Vietnamese %C4%91%E1%BB%93ng
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Vietnamese %C4%91%E1%BB%93ng
Vietnamese ng
ng Vi?t Nam (in Vietnamese)
500 dong.jpg
500 ng
ISO 4217
CodeVND
Denominations
Subunit
 1/10hào
 1/100xu
both subunits have been unused in Vietnam for several years
Symbol?
DONG SIGN (HTML ₫)
Banknotes
 Freq. used100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, 100,000, 200,000, 500,000?
Coins200, 500, 1000, 2000, 5000? (no longer minted or in active use; still legal tender)
Demographics
User(s)Vietnam Vietnam
Issuance
State Bank of Vietnam
 Websitewww.sbv.gov.vn
Valuation
Inflation4.4%
 Source2017[1]

The ng (; Vietnamese: [wm]; sign: ?; code: VND) has been the currency of Vietnam since May 3, 1978. Issued by the State Bank of Vietnam, it is represented by the symbol "?". Formerly, it was subdivided into 10 hào, which were further subdivided into 10 xu, neither of which are now used. Since 2012 the use of coins has decreased greatly, and since 2014 coins are generally not accepted in retail, but will still be accepted in some, but not all, banks.[]

Etymology

The word ng is from the term ng ti?n ("money"), a loanword from the Chinese tóng qián (Traditional Chinese?; Simplified Chinese?). The term refers to Chinese bronze coins used as currency during the dynastic periods of China and Vietnam. The term hào is a loanword from the Chinese háo (Chinese), meaning a tenth of a currency unit. The term xu comes from French sous meaning "penny". The sign is encoded DONG SIGN (HTML ₫).

History

North Vietnam

In 1946, the Viet Minh government (later to become the government of North Vietnam) introduced its own currency, the ng, 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.

South Vietnam

South Vietnam 500 Dong 1966.jpg

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

United Vietnam

After Vietnam was reunified, the ng was also unified, on May 3, 1978. One new ng equalled one Northern ng or 0.8 Southern "liberation" ng.

On September 14, 1985, the ng was revalued, with the new ng worth 10 old ng. This started a cycle of chronic inflation that continued through much of the early 1990s.[2]

Coins

For earlier modern Vietnamese coins, please see North Vietnamese ng or South Vietnamese ng.

First ng

In 1978, aluminium coins (dated 1976), were introduced in denominations of 1, 2, and 5 hào and 1 ng. 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 chronic inflation, these coins lost all their relevant value and no coins circulated for many years after this series.

Second ng

Commemorative Issues

Commemorative coins in copper, brass, copper-nickel, silver, and gold have been issued since 1986, but none of these have ever been used in circulation.

2003 Issue

The State Bank of Vietnam resumed issuing coins on December 17, 2003.[3] The new coins, minted by the Mint of Finland, were in denominations of 200, 500, 1,000, 2,000, and 5,000 ng 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 hard after every transaction. Many residents expressed excitement at seeing coins reappear after many years, as well as concern for the limited usefulness of the 200 ng coins due to ongoing inflationary pressures.[4] There had been rumors of children mistaking coins for candies, and some vendors believing them to be fakes, since coins had long been absent from use in Vietnam, but these reports have been difficult to verify.

Since the launch of the 2003 coin series, the State Bank has had some difficulties with making the acceptance of coins universal despite the partial discontinuation of smaller notes, to the point of some banks refusing coin cash deposits or the cashing in of large numbers of coins. This has prompted laws requiring private and municipal banks to transact and offer services for coins and the full discontinuation of small denomination and cotton based notes.

2003 Series[3]
Image Value Technical parameters Description Date of
Diameter Thickness Mass Composition Edge Obverse Reverse first minting issue
[5][6] 200? 20 mm 1.45 mm 3.2 g Nickel-plated steel Plain Coat of arms Denomination 2003 December 17, 2003
500 dong.jpg 500? 22 mm 1.75 mm 4.5 g Nickel-plated steel Segmented (3 groups) April 1, 2004
[7][8] 1,000? 19 mm 1.95 mm 3.8 g Brass-plated steel Reeded Coat of arms Water Temple, ?ô Temple 2003 December 17, 2003
[9][10] 2,000? 23.5 mm 1.8 mm 5.1 g Brass-plated steel Segmented (6 groups) Highland Stilt house in Tay Nguyen April 1, 2004
5,000? 25.5 mm 2.2 mm 7.7 g Brass (Cu92Al6Ni2) Micro-scalloped M?t C?t Pagoda (One Pillar Pagoda) December 17, 2003
These images are to scale at 2.5 pixels per millimeter. For table standards, see the coin specification table.

