Banking, money, and currency exchange play vital roles in Vietnam’s financial system, facilitating economic transactions within the country and with international partners. Vietnam’s official currency is the Vietnamese dong (₫; VND), and it is widely used for daily transactions.

The country has a well-established banking sector, with numerous local and international banks in operation. These banks provide a range of financial services, including savings and checking accounts, loans, and money transfers.

Additionally, Vietnam has a network of currency exchange offices and authorized banks, where foreign currencies can be exchanged for Vietnamese dong. This allows tourists and international visitors to convert their money into the local currency for daily expenses.

Travel Money in Vietnam: Everything You Need to Know

Understanding the banking system, money management, and currency-exchange procedures is essential for both residents and visitors to navigate Vietnam’s financial landscape effectively.

Read on for all the details on the local currency and banking system in Vietnam.

Vietnamese Dong Basics

  • Currency Code: VND
  • Symbol:
  • Forms: Polymer and paper currency and coin
  • Countries of Use: Vietnam
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Denominations

Vietnamese dong is available in two physical forms: banknotes and coins.

  • Banknote denominations: ₫100, ₫200, ₫500, ₫1,000, ₫2,000, ₫5,000, ₫10,000, 20,000₫, 50,000₫, 100,000₫, 200,000₫, and 500,000₫
  • Coin denominations: ₫200, ₫500, ₫1000, ₫2000, ₫5000
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Vietnamese Dong Exchange Rates

If you’re looking for a travel destination where you’ll get more bang for your buck, you’ll be happy to hear that at the moment, the United States dollar has a favorable exchange rate with the Vietnamese dong.

The current exchange rate for USD to VND is: US$1.00 = ₫23,853, though it constantly fluctuates.

Use an exchange calculator to check for the most accurate rates. It’s recommended to compare rates and fees at different banks and currency exchange offices to ensure you get the best exchange rate.

How to Get Vietnamese Dong

Accessing local currency in Vietnam is relatively straightforward. You can exchange money at the airport, withdraw Vietnamese dong from ATMs, or visit a local bank.

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Currency Exchanges

Currency exchange offices are prevalent at airports and throughout the country, particularly in tourist areas, where you can exchange foreign currencies for Vietnamese dong.

While Vietnam is generally considered safe, it’s always wise to take precautions when handling money. Keep your cash, cards, and valuables secure, and be aware of your surroundings, particularly in crowds.

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Cash Advances at ATMs

ATMs distributing Vietnamese currency are widely available in cities and popular tourist areas. Major credit and debit cards, such as Visa and Mastercard, are generally accepted at ATMs. It’s advisable to notify your bank before traveling to ensure your cards will work internationally, and to check on foreign transaction fees and international ATM fees to avoid unpleasant surprises.

It’s best to only withdraw money in busy, well-populated areas. Practice common sense and pay attention to be sure you’re not being watched. Use ATMs located in reputable establishments, and examine the machine for card readers that can capture your debit cards’ data. Where possible, choose ATMs inside banks for added security.

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Exchange Currency at a Local Bank

Vietnam has several reputable banks that offer reliable services to both residents and foreigners. Some of the country’s well-established banks include:

  • Vietcombank (Bank for Foreign Trade of Vietnam)
  • BIDV (Bank for Investment and Development of Vietnam)
  • Techcombank (Vietnam Technological and Commercial Joint Stock Bank)
  • VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade)
  • ACB (Asia Commercial Bank)

These banks have extensive networks of branches and ATMs throughout the country, making it convenient to access banking services.

Remember, the financial landscape in Vietnam may evolve over time, so it’s advisable to stay informed about any changes in currency regulations, banking services, and cultural norms around money during your visit.

Cost of Goods and Living in Vietnam

Vietnam offers a wide range of options to suit various budgets. The average cost of travel-related items can vary depending on the region and type of accommodation. In general, street food and local restaurants are affordable, while high-end restaurants can be relatively more expensive.

Accommodation costs range from budget guesthouses to luxury hotels. Transportation costs, such as taxis and public transportation, are reasonably priced. Entrance fees to tourist attractions and tours can vary but are generally affordable.

Here are the average costs of some expenses you may have as a traveler:

  • Average Daily Expenditure: ₫715,565 to ₫1,431,135 on a budget; ₫1,908,990 to ₫2,863,485 for a high-end trip
  • Average Taxi Fare: about ₫11,930 per km
  • Public Transit: one-way ticket, about ₫​​7,150
  • Overnight Trains: about ₫621,150 to ₫1,242,305 for a soft sleeper berth (four beds per cabin), depending on the distance and the season
  • Halong Bay Cruise: ₫954,410 to ₫1,907,970 per person
  • Mekong Delta Tour: ₫477,175 to ₫954,410 per person
  • Cu Chi Tunnels Tour: ₫238,590 to ₫477,175 per person
  • Hoi An Cooking Class: ₫477,175 to ₫954,410 per person
  • Sapa Trekking Tour: ₫715,490 to ₫1,431,135 per person
  • Three-star hotel in Ho Chi Minh City: about ₫621,150 per night
  • Breakfast: ₫31,010 to ₫52,475 for a bowl of pho or a banh mi with coffee or tea
  • Lunch: ₫40,540 to ₫102,565 for a dish of rice or noodles with meat and vegetables, or a set menu at a local restaurant
  • Dinner: ₫52,475 to ₫155,005 for a dish of rice or noodles with meat and vegetables, or a buffet or a hotpot at a local restaurant

Importing and Exporting Vietnamese Dong

There are specific regulations regarding the amount of money you can bring into or take out of Vietnam. Amounts exceeding US$15,000 (or equivalent in other currencies) must be declared upon arrival or departure.

