Vietnam currency: The NEW and DETAILED guide for first-time backpackers

Vietnam currency is the official currency used in Vietnam. If you are a first-time backpacker planning your Vietnam travel, it's important to know about the country's official currency. In this comprehensive guide, we'll provide you with all the essential information you need to know about Vietnam currency and help you make the most of your backpacking adventure in Vietnam.

1. What is Vietnam currency name and symbol?

The Vietnam currency is called the Vietnamese dong (VND), and its symbol is "₫". The term "dong" refers to the copper material used in the past to make the country's earliest coins. Since 1978, the dong has been the official currency of Vietnam and is issued by the State Bank of Vietnam. 

Currently, there are two types of notes of Vietnam currency in circulation: the Polymer notes, which come in denominations of 500,000 VND, 200,000 VND, 100,000 VND, 50,000 VND, 20,000 VND, and 10,000 VND, and the Paper notes, which come in denominations of 5,000 VND, 2,000 VND, 1,000 VND, 500 VND, and 200 VND. However, due to their small value, the last two cotton notes are seldom used. In fact, the 200 VND, 500 VND, and 1,000 VND denominations are worth so little that they are not even suitable for tipping service providers. Coins are no longer used in Vietnam currency since 2011.

2. The history of Vietnam currency that you may not know

Vietnam has a long history of using various currencies, starting with Chinese coins during the Han Dynasty. During the French occupation, the Piastre, also known as "Bac", was used as the monetary unit. Later, the Indochina Bank issued banknotes featuring traditional costumes of Vietnam, Laos, and Cambodia, replacing the Piastre. In 1945, the Democratic Republic of Vietnam introduced the first Vietnam currency - aluminum coins to replace existing currencies.

In 1947, the Vietnamese government issued the first "dong" banknotes as official Vietnam currency, replacing the old Indochina banknotes at a 1 to 1 rate. After the fall of Saigon, the Provisional Revolutionary Government launched a new Vietnam currency called "Bank of Vietnam Money" in 1975. The most recent major change to the Vietnam currency dong occurred in 2003, when plastic polymer notes were introduced, replacing cotton banknotes and including the 500,000 VND denomination.

3. Up-to-date Vietnam currency rate to 7 widely traded currencies

Please note that exchange rates for Vietnam currency are subject to change frequently and may vary depending on the source of information. This table provides the approximate exchange rates as of April 2023. In addition to the seven widely traded currencies, the Philippine peso and Indian rupee are also frequently exchanged for Vietnam currency. The exchange rate for 1 INR to Vietnam currency is approximately 285, while the exchange rate for 1000 Vietnam currency to PHP is approximately 2.38. 

3.1. USD to Vietnam currency

The United States Dollar (USD) is widely accepted in Vietnam and is one of the most common currencies exchanged for Vietnamese Dong. As of April 2023, one USD is approximately equivalent to 23,268 VND. 

Most hotels and larger businesses in Vietnam accept USD, but smaller vendors and street markets may only accept VND. Therefore, it is recommended to have a mix of Vietnam currency and USD on hand to ensure a smooth and enjoyable travel experience in Vietnam. 

3.2. EUR to Vietnam currency

If you are planning to travel to Vietnam and need to exchange your Euros (EUR) for Vietnam currency, it is important to note that Euro is also accepted in Vietnam, although it may not be as common as the USD. Therefore, it is always a good idea to carry a mix of currencies. 

As of April 2023, one EUR is approximately equivalent to 25,747 VND. Be aware that the exchange rate can vary greatly between different exchange providers, so it's worth shopping around to find the best rate. By carrying a mix of currencies and being mindful of exchange rates, you can fully immerse yourself in the culture and enjoy all that Vietnam has to offer.

3.3. JPY to Vietnam currency

The Japanese Yen (JPY) is not commonly accepted in Vietnam, so it is recommended to exchange JPY for Vietnam currency upon arrival. As of April 2023, one JPY is equivalent to approximately 206 VND. 

When exchanging Vietnam currency, it is recommended to bring crisp, clean bills with no tears or markings, as damaged bills may not be accepted for exchange. By being prepared and carrying exchanged currencies, you can enjoy a seamless and hassle-free travel experience in Vietnam.

3.4. GBP to Vietnam currency

If you are planning a trip to Vietnam and are bringing GBP, it is important to keep in mind the exchange rate between the two currencies. As of April 2023, one GBP is equivalent to approximately 29,077 VND. 