Banknotes

First ng

In 1978, the State Bank of Vietnam (Ngân hàng Nhà nc Vi?t Nam) introduced notes in denominations of 5 hào, 1, 5, 10, 20, and 50 ng dated 1976. In 1980, 2 and 10 ng notes were added, followed by 30 and 100 ng notes in 1981. These notes were discontinued in 1985 as they gradually lost value due to inflation and economic instability.

Second ng

In 1985, notes were introduced in denominations of 5 hào, 1, 2, 5, 10, 20, 30, 50, 100, and 500 ng. As inflation became endemic, these first banknotes were followed by 200, 1,000, 2,000, and 5,000 ng notes in 1987, by 10,000 and 50,000 ng notes in 1990, by a 20,000 ng note in 1991, a 100,000 ng note in 1994, a 500,000 ng note in 2003, and a 200,000 ng note in 2006. Banknotes with denominations of 5,000 ng and under have been discontinued from production, but as of 2015 are still in wide circulation.[11]

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 ng or higher, prior to the current series. On June 7, 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000? notes.[] They were taken out of circulation by September 1, 2007. State Bank of Vietnam 10,000 and 20,000? cotton notes are no longer in circulation as of January 1, 2013.[12]

Second ng[3]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue
100? 120 × 60 mm Green Coat of Arms Ph? Minh Temple 1991 May 2, 1991
200? 130 × 65 mm Orange Ho Chi Minh Agricultural production 1987 September 30, 1987
500? 130 × 65 mm Pink Port Haiphong 1988 August 15, 1989
1,000? 134 × 65 mm Multicolor on lime background Lumber productions October 20, 1989
2,000? 134 × 65 mm Multicolor Textile factory
5,000? 134 × 65 mm Blue Tr? An hydropower plant 1991 January 15, 1993
10,000? 140 × 68 mm Red H? Long Bay 1993 October 15, 1994
20,000? 140 × 68 mm Blue Canned food factory 1991 March 2, 1993
50,000? 140 × 68 mm Green Nhà R?ng Port 1994 October 15, 1994
100,000? 145 × 71 mm Brown Ho Chi Minh's ethnic house September 1, 2000

In 2003 Vietnam began replacing its cotton banknotes with plastic polymer banknotes, claiming that this would reduce the cost of printing.[13] 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.[13] The government clamped down on these criticisms by banning two newspapers from publishing for a month and considering other sanctions against other newspapers. 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 fiber banknotes of 200, 500, 1000, 2000 and 5,000 ng still remain in wide circulation and are universally accepted.[]

2003 Polymer Series[3][14]
Image Value Dimensions Main Color Description Date of
Obverse Reverse Obverse Reverse printing issue
10,000? 132 × 60 mm Dark brown on greenish yellow Ho Chi Minh Offshore platform The first two digits of the serial number give the last two digits of the year of issue. August 30, 2006
20,000? 136 × 65 mm Blue Covered bridge in H?i An May 17, 2006
50,000? 140 × 65 mm Pink Hu? December 17, 2003
100,000? 144 × 65 mm Yellowish green Temple of Literature September 1, 2004
200,000? 148 × 65 mm Brownish-red H? Long Bay August 30, 2006
500,000? 152 × 65 mm Cyan-Purple Ho Chi Minh's birthplace in Kim Liên December 17, 2003
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

A commemorative polymer 50-ng 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-ng banknote was issued on cotton-based paper to commemorate the 65th anniversary of central banking.

Bearer's checks 1992-2002

To support the growing industrial need for large money transactions, the State Bank issued "Bearer's Checks" or "State Bank Settlement Checks" (Ngân Phi?u Thanh Toán) in denominations from 100,000 to 5,000,000 ng.[15] 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.

