Vietnamese Dong Note Value
Vietnamese dong notes carry large numbers because the currency has a low unit value, not because they are valuable. The 500,000 dong note is the highest denomination in circulation and converts to roughly twenty US dollars.
This currency comes up constantly in investment scams promising a coming revaluation. There is no basis for that. The dong is a normal functioning currency with a low unit value, and buying stacks of it at a markup is a reliable way to lose money.
Quick facts
- Issuer
- State Bank of Vietnam
- Highest denomination
- 500,000 dong
- Material
- Polymer for higher denominations since 2003
- Portrait
- Ho Chi Minh on every denomination
- Common scam
- Revaluation schemes selling dong at a large markup
Vietnamese Dong value by condition
| Condition | Estimated value | Notes |
|---|---|---|
| 500,000 dong, current polymer | About $19 at face | |
| 200,000 dong, current polymer | About $8 at face | |
| Older paper series, uncirculated | $3 to $20 | Collector value only |
| Pre-1975 South Vietnam notes | $5 to $60 | |
| 1946 to 1950s North Vietnam issues | $15 to $200 |
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The revaluation scam
Promoters sell Vietnamese dong, and similarly Iraqi dinar, on the claim that the government will shortly revalue the currency upward and multiply holders' money. Currencies do not work that way. A revaluation would apply to all holders including domestic ones and would be economically self-defeating.
The actual mechanism of the scam is the spread. Buyers pay well above the interbank rate, and there is no practical way to sell the notes back at anything close to what they paid. The loss is immediate and permanent.
Which Vietnamese notes collectors want
Current circulation notes are worth their exchange value and nothing more. The collectible material is historical: pre-1975 Republic of Vietnam issues, early Democratic Republic notes from the 1940s and 50s, and French Indochina issues.
Those are genuinely scarce, particularly in high grade, since the conditions of the period were not conducive to careful storage.
Frequently asked questions
How much is 500,000 Vietnamese dong worth in US dollars?
Roughly nineteen to twenty dollars, depending on the current exchange rate. The large number reflects a low unit value, not high worth.
Will the Vietnamese dong revalue?
There is no basis for expecting a revaluation that would benefit foreign holders. Schemes selling dong on that promise are a long-running scam, and the markup alone guarantees a loss.
Are old Vietnamese banknotes worth anything?
Pre-1975 South Vietnamese notes and early Democratic Republic issues have real collector value, particularly in high grade. Current circulation notes are worth only their exchange value.