Yet, this isn’t true for the Vietnam đồng, every denomination of which focuses on the same historical figure. If you’re used to seeing bills like the United States dollar, New Zealand dollar, Thai baht, or Swiss franc, you’ll expect that every denomination of a national currency is marked by a different historical figure. That’s because they’re widely seen as collector’s items due to their incredibly low value. However, while the law says Vietnamese coins should be accepted as legal tender, some businesses, and even banks, may refuse them. Once travelers get over the new realities of being a millionaire and that not meaning much, the next big surprise usually comes when they go to make a purchase and realize that coins are rarely used in Vietnamese currency.ĭue to chronic inflation, the Vietnamese government has paused the production of coins at various points, last resuming production at the end of 2003 when they minted coins in 200, 500, 1,000, 2,000, and 5,000 đồng denominations. That is roughly the amount that a tourist would spend per day vacationing in Hanoi. While that’s technically true, having a million đồng does not make you wealthy.Īt the time of this writing, for example, 1 million đồng is worth about $43 U.S. For visitors to Vietnam, this often leads to the surprise that they’re “instant millionaires” upon converting foreign currency into đồng. Surpassed only by the Iranian Rial, the Vietnamese đồng is the second-lowest-valued currency in the world. You won’t be able to retire on 1 million Vietnamese đồng. In the mid-1980s, the currency was revalued, making every new đồng worth 10 old đồngs.ġ.The fall of Saigon in 1975 led to the currency in South Vietnam being converted to the liberation đồng.In the early 1950s, the South Vietnamese government adopted a different form of the national currency.The đồng officially replaced the French Indochinese piastre in 1946, when it was introduced by the Viet Minh government (later known as the government of North Vietnam ).Further reading A brief history of Vietnamese currency
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