Notably, FDI disbursement remained strong, growing by 14.4 percent year-on-year in November and by 15.1 percent for the first 11 months of 2022. Notwithstanding this decline, commitment in manufacturing rebounded sharply, increasing by 158 percent and 50 percent against the previous month and the same period last year, respectively. The Viet Nam Macro Monitoring for December 2022 released by the World Bank showed that total foreign direction investment (FDI) commitment moderated to US$2.7 billion in November, down by 27.9 percent compared to the previous month. WB report: Viet Nam’s economic recovery continues despite economic uncertainties.Viet Nam’s economy may expand 7.2% in 2022: WB.By 1991, another banknote was added, which is 20,000. Three years later, the 50,000 Dong became available. In 1981, the 30 and 100 dong notes were released into circulation.įor the second series of banknotes, there were larger denominations that were printed to combat the growing inflation rate. The initial banknotes had the following denominations: 5 hao, 1 dong, 5 dong, 10 dong, 20 dong, and 50 dong. The re-issuing of the coins helped to ease the need for the state to print banknotes with smaller values.įor the banknotes, the first series was issued in 1978, which was the same year when the Vietnamese Dong became the official currency of Vietnam. The materials used were brass clad steel and nickel clad steel. These coins were available in the following denominations: 200, 500, 1,000, 2,000, and 5,000 Dong. The new coins were minted by the Mint of Finland. The second series of coins for the Vietnamese Dong were released in 2003 by the State Bank of Vietnam. However, the chronic inflation resulted in these coins losing their value, which led to the stoppage of minting coins. The Berlin Mint of the German Democratic Republic was responsible for minting these coins. They were available in the following denominations: 1 hao, 2 hao, 5 hao, and 1 dong. The first series of Vietamese Dong coins were released in 1976. Even though the Dong is not entirely dependent on the US Dollar, it is loosely pegged to the Dollar currency. The relationship between the US Dollars and Vietnamese Dong is unique. Today, the Vietnamese Dong is available in various forms such as banknotes, coins and stamps. Eventually, this has helped for collectors and investors to take notice of the Vietnamese Dong. In fact, the economic growth rate was considered as one of the highest in the region. The country has established diplomatic relations with major nations by the turn of the 21st century. The political and economic reforms that the government took helped for the Vietnamese economy to carve its own path in the world economic stage. When Vietnam was unified as a country, it was under the rule of a Communist government. The history of Vietnam as a nation has largely contributed to its economic performance. The revaluation started a cycle of inflation that was to be the pattern until the 1990s. The currency was also revalued as part of the unification process. The reunification of Vietnam in 1978 also unified the Vietnamese Dong. Following the fall of Saigon in 1975, the name of the currency was changed to “liberation of Dong”. This marked the first time when Dong banknotes were issued. In 1954, it evolved into South Vietnam and banknotes were released into circulation. It replaced the French Indochinese piastre. This was the same time when the Viet Minh government introduced the dong as the main currency. The history started in 1946 in North Vietnam. Over the years, the Vietnamese currency has undergone major evolution. The word Dong originated from a Chinese word “tóng qián”, which is the same term used to refer to the Chinese bronze coins that were used as currency during the dynastic periods for Vietnam and China. As of 2014, the average inflation rate for the Vietnamese Dong is at 4.1%. The banknotes and coins are issued by State Bank of Vietnam. It is known for its symbol “?” but is simply referred to as VDN in the foreign exchange market. The Vietnamese Dong has been the official currency of Vietnam since 1973.
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