About the Vietnamese Dong (VND)
What Is the Vietnamese Dong (VND)?
The Vietnamese Dong (VND) is the official currency of Vietnam, functioning as a fiat currency in Southeast Asia. With the ISO code VND and symbol ₫, it serves as Vietnam's sole legal tender for all domestic transactions. The State Bank of Vietnam—the country's central bank—manages its issuance, monetary policies, and financial stability.
History of the VND
Introduced in 1946 to replace the French Indochinese piastre, the Dong underwent multiple revaluations (1951, 1959, 1985) due to economic turbulence. Post-Vietnam unification in 1975, the currency was standardized, but inflation persisted, particularly after the 1985 revaluation, shaping its current low-value status.
VND Banknotes and Coins
- Coins: Previously minted in 200–5,000 VND denominations, coins are now rare due to inflation and digital payment adoption.
- Banknotes: Polymer notes (since 2003) range from 100 VND to 500,000 VND, replacing older cotton-based versions for cost efficiency.
Economic Impact and Inflation
Chronic inflation has rendered the VND one of the world’s lowest-valued currencies. As of 2024, 1 USD ≈ 24,400 VND. The State Bank of Vietnam actively regulates inflation and currency stability through monetary interventions.
Is the VND Pegged to the USD?
No. Vietnam uses a managed floating exchange rate system, where the State Bank adjusts the Dong’s value based on economic goals without a fixed USD peg.
Why Does the VND Have High Denominations?
Hyperinflation during Vietnam’s economic transition (1970s–1990s) necessitated larger banknotes. Prolonged devaluation led to high-zero denominations, reflecting past inflationary pressures.
Converting Tether USDt (USDT) to VND
Bitget’s crypto-to-fiat data highlights USDT/VND as the most traded pair for Tether USDt. Use our calculator below to estimate exchange rates instantly.
👉 Check real-time USDT to VND rates
FAQ: USDT to VND Conversion
1. How is the USDT/VND exchange rate determined?
Rates fluctuate based on market demand, liquidity, and broader crypto market trends. Exchanges like Bitget aggregate data for accurate pricing.
2. Are there fees for converting USDT to VND?
Yes. Platforms may charge transaction or withdrawal fees. Always review terms before trading.
3. Why use USDT for VND transactions?
USDT offers stability (pegged 1:1 to USD) and faster cross-border transfers compared to traditional banking.
4. Can I convert VND back to USDT?
Yes. Supported exchanges allow bidirectional conversions, though rates and liquidity vary.
5. Is USDT legal in Vietnam?
Cryptocurrencies operate in a gray zone. While not banned, they lack formal legal tender status.
6. How long do USDT-to-VND transfers take?
Processing times depend on the platform, typically ranging from minutes to a few hours.
👉 Explore secure USDT trading options
For accurate conversions, always verify rates against live market data.
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