Vietnam
/ Currency
The currency
of Vietnam is the Dong. There are banknotes of 200
Dong, 500 Dong, 1,000 Dong, 2,000 Dong, 5,000 Dong, 10,000 Dong,
20,000 Dong and 50,000 Dong.
Exchange
In the middle
of 1995 the exchange rate for one US Dollar in Vietnam
was roughly 11,000 Dong. The extraordinarily low value
of the currency unit makes you a Dong millionaire with only US
$ 100 in your pocket. (Just for the record: in Turkey where one
US Dollar exchanges for some 32,500 Turkish Lira, 35 US Dollars
are enough to become a Lira millionaire.)
Over the
years, the Dong has lost enormously in value. At the beginning
of 1991 the parity was 8,000 Dong per US Dollar, in 1989 it stood
at 3,500 Dong per US Dollar.
When the
Dong had more value, at least officially, there was a black
market where Dongs were sold at a substantial discount. With
the Dong devaluated, black market rates are only marginally better
than those offered at banks.
You may exchange
Traveller Cheques in Saigon, Hanoi and larger provincial
cities at the branch offices of the Vietcombank and
the Vietnamese overseas export company Cosevina.
It's easiest to exchange Traveller Cheques issued in US Dollars.
Outside the
cities and tourist centres you will have almost no chance to exchange
Traveller Cheques. You may find somebody willing to buy US Dollar
banknotes but the exchange rate will be worse than in the cities.
Contrary
to what is the case in Cambodia, it is not necessary to
carry US Dollars in small denominations as alternative currency
for day-to-day transactions. Even though you will first have to
get used to the high figures, it is always best to pay bills in
Dong.
Credit
cards are by far not as well introduced as for instance in
Thailand. Visa is the most widely accepted card;
at some places in Saigon, you may charge to your Mastercard.
Banks are
usually open from Monday through Friday (except on holidays) from
8 am to 11.30 am and from 1 pm to 4 pm,
as well as on Saturdays from 8 am to 11.30 am and
from 1 pm to 3 pm.
Currency
Regulations
Foreign visitors
can bring any amount of foreign currencies into the country. Amounts
of foreign currencies, which have been declared on customs form
upon entry to the country, may also be taken out of the country.
The import and export of Dong is not allowed.
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