Vietnam’s Money: Pocket Information About Currency Exchange - [2024]

Are you preparing for your Vietnam trip and wondering about currency exchange? Well, when you exchange your money, you might find yourself surprised at the high denominations of Vietnamese bills, making you feel like a millionaire. In fact, with one million Vietnamese dong (VND) roughly equating to $40 USD, there's a notable contrast between your home currency and Vietnam's money.

Vietnamese money comes in a variety of denominations, so while the initial delight of holding huge notes is obvious, you may have difficulty understanding the value of Vietnamese currency. As a result, this article is specifically intended to help you manage your funds while in Vietnam. We'll look at the history of Vietnamese currency, break down conversion rates, and share some intriguing anecdotes to help you understand.

Written by Oliver PHUNG (local expert)Updated on 22-06-2024

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1.  Overview Of Vietnamese Money

• Official Name: Vietnam Dong
• Currency Symbol: ₫
• Currency Code: VND

Dong Value:

• Cotton notes (lower value): 1,000 VND (approximately 4 US cents), 2,000 VND (about 8 US cents), and 5,000 VND (around 20 cents).
• Polymer banknotes (higher value): 10,000₫ (approximately 35 cents), 20,000₫ (approximately 79 cents), 50,000₫ (approximately $2), 100,000₫ (about $4), 200,000₫ (approximately $8), and 500,000₫ (around $19.67).

As for the exchange rate, 1 US dollar equals approximately 27,598 VND at the time this article was published.

• 1.1 Best currency to bring to Vietnam

The US dollar is your best bet when traveling in Vietnam since many food and accommodation services, along with most hotels and big businesses, happily accept USD. However, smaller vendors and street markets usually deal only in Vietnamese dong (VND). To ensure your trip goes smoothly and you can pay for everything without a hitch, it's wise to carry a mix of Vietnamese dong and USD.

2. Identifying Vietnamese Dong Notes

Vietnamese dong notes include representations of the country's former president, Ho Chi Minh, as well as references to the regime (the Democratic Republic of Vietnam) and its emblems, signifying agriculture, industry, and the military.

When handling Vietnam's currency, you may observe that some banknotes stay together, necessitating some knowledge to handle comfortably. According to the State Bank of Vietnam, there are now two types of banknotes in circulation throughout Vietnam: cotton and polymer. Below, we explain how to distinguish between these two types of Vietnamese dong notes.

• 2.1 Cotton notes

Starting with cotton notes, their values are quite modest, similar to your USD cents. The denominations are 1,000 VND (about 4 cents), 2,000 VND (about 8 cents), and 5,000 VND (about 20 cents). The 5,000 VND note stands out because of its blue tone. However, the 1,000 VND and 2,000 VND banknotes have the same brown-gray color scheme.

Yet, you can tell them apart by the different values indicated or the graphics on the backs of the bills: elephants for 1,000 VND and a textile plant for 2,000 VND. These cotton bills are used for buying veggies at marketplaces or paying parking fees for motorcycles.

• 2.2 Polymer banknotes

The 10,000VND note

There are numerous denominations of polymer banknotes. To begin, the 10,000 VND note (about 35 cents) stands out with its dark brown tone against a green-gold backdrop, making it instantly distinguishable. With 10,000 Vietnam Dong, you can get a cup of coffee or a Vietnamese sandwich, the Banh mi, from a street seller, which is one of the country's favorite street foods.

Furthermore, the image on the 10,000 VND bill shows the Bach Ho oil field in the Cuu Long basin. This oil field, located southeast of the Vung Tau coast, is currently Vietnam's principal source of oil supplies.

The 20,000 VND note

The next higher denomination after 10,000 VND is 20,000 VND; however, be wary of the 20,000 VND note (about 79 cents), which closely resembles the 500,000 VND note (about $19) due to their similar dark blue tint. Even locals can mix them up. To avoid paying too much, do double-check the value printed on your note. Furthermore, the graphics on the back of the notes can help you recognize them.

The 20,000 VND note portrays the Japanese bridge, a symbol of Hoi An's old town, while the 500,000 VND note represents the village of Kim Liên, which means "golden lotus" and is the birthplace of former President Ho Chi Minh.

The 50,000 VND note

Standing out among polymer currency denominations, the 50,000 VND note (about $2) is easily distinguished by its brown-purple tint. However, some may mistake it for the 200,000 VND polymer note. If you're new to using Vietnamese currency, pay particular attention to the value of each note. In Vietnam, a decent lunch can cost between 20,000 and 50,000 VND at local street restaurants or from street vendors. This may include phở, rice dishes, and fried and sweet snacks, followed by a cup of coffee from a street coffee vendor.

