History of Vietnam Dong

The history of the Vietnam Dong can be traced back to 1945, during the year Vietnam achieved independence from French colonial rule and began to establish its national identity. Since then, the currency has undergone numerous changes in designs and materials.

Photo: tapchicongthuong.vn

In 1945, the initial banknotes featured an image of Ho Chi Minh on one side, along with the country's name (Democratic Republic of Vietnam) in Vietnamese. The reverse side depicted symbols representing agriculture, industry, and the military. This form of currency was commonly referred to as "Uncle Ho Money." However, after the establishment of the National Bank of Vietnam in 1951, the Vietnam Dong underwent a redesign and reevaluation. At that time, banknotes of 100, 200, 500, 1,000, and 2,000 Dong were issued, while coins were phased out of circulation.

Throughout the Vietnam War (1954-1975), both the North and South of Vietnam issued their own currencies. Following the reunification of the country in 1975, Southern currency was replaced by a unified currency known as "Liberation Money." Between then and 1985, Vietnam experienced two significant currency reforms that ultimately led to the Vietnam Dong we recognize today.

Photo: guide.cmego.com

It is notable that, since its introduction, the value of the Vietnam Dong has undergone significant changes, reflecting the impacts of global economic trends and the monetary policies pursued by the Vietnamese government. For instance, during 1985, possessing one Vietnam Dong allowed individuals to purchase various items or enjoy a fulfilling meal. In stark contrast, one can hardly buy anything with 1,000 Vietnam Dong today, and lower denomination notes such as 100 and 200 Dong have largely disappeared from circulation.