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Formerly, it was subdivided into 10 hao (ho), which were further subdivided into 10 xu, neither of which are now used due to inflation. The Vietnamese dong has increasingly moved towards exclusively using banknotes, with lower denominations printed on paper and denominations over 10,000 dong, worth about 40 dollar or euro, printed on polymer. As of 2022, no coins are used. Generally, Vietnam is moving towards digital payments.[8][9][10] The 500,000-dong note (VND) is the highest-denomination banknote in circulation in Vietnam. The note is dark blue in color and has been in circulation since 2003.[11][12][13][14]

In 1946, the Viet Minh government (later to become the government of North Vietnam) introduced its own currency, the dong, to replace the French Indochinese piastre at par. Two revaluations followed, in 1951 and 1959; the first was at a rate of 100:1, the second at a rate of 1,000:1.

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Notes dually denominated in piastres and dong were issued in 1953 for the State of Vietnam, which evolved into South Vietnam in 1954. On 22 September 1975, after the fall of Saigon, the currency in South Vietnam was changed to a "liberation dong" worth 500 old Southern dong.

On 14 September 1985, the dong was revalued again, with one new dong worth 10 old dong. At that time, Vietnamese economists believed that revaluing the currency would increase its value, but it turned out to have the opposite effect: savings of many people were wiped out, the currency experienced unprecedently heavy inflation that peaked at 774.7% in 1986 and prices skyrocketed. For example, in 1986, the price of agricultural products increased by 2000% compared to ten years before. To aggravate this problem, the government banned all forms of non-state-owned internal trade, which they believed to be capitalistic, resulting in an economic crisis so severe that T Hu referred to it as a "vertical downturn". Despite the inflation rates having stabilised as part of the i Mi reforms, especially during the 1990s and early 2000s, the effects of the crisis still last in the value of the dong, one of the lowest in the world today.[16]

In 1978, aluminium coins dated 1976 were introduced in denominations of 1, 2 and 5 hao, as well as 1 dong. The coins were minted by the Berlin Mint in the German Democratic Republic and bear the state crest on the obverse and denomination on the reverse. Due to the chronic inflation experienced by Vietnam during the 1980s and 1990s, these coins lost all their relevant value and no coins were circulated for many years after this series.

The State Bank of Vietnam resumed issuing coins on December 17, 2003.[17] The new coins, minted by the Mint of Finland, were in denominations of 200, 500, 1,000, 2,000, and 5,000 dong in either nickel-clad steel or brass-clad steel. Prior to its reintroduction, Vietnamese consumers had to exchange banknotes for tokens with a clerk before purchasing goods from vending machines. This was also to help the state ease the cost of producing large quantities of small denomination banknotes, which tended to wear easily. Many residents expressed excitement at seeing coins reappear after many years, as well as concern for the limited usefulness of the 200 dong coins due to ongoing inflationary pressures.[18]

In 1978, the State Bank of Vietnam (Ngn hng Nh nc Vit Nam) introduced notes in denominations of 5 hao, 1, 5, 10, 20, and 50 dong dated 1976. In 1980, 2 and 10 dong notes were added, followed by 30 and 100 dong notes in 1981. These notes were discontinued in 1985 as they gradually lost value due to inflation and economic instability.

In 1985, notes were introduced in denominations of 5 hao, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong. As inflation became endemic, these first banknotes were followed by 200, 1,000, 2,000, and 5,000 dong notes in 1987, by 10,000 and 50,000 dong notes in 1990, by a 20,000 dong note in 1991, a 100,000 dong note in 1994, a 500,000 dong note in 2003, and a 200,000 dong note in 2006. Banknotes with denominations of 5,000 dong and under have been discontinued from production, but as of 2015 are still in wide circulation.[28]

Five banknote series have appeared. Except for the current series, dated 2003, all were confusing to the user, lacking unified themes and coordination in their designs. The first table below shows the latest banknotes, of 100 dong or higher, prior to the current series.On 7 June 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000 dong notes.[citation needed] They were taken out of circulation by 1 September 2007. State Bank of Vietnam 10,000 and 20,000 dong cotton notes are no longer in circulation as of 1 January 2013.[29]

In 2003 Vietnam began replacing its cotton banknotes with plastic polymer banknotes, claiming that this would reduce the cost of printing.[30] Many newspapers in the country criticized these changes, citing mistakes in printing and alleging that the son of the governor of the State Bank of Vietnam benefited from printing contracts.[30] The government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions against other newspapers.[30]Even though the 2003 series banknotes listed in the table below have now completely replaced the old notes of the same denominations, as of 2019 the cotton fibre banknotes of 200, 500, 1,000, 2,000, and 5,000 dong still remain in wide circulation and are universally accepted.[citation needed]

A commemorative polymer 50 dong banknote dedicated to the fiftieth anniversary of the State Bank of Vietnam was issued in 2001, but its face value is so tiny that it clearly was meant only for collectors. The note is available in three forms, by itself, in a presentation folder or in a presentation folder in an envelope. In 2016, a 100 dong banknote was issued on cotton-based paper to commemorate the 65th anniversary of central banking.

To support the growing industrial need for large money transactions,the State Bank issued "Bearer's Checks" or "State Bank Settlement Checks"(Ngn Phiu Thanh Ton) in denominations from 100,000 to 5,000,000 dong.[32]To prevent counterfeiting, these notes had many degrees of protection,their designs were changed every five to six months, and they had expiration dates five or six months after the date of issue.The checks worked until the banking system was upgraded to handle electronic transfers of large amounts of ng, making most large cash transactions unnecessary.

After the revaluation of the Zimbabwean dollar on 1 August 2006,[33] the dong became the least valued currency unit for months. Around 21 March 2007, the revalued Zimbabwean dollar regained least valued currency status (in terms of black market exchange rate), and on 7 September 2007 in terms of official exchange rate. After the use of the Zimbabwean dollar ceased on 12 April 2009,[34] the dong was the second least valued currency unit after the Iranian rial as of 28 November 2014. Since 19 June 2014, the Vietnamese dong has been devalued a total of five times in an effort to help spur exports and to ensure the stability of the currency.[35]

X. Charlie Dong, PhD, is a Professor in the Department of Biochemistry and Molecular Biology and investigator of Indiana University Center of Diabetes and Metabolic Diseases. Prior to his appointment at Indiana University, he got his B.S. in Biology from Shandong Normal University, M.S. in Genetics from Chinese Academy of Sciences Institute of Genetics and Developmental Biology, and Ph.D. in Molecular and Cellular and Developmental Biology from The Ohio State University. He also received postdoctoral training in diabetes and metabolism from Joslin Diabetes Center and Children's Hospital Boston of Harvard Medical School. He was promoted to instructor in pediatrics at Harvard Medical School.

Contact Information

Office: 207-A Riggs Hall

Office Phone: 864.656.5915

Fax: 864.656.5917

Email: dong4@clemson.edu

The research of Haidong Dong, M.D., Ph.D., is focused on cancer immunology and immunotherapy. The long-term goal of his laboratory is to understand the regulatory mechanisms shaping anti-tumor immunity and translate discoveries in cancer immunology into effective cancer immunotherapy.

Zhangbo Liu, Dong Ding, Beibei Liu, Weiwei Guo, Wendong Wang, Changrong Xia. Effect of impregnation phases on Ni-based anodes for low temperature solid oxide fuel cells, Journal of Power Sources, 196 (2011) 8561-8567.