This polymer banknote features depictions of Ghenh Luong Dinh and Phu Van Lau, two buildings constructed during the Nguyen Dynasty in Hue, Vietnam, serving as resting areas for the king before heading down to the Perfume River.

The 100,000 VND note

The 100,000 VND note (about $4) stands out with its distinctive dark green tint. Its back features the iconic Temple of Literature, Vietnam's first university, which includes the Khue Van Cac project symbolizing Hanoi Capital. With this note, you can indulge in sophisticated Vietnamese delicacies, purchase fine souvenirs, or explore historic areas by pedicab.

The 200,000 VND note

Orange-brown in color, the 200,000 VND note is the second largest denomination issued by the State Bank of Vietnam. Interestingly, many people recognize the image on the back, even if they haven't held the note, as it features Dinh Huong Islet in Halong Bay. Although some tourists might confuse it with the 50,000 VND bill due to its purple-brown color, it is generally easy to distinguish. With 200,000 VND, you can enjoy a more elaborate meal at a restaurant, take a taxi ride of about 10 km, or buy clothes and other items.

The 500,000 VND note

Finally, let us address the 500,000 VND bill. This is the highest denomination, equivalent to around $20. As previously said, this bill is dark green and can easily be mistaken for the 20,000 VND bill, so pay attention. This high-value banknote is useful for making large payments, but it may not be accepted for minor purchases, such as food at markets.

Do all the zeros on these bills make your eyes hurt? Well, we've got your back. Vietnamese people have a trick! Prices are usually marked with the letter 'K' after the main number. For example, 10k means 10,000 VND, 100k means 100,000 VND, and 1000k means 1 million VND. By replacing the last three zeros with 'K,' it simplifies reading. Sometimes prices are shown simply as 100 (for 100,000 VND), 200 (for 200,000 VND), or 500 (for 500,000 VND). Be careful not to confuse these with the 100 VND, 200 VND, or 500 VND bills, which have very low value and are rarely used.

3. Cash vs. Card Payments In Vietnam: What To Choose?

Once you grasp the denominations and currency of Vietnam, you may wonder, 'Should I pay by card or in cash? Are foreign credit cards accepted in Vietnam? What are the bank charges? Where can I change money in Vietnam?” These are the common questions you often ask yourself when planning a trip to Vietnam. Based on my personal experience working with numerous tourists, here are some recommended locations and types for converting money in Vietnam!

3.1 Cards, Bank fees, and ATMs in Vietnam

Using a bank card is a smart option, which can help you avoid theft and unauthorized purchases. Credit cards are accepted in many places in Vietnam, like hotels, upmarket restaurants, and brand retailers, particularly in big cities.

Yet, using a bank card overseas frequently results in additional bank charges, typically ranging from 3 to 4%. Thus, it is best to check with your bank before departing for Vietnam and advise them of your travel dates so that you can plan your costs.

If you need to withdraw money, there are several ATMs at Vietnam's main airports and in large cities, near administrative buildings, retail stores, and restaurants. Keep in mind that ATMs have withdrawal restrictions of up to 5 million VND (nearly $196.43) per transaction. In rural locations, ATMs are less prevalent.

3.2 Exchanging cash in Vietnam

When using a credit card to make payments in Vietnam, it's advisable to limit its use to larger purchases such as designer clothes, jewelry, expensive excursions, upmarket hotels, or airline tickets. The majority of Vietnamese people still prefer to pay with cash, particularly in marketplaces, small street restaurants, rural areas, and off-the-beaten-path locations.

Exchanging Vietnamese dong outside the country can be tricky, so it's best to do it within Vietnam itself. You can exchange currencies at banks or airport exchange offices, but be cautious of potentially steep exchange rates.

For competitive rates, consider exchanging money at hotels or jewelry stores. This is a simple and traveler-friendly option with no hidden fees. In Hanoi's Old Quarter, particularly on Hang Bac and Ha Trung streets, and near Ben Thanh Market in Ho Chi Minh City, you'll find reputable spots for currency exchange.

Finally, before departing Vietnam, try to spend your dong whenever possible, as it's not widely accepted beyond Vietnam, with limited use in neighboring countries like Cambodia and Laos. Be cautious of travel agencies offering currency exchange services, as their rates may not be favorable.

Final Thoughts

Here's a general overview of Vietnam's money to help you prepare for your upcoming trip. Learning about the monetary system and exchanging currencies can be an exciting part of traveling, much like learning a new language. While it may seem a bit complex initially, with some practice, you'll become adept at using Vietnamese dong. So, pack your bags and get ready to enjoy your vacation in Vietnam!

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