Circulation[2]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue
Vn-p105-f.jpg Vn-p105-b.jpg 100₫[5] 120 × 59 mm Brown on green background National designs Phổ Minh Pagoda 1991 May 2, 1992
Vn-p100-f.jpg Vn-p100-b.jpg 200₫ 130 × 65 mm Orange Ho Chi Minh Agricultural production 1987 September 30, 1987
Vn-p101-f.jpg Vn-p101-b.jpg 500₫ 130 × 65 mm Pink Port Haiphong 1988 August 15, 1989
Vn-p106-f.jpg Vn-p106-b.jpg 1000₫ 134 × 65 mm Multicolor on lime background Lumber productions October 20, 1989
2000t.jpg 2000s.jpg 2000₫ 134 × 65 mm Multicolor Textile factory
5000t.jpg 5000s.jpg 5000₫ 134 × 65 mm Blue Trị An hydropower plant 1991 January 15, 1993
10000t.jpg 10000s.jpg 10,000₫ 140 × 68 mm Red Halong Bay 1993 October 15, 1994
20000t.jpg 20000s.jpg 20,000₫ 140 × 68 mm Blue Canned food factory 1991 March 2, 1993
Vn-p116-f.jpg Vn-p116-b.jpg 50,000₫ 140 × 68 mm Green Nhà Rồng Port 1994 October 15, 1994
100000t.jpg 100000s.jpg 100,000₫ 145 × 71 mm Brown Ho Chi Minh's ethnic house September 1, 2000
These images are to scale at 0.7 pixels per millimeter. 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]
Image Value Dimensions Main Color 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 August 30, 2006
20000ps.jpg 20,000₫ 136 × 65 mm Blue Japanese bridge in Hoi An May 17, 2006
50,000₫ 140 × 65 mm Pink Huế December 17, 2003
100,000₫ 144 × 65 mm Yellowish green Temple of Literature September 1, 2004
200,000₫ 148 × 65mm Brownish-red Halong Bay August 30, 2006
500,000₫ 152 × 65 mm Cyan-Green Ho Chi Minh's birthplace in Kim Lien December 17, 2003
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.
Polymer 50 đồng 2001

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

Bearer's checks (Ngân Phiếu Thanh Toán)

To support the growing industry's 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 đồng.[8] 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 đồng, 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.

Current VND exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD CNY
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD CNY
From OANDA.com: AUD CAD CHF EUR GBP HKD JPY USD CNY

After the revaluation of the Zimbabwean dollar on 1 August 2006 [7], the đồng 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. Since the revaluation of the Zimbabwean dollar on 1 August 2008 the đồng was again the least valued currency unit until 11 September 2008, when the Zimbabwean dollar once again surpassed it and on about 20 October in terms of cash rate. On 17 November, 2008, the official rate of the Zimbabwean dollar fell below the đồng.

On 3 February, 2009, the đồng had this title again as Zimbabwean dollar redenominated, although in March 2009 the title was briefly held by São Tomé and Príncipe dobra.

See also

References

External links

First đồng
Preceded by:
North Vietnamese đồng
Location: North Vietnam
Reason: currency unification
Ratio: at par
Currency of Vietnam
19781985
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
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
19781980
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
Second đồng
Preceded by:
First đồng
Reason: inflation
Ratio: 1 second đồng = 10 first đồng
Currency of Vietnam
1985
Succeeded by:
Current

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