Understanding Money in Vietnam
Vietnam’s official currency is the dong (VND), represented by symbols like ‘d’ or ‘vnd’. Small denominations are available in paper notes of VND 1,000, 2,000, and 5,000, while larger amounts are issued in polymer notes ranging from VND 10,000 to VND 500,000, all featuring an image of Ho Chi Minh. Exchanging money in Vietnam may surprise visitors with the high VND denominations, turning them into “dong millionaires” upon exchange.
Cheques and Cash Withdrawals
Traveler’s cheques are increasingly rare as ATMs are more convenient. To withdraw cash at authorized currency exchange locations or banks, you’ll need to present your passport and pay a transaction fee of about 2-5%. It’s also advisable to carry some US dollars when traveling abroad, as cheques in non-USD currencies may not be accepted in all locations.
Costs
Traveling in Vietnam can range from budget-friendly to luxurious, with daily expenses varying from US$15 to US$250, depending on preferences. Generally, Vietnam is an affordable destination. Street food is around US$2-3, a mid-range restaurant meal costs US$5-8, and fine dining can be enjoyed for US$12-15 per meal. Drinks in bars are also affordable, with beer priced at US$1-2 and cocktails at US$3-6.
Shopping
Vietnam offers a wide range of products, including clothing, bronze, ceramics, wood carvings, and paintings at reasonable prices, thanks to low labor costs. It’s an ideal place for budget-conscious shoppers looking for quality items.
Tipping
Though not obligatory, tipping is greatly appreciated in Vietnam. It shows appreciation for good service, encourages high standards, and supports the tourism industry. In local restaurants, tipping US$1 is typical for solo diners or 10-15% of the bill in upscale restaurants. For drivers, consider tipping US$5 if traveling solo, or US$10-15 for a group per day. Tour guides typically receive US$5-7 per day, or US$2-4 per person on group tours. Although tipping is not required, it’s a personal choice based on service quality and trip length.
Recognizing Counterfeit Vietnamese Dong
Protect yourself from counterfeit dong with these tips:
- Texture: Genuine polymer notes are smooth and tear-resistant, while counterfeit notes feel less durable.
- Color Shift: Notes of 50,000 VND and above have color-shifting ink that changes from green to blue when tilted, a feature often missing or unclear on fakes.
- Watermark: Hold the note up to light to see a watermark of Ho Chi Minh or the note’s value. Counterfeit notes may lack this or have a blurry image.
- Raised Printing: Run your fingers over the words “Ngân hàng Nhà nước Việt Nam”; real notes have raised print, while counterfeits feel smoother.
- Serial Number: The serial number on authentic notes is clear and well-aligned, unlike the blurry or misaligned numbers often seen on fakes.
Currency Use
The Vietnamese dong is the official currency for transactions, with prices legally quoted in VND. Foreign currencies can be exchanged only at licensed exchange bureaus. However, in popular tourist areas, the US dollar is widely accepted alongside VND, with some establishments displaying prices in both currencies. In rural or non-tourist areas, only dong is accepted. To avoid inconvenience, carry smaller bills for minor purchases, check the condition of your notes, and keep large denominations separate from smaller ones to avoid confusion. The highest denomination is currently 500,000 dong, but be cautious as 20,000-dong notes look quite similar, despite the significant value difference.
Exchanging Money
Money exchange is accessible in Vietnam through major banks such as Vietcombank, BIDV, and Techcombank, where you can exchange currency securely with your passport. Airport exchange counters at Noi Bai and Tan Son Nhat airports offer convenience, though the rates may be less favorable. Some travelers exchange money at gold shops or on the black market for better rates, but this is risky due to the potential for counterfeit notes, scams, or legal penalties, as Vietnamese law only permits currency exchanges at licensed establishments.
ATMs and Credit Cards
ATMs are readily available in cities and tourist areas, with banks like Vietcombank, Agribank, Vietinbank, Sacombank, and SEAbank widely represented. Foreign banks such as HSBC and Citibank also have a presence in major cities. Withdrawals are dispensed in dong, with most banks allowing multiple withdrawals, though limits are usually set at 2,000,000 VND per transaction (higher limits may be available at select banks). ATM fees are around 20,000-40,000 VND per transaction, with credit cards like Visa, MasterCard, and JCB widely accepted, though Amex incurs a higher fee of around 4%.
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