To ensure you receive a fair exchange rate, it's best to exchange your GBP at authorized exchange offices or banks. By doing so, you can avoid unfavorable exchange rates at tourist hotspots and have peace of mind knowing you're getting the best value for your money.

3.5. AUD to Vietnam currency

For Australian travelers planning a trip to Vietnam, the AUD (Australian Dollar) can be exchanged for the Vietnam currency at authorized exchange offices and banks. As of April 2023, one AUD is equivalent to approximately 15,375 VND. 

It's important to keep in mind that some currency exchange booths may offer better rates for larger denominations, so it is worth considering exchanging larger bills to get a better rate for Vietnam currency. By being mindful of exchange rates, you can fully immerse yourself in the culture and enjoy all that Vietnam has to offer.

3.6. CAD to Vietnam currency

If you are traveling to Vietnam from Canada and carrying Canadian dollars (CAD), it is important to know the current exchange rate to Vietnamese currency. As of April 2023, one CAD is equal to approximately 17,088 VND. It is recommended to exchange your CAD to VND upon arrival in Vietnam to avoid unfavorable exchange rates at tourist destinations.

3.7. SGD to Vietnam currency

For those traveling to Vietnam from Singapore and carrying Singapore dollars (SGD), it is important to be aware of the current exchange rate between SGD and Vietnam currency. As of April 2023, one SGD is equivalent to approximately 17,450 VND. However, currency exchange rates can fluctuate over time, so you should check for the most up-to-date exchange rates before conducting any financial transactions involving SGD and Vietnam currency.

4. Where are the best places for Vietnam currency exchange?

When you first arrive in Vietnam, one of the first things you'll need to do is exchange your home currency for Vietnamese Dong. There are several options available for Vietnam currency exchange:

• Airports: Vietnam currency exchange booths are a common option found at most airports throughout Vietnam. These booths are usually open 24/7, making them a convenient choice for travelers arriving late at night or early in the morning. 
• Banks: While banks typically offer the best exchange rates for Vietnam currency, the process may take longer and require additional documentation, such as a passport or visa. Additionally, some banks only exchange Vietnam currency during specific hours, so it's a good idea to check in advance before heading to the bank.
• Gold and jewelry shops: Although gold and jewelry shops may be more conveniently located than the 2 places above, they tend to have higher exchange rates for Vietnam currency and include hidden fees. It's important to carefully check any fees associated with the transaction before exchanging your Vietnam currency.

You should do some research and compare exchange rates and fees among different options before deciding where to exchange your Vietnam currency. This can help save time and money and ensure that you have the necessary Vietnam currency to fully enjoy your travels in Vietnam.

5. Useful tips for payment and exchanging currency in Vietnam

Here are some tips for payment and exchanging Vietnam currency visitors should keep in mind:

• ATMs: Check if your card is compatible with local ATMs before traveling to Vietnam.
• Scam alert: Be careful of street vendors and local markets using similar colors of 500,000 VND and 20,000 VND bills to scam visitors.
• Counterfeit money: There are some counterfeit banknotes in circulation in Vietnam, particularly for the 500,000 VND, the biggest Vietnam currency note, so you should only exchange money at reputable places.
• Keep small bills on hand: Many vendors and small businesses may not have change for larger denominations, so it's helpful to keep smaller bills on hand.
• Notify your bank: If you plan to use your credit or debit card in Vietnam, notify your bank beforehand to avoid any issues with your account being flagged for suspicious activity.

Additionally, it's worth noting that Vietnam is a popular destination year-round, and the best time to visit depends on your preferred activities and destinations. The country has a tropical climate with distinct seasons, and the weather can vary greatly from one region to another. 

Generally, November to April is the best time to visit hustle cities like Hanoi and Ho Chi Minh City, while May to October is ideal for those who want to travel to beach cities like Ha Long, Phu Quoc, Nha Trang, Hoi An, Da Nang. For reference, please check out this article on The best time to visit Vietnam!

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Vietnam currency can be a bit tricky to navigate for first-time backpackers, but with these tips in mind, you can feel confident in handling your money while traveling through the country. Be sure to check for compatible ATMs, be cautious of counterfeit money and street vendors using similar bill colors of Vietnam currency, and consider keeping smaller denominations on hand. By following these guidelines, you can enjoy your travels throughout Vietnam without any currency mishaps.

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