It is recommended to check with the Vietnamese embassy or consulate in your country for the most up-to-date information on currency restrictions.

Counterfeit Vietnamese Dong

Counterfeit currency is a concern in Vietnam, especially for polymer banknotes of ₫50,000 and ₫100,000 denominations. According to a report by Vina.com, Vietnam’s polymer currency in recent years has been over-faked at a higher rate than the world’s currency circulation standard. In Vietnam, counterfeit polymer money at ₫100,000 is 169 to 416 sheets, and at ₫50,000 is 106 to 370 sheets.

Counterfeit money is often used by criminals to buy goods or services from unsuspecting vendors or customers. Sometimes, counterfeit money is also traded on the black market for real money or other currencies. For example, during the Vietnam War, the Viet Cong and the North Vietnamese Army used counterfeit Military Payment Certificates (MPCs) to exchange for South Vietnamese currency and US dollars.

If you wind up with counterfeit cash in Vietnam, you may face legal consequences or lose your money. According to Article 139 of the Penal Code of Vietnam, producing, storing or using counterfeit money is a crime that can be punished by imprisonment from six months to 20 years, depending on the severity of the case.

Needless to say, you should do your best to avoid accepting or using counterfeit money, but if you run into any trouble, contact your local embassy or consulate in Vietnam.

Here are some tips for determining if your banknotes are real or fake:

  • Check the watermark: Real polymer banknotes have a watermark of Ho Chi Minh’s portrait on the left side of the note. The watermark should be clear and visible when you hold the note up to the light. Fake banknotes may have a blurry or distorted watermark or no watermark at all.
  • Check the security thread: Real polymer banknotes have a security thread embedded in the note that changes color from green to red when you tilt the note. The thread also has micro-texts that read “Ngan hang nha nuoc Viet Nam” (the State Bank of Vietnam). Fake banknotes may have a printed thread that does not change color or have no thread at all.
  • Check the hologram: Real polymer banknotes have a hologram on the right side of the note that shows different images when you tilt the note. For example, the ₫50,000 note has a hologram of a lotus flower and the number 50. Fake banknotes may have a printed hologram that does not change images or have no hologram at all.
  • Check the serial number: Real polymer banknotes have a unique serial number printed on both sides of the note. The serial number should match and be clear and sharp. Fake banknotes may have a repeated or illegible serial number or no serial number at all.
  • Check the texture: Real polymer banknotes have a smooth and slightly elastic texture. They are also resistant to water and tearing. Fake banknotes may have a rough or stiff texture. They may also fade or tear easily when exposed to water.

Using US Dollars in Vietnam

While the official currency in Vietnam is the Vietnamese dong, the US dollar is widely accepted in popular tourist areas, hotels, and some restaurants. However, it is advisable to carry Vietnamese dong for day-to-day transactions, as smaller establishments and local markets may not accept US dollars.

Using Credit Cards in Vietnam

Credit cards are commonly accepted in larger hotels, upscale restaurants, and department stores in major cities, like Hanoi and Ho Chi Minh City. Visa and Mastercard are widely recognized, while acceptance of other cards like American Express and Discover may be more limited.

Smaller establishments and local markets generally prefer cash payments. It’s advisable to carry some cash for places that do not accept credit cards.

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Credit Card Fees

Before traveling to Vietnam, remember to inform your credit card company where and for how long you’ll be abroad. That way your transactions won’t be marked as fraudulent, which risks you losing access to your cards while traveling.

If you opt for a cash advance, you may be subject to foreign transaction fees or currency conversion fees. Out-of-network ATM cash withdrawals can also incur a service charge.

Cultural Sensitivities Around Money

Vietnam, with its vibrant culture and bustling markets, presents a unique landscape for navigating money matters. By understanding the cultural sensitivities and adopting appropriate practices, you can navigate the financial landscape in Vietnam with ease.

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Bargaining and Haggling

Bargaining is deeply ingrained in Vietnamese markets and street stalls, and it is generally expected in these settings. It’s also widely accepted in some small shops. Negotiating the price is a common practice, particularly when purchasing goods from markets and street stalls. Bargaining is generally not suitable in established stores, hotels, or restaurants where fixed prices are displayed.

Engaging in friendly negotiation over prices can be an enjoyable part of the shopping experience, but it’s important to approach bargaining with respect and politeness, keeping in mind the cultural norms and avoiding excessive haggling. When bargaining, maintain a respectful and lighthearted attitude. Remember that a fair price is one that both the buyer and the seller both find agreeable.

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Tipping Etiquette

Tipping is not customary in Vietnam, particularly at local eateries and street-food stalls. However, tipping has become more common in upscale restaurants and hotels, where a 5% to 10% gratuity may be appreciated for exceptional service. Always check if a service charge is already included in the bill before deciding to tip.

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Handling and Counting Money

Vietnamese people take great pride in their currency and national symbols. When paying or receiving money, handle it respectfully. Use both hands or your right hand to give or receive cash, especially when interacting with older individuals or in formal settings. Avoid counting money openly in public, as it may be considered impolite.

Avoid stepping on or damaging banknotes, and refrain from using Vietnamese dong for arts and crafts or other non-monetary purposes.

Preparing for Your Vietnam Trip

You’ll need an appropriate visa and a valid passport to enter Vietnam. At Entriva, we can easily and efficiently help with every aspect of getting a Vietnam visa. Start your visa application process.

For more information on other aspects of travel to Vietnam, including local laws, health and safety, local culture and customs, and entry and exit requirements, visit our Vietnam content hub.