Vietnamese đồng

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Skylar Clarine is a fact-checker & expert in personal finance with a range of experience including veterinary giải pháp công nghệ và film studies.

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What Is the VND (Vietnamese Đồng)?

The term VND refers to the currency abbreviation for the Vietnamese dồng. The dồng is the national currency for Vietnam giới, which replaced the use of separate North and South Vietnamese money in 1978. The dồng is considered an exotic currency because of the laông chồng of interest in it on the forex market or in global finance. Until năm nhâm thìn, it was loosely pegged khổng lồ the U.S. dollar through an arrangement called a crawling peg.

VND is the abbreviation of Vietnam's national currency, the Vietnamese đồng.VND is managed by the State Bank of Vietnam through a crawling peg to the U.S. dollar.The word đồng is used in Vietnamese to lớn describe any money or currency generically, & so the national currency must always specify Vietnamese đồng.

Understanding VND (Vietnamese Đồng)

VND, short for the Vietnamese đồng, is often presented with the symbol₫.

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It is issued by the State Bank of Vietphái mạnh, which issues banknotes in 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, and 500,000 denominations. A single đồng is composed of of 10 hào and 100 xu, neither of which is used in Vietphái mạnh. The ngân hàng minted coins in 200, 500, 1,000, 2,000, and 5,000 đồng denominations. No longer produced or in active sầu use, these coins are still legal tender.

The currency was established in 1946, when the Viet Minch government, which later became the government of North Vietphái nam, introduced national money to lớn replace the French Indochinese piastre. The State of Vietphái nam, which later became South Vietnam, issued its own money in 1953. These banknotes listed in the price in both đồng and piastres, reflecting its transition. After the fall of Saigon in the mid-1970s, South Vietnam giới issued the liberation đồng. The đồng was reunified in 1978 after Vietnam itself was reunified in the late 1970s.

The Vietnamese đồng, which is closely managed against the U.S. dollar, has been marked by chronicinflation.  It is one of the poorest currencies worldwide according khổng lồ theglobal currency market. Throughout the late 2010s, one U.S. dollar traded for around 22,000-23,000 Vietnamese đồng. One U.S. dollar was equal to lớn roughly 23,171 VND in November 20đôi mươi, based on the average exchange rate.

In 2017, Bloomberg reported that Vietphái nam began moving from an agricultural economy to a hub for electronics manufacturing and assembly, particularly with a large investment by Korea"s Samsung Electronics. This means the economy has grown more than 6% in the prior two years, becoming ahy vọng the fasthử nghiệm growing in the world. Furthermore, the report states that while other Asian currencies such as the Tnhì baht (THB) & the Malaysian ringgit (MYR) surged, and the Philippine peso (PHP) dropped in value, the đồng is little changed & therefore one of the most stable Asian currencies.

Investors who want to invest in Vietnam may want to consider a mutual fund or an exchange-traded fund.

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Special Considerations

The word "đồng" is used in the Vietnamese language as a term for any currency, modifying it appropriately with the country"s name before it. So, for example, someone living in the United States who is fluent in Vietnamese may refer lớn the U.S. dollar as the "U.S. đồng.” Additionally, "U.S. hào" and "U.S. xu" can be used in reference khổng lồ the U.S. dime and penny coins. So, using the word “đồng” alone khổng lồ refer khổng lồ Vietnam’s currency will not suffice. Vietnamese đồng must be referred to lớn as "đồng Vietphái mạnh." requires writers lớn use primary sources khổng lồ tư vấn their work. These include Trắng papers, government data, original reporting, and interviews with industry experts. We also reference original retìm kiếm from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.