![]() The new Biden administration will not have the same focus on bilateral trade deficits as its predecessor but has appointed many officials associated with labor unions favoring protection and insisting on environmental and labor clauses in trade treaties. However, the real value of the dong has been stable against the dollar since 2015, and in 2015, Vietnam had an overall trade deficit. That is, the Treasury argues that the Vietnamese dong has been held at “too low” a level to artificially boost Vietnam’s exports. This led the US Treasury to find that Vietnam is a “currency manipulator” and giving an unfair advantage to the country’s exports. Recently, Vietnam’s trade surplus has been increasing, particularly with the United States. Vietnam’s exports have grown rapidly and are now larger than its national output. The full terms of this license may be seen at Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) license. By knowing a bit about the currency, you can make sure you’re prepared for your travels in Vietnam.Published in Fulbright Review of Economics and Policy. With its fluctuating exchange rate and increasing acceptance of credit cards, it’s an important part of everyday life in Vietnam. The Vietnamese dong is a fascinating currency with a long and interesting history. It’s also important to be aware of the exchange rate when using a credit card, as some places may charge a commission for using one.Īlso lookover: Try out the fasinating Vietnam honeymoon package. However, it’s still a good idea to have some cash on hand, as not all places accept credit cards. Using Credit CardsĬredit cards are becoming more widely accepted in Vietnam, with major hotels and restaurants often accepting Visa and Mastercard. ![]() ![]() Be sure to check the exchange rate before exchanging any money, as some places may offer a better rate than others. There are also ATMs and currency exchange booths in major cities. The easiest and most convenient way to exchange money is at banks, which can be found in most cities and towns. When traveling in Vietnam, knowing where to exchange money is important. This rate can fluctuate, so it’s important to be aware of the current rate before exchanging any money. The current exchange rate is around 23,000 dong to 1 U.S. The exchange rate of the Vietnamese dong varies from day to day. Today, it’s still the country’s official currency, but it’s been devalued several times over the years.Īlso checkout: Book the best Vietnam tour packages here. dollar, but it was allowed to float in the mid-1990s. The dong was originally pegged to the U.S. It was introduced as part of the country’s economic reforms, which sought to replace the confusing variety of currencies that had been used in the past. The Vietnamese dong has been the official currency of Vietnam since 1978. Here’s everything you need to know about the Vietnam currency. But with the influx of visitors, the country’s currency, the Vietnamese dong, has become an important part of everyday life. With its stunning coastline, vibrant cities, and lush countryside, it’s no wonder that Vietnam has become a popular tourist destination. Vietnam is a Southeast Asian country with a rich and diverse culture.
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