Other uses of ng

In the Vietnamese language, "ng" can be used as a generic term for any currency by adding the name of a country as a qualifier. This practice is more common for more esoteric units of currency.

In present-day Vietnam, m?t ngàn / m?t nghìn (one thousand) is widely understood as one thousand ng.

Exchange rate

After the revaluation of the Zimbabwean dollar on 1 August 2006,[16] the ng 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,[17] the ng 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.[18]

Year USD Exchange rate
1960 97
1970 410
1980 2,050
1990 6,500
2000 14,428
2010 19,495
2011 21,030
2012 20,820
2013 21,055
2014 21,380
2015 22,450
30 Dec 2016 22,769
03 Sep 2018 23,306

(Sources: tradingeconomics.com, imf.org)

See also

References

  1. ^ "Vietnam's Inflation Rate to Hit Over 4 Percent in 2014". Retrieved 2016.
  2. ^ "LOC Country Study Vietnam". Lcweb2.loc.gov. Retrieved .
  3. ^ a b c d State Bank of Vietnam. "Technical characteristics of Vietnamese currency" (in Vietnamese). Archived from the original on 2006-07-22. Retrieved .
  4. ^ "Curious Vietnamese sneak a peek at no-tear notes, coins". 2003-12-19. Archived from the original on 2004-06-01.
  5. ^ "collection/vncoins/vn-20003-o". art-hanoi.com. Retrieved .
  6. ^ "collection/vncoins/vn-20003-r". art-hanoi.com. Retrieved .
  7. ^ "collection/vncoins/vn-1k03-o". art-hanoi.com. Retrieved .
  8. ^ "collection/vncoins/vn-1k03-r". art-hanoi.com. Retrieved .
  9. ^ "collection/vncoins/vn-2k03-o". art-hanoi.com. Retrieved .
  10. ^ "collection/vncoins/vn-2k03-r". art-hanoi.com. Retrieved .
  11. ^ "500,000 Vietnamese Dong: The Story of a Historic Banknote". www.banknoteworld.com. Retrieved .
  12. ^ http://english.vovnews.vn/Home/Cotton-banknotes-to-go-out-of-circulation/20129/142580.vov. Missing or empty |title= (help)
  13. ^ a b BBC (2006-10-21). "Vietnam censorship concern grows". BBC News.
  14. ^ NGÂN HÀNG NHÀ NC VI?T NAM THÔNG BÁO PHÁT HÀNH TI?N M?I VÀO L?U THÔNG Archived September 27, 2006, at the Wayback Machine
  15. ^ Ngan Phieu (Bearer's Checks) 1992-2002 Coins and banknotes of Vietnam and French Indochina
  16. ^ "Zimbabwe money loses three zeros". BBC News. July 31, 2006.
  17. ^ 12 April 2009 (12 April 2009). "Zimbabwe Suspends Use of Own Currency | News | English". Voanews.com. Archived from the original on June 29, 2011. Retrieved 2010.CS1 maint: unfit url (link)
  18. ^ "Vietnamese Dong Devaluations 2014-2016". globalcurrencyreset.net. 2016-05-23. Retrieved .

External links

First ng
Preceded by:
North Vietnamese ng
Location: North Vietnam
Reason: currency unification
Ratio: at par
Currency of Vietnam
1978 – 1985
Note: banknotes are dated 1976
Succeeded by:
Second ng
Reason: inflation
Ratio: 1 second ng = 10 first ng
Preceded by:
South Vietnamese liberation ng
Location: South Vietnam
Reason: currency unification
Ratio: 1 new ng = 0.8 liberation ng
Preceded by:
Moneyless economy
Reason: Vietnamese invasion of Cambodia
Note: It is unclear whether the North, the South ng, or nothing at all was used after the invasion in January 1980 and before the issuance of a united ng in May
Currency of Cambodia
1978 – 1980
Concurrent with: Thai baht and some other foreign currencies, to some extent
Succeeded by:
Cambodian riel
Reason: reintroduction of a national currency
Ratio: 1 riel = 3 ng = 0.25 U.S. dollar = 1kg rice
Second ng
Preceded by:
First ng
Reason: inflation
Ratio: 1 second ng = 10 first ng
Currency of Vietnam
1985 –
Succeeded by:
Current

  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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