Vietnamese Dong (VND)
19 hours agoThe Vietnamese Dong (VND) serves as the official currency of Vietnam. Its currency code is VND, and it is represented by the symbol “₫.” The term “dong” originates from “đồng tiền,” which translates to “money” in Vietnamese. The State Bank of Vietnam is responsible for issuing and managing the dong.
The Vietnamese Dong was launched on May 3, 1978, replacing both the Southern and Northern Vietnamese Dongs at an equal value. This currency reform was intended to unify Vietnam’s monetary system following the reunification of North and South Vietnam in 1976. Before the dong was introduced, the country utilized the French Indochinese piastre and the South Vietnamese đồng.
The State Bank of Vietnam acts as the central bank of the country, tasked with issuing and regulating the Vietnamese Dong, executing monetary policy, and ensuring the stability of the financial system. Additionally, the central bank plays a vital role in managing the nation’s foreign exchange reserves and maintaining exchange rate stability.
The Vietnamese Dong is divided into 10 hào or 100 xu; however, due to inflation, hào and xu are no longer in circulation. Banknotes are available in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000 VND. Coins are issued in denominations of 200, 500, 1,000, 2,000, and 5,000 VND, but they are rarely used in everyday transactions.
Vietnam has a mixed socialist-oriented market economy that has seen substantial growth over recent decades. The country has transitioned from an agrarian economy to one focused on industry and services. Key sectors include manufacturing, agriculture, and mining, with exports playing a crucial role in Vietnam’s economic development. The nation has attracted significant foreign investment, especially in the manufacturing industry, and has become a leading exporter of electronics, textiles, and footwear.
The Vietnamese Dong is the official currency of Vietnam, managed and regulated by the State Bank of Vietnam. With a rich history linked to the unification of North and South Vietnam, the currency reflects the evolution of Vietnam’s economy, which has increasingly emphasized industry and services, positioning the country as a major exporter across various sectors.
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