Vietnamese currency:

From its inception until 1945, the minting and issuance of coins served as evidence of the country's situation, the rise and fall of dynasties, and of individual kings.

Vietnamese banknotes through the ages. (Illustrative image)

Following the feudal period, in the years 1948-1950, in order to create small-denomination currency for use in the war zones, the National Assembly and the Government jointly issued decrees to issue additional "Vietnamese banknotes" with denominations of 2 hao, 5 hao, and 200 dong.

The content printed on Vietnamese banknotes focuses on the themes of production and combat, with familiar images of workers, farmers, and the national defense army, and popular idioms such as: "A well-fed army is strong," "eat well and win," "hammer in one hand, gun in the other," "plow in one hand, gun in the other," "protect the crops," "actively prepare for a general counterattack," etc.

During this period, the image of the national defense army printed on banknotes was referred to by the people as "Uncle Ho's soldiers," and Vietnamese banknotes were called "Uncle Ho's banknotes" as a way of showing support for the resistance, the Party, and President Ho Chi Minh.

A historical milestone for the Vietnamese currency was May 6, 1951, when President Ho Chi Minh signed Decree No. 15/SL establishing the National Bank of Vietnam. The National Bank was tasked with issuing banknotes, regulating currency circulation, managing the national treasury, managing foreign exchange, managing cash reserves through administrative regulations, and engaging in monetary warfare against the enemy.

From this point onwards, the monetary circulation of the Democratic Republic of Vietnam shifted from a treasury-based monetary system managed by the Ministry of Finance to a credit-based monetary system managed by the National Bank of Vietnam.

Financial currency was replaced by banknotes with the currency unit being the dong. The State Bank of Vietnam was the state agency responsible for issuing and regulating currency circulation. Two years later, after completing the issuance of new currency and transitioning from a treasury currency system to a credit currency system, Decree No. 162/SL (dated May 20, 1953) officially named Vietnamese banknotes the dong and became the sole currency used nationwide (except in the South).

According to historical records, during the years 1947-1953, the currency struggle between Vietnam and the French colonialists was intense and no less fierce than the fighting in the war zones. During this period, when the French colonialists destroyed the 100 Indochinese dong banknote, the Vietnamese government responded flexibly with flexible solutions, followed by minting "Vietnamese dong" coins made of real gold with Decree No. 199/SL (dated July 8, 1948) to enhance the value and prestige of the currency.

In Central and Southern Vietnam, to curb the counterfeiting of Vietnamese currency and to standardize the use of legal tender, the government implemented measures to "Vietnamize" Indochinese currency by stamping banknotes for use and issuing promissory notes with equivalent values to revolutionary slogans for propaganda and mass mobilization. During this period, slogans such as: "All people unite against foreign invaders," "actively prepare for a general counterattack," "patriotic emulation," "an independent Vietnam, a Ho Chi Minh government," etc., were commonly featured on banknotes and promissory notes issued by the government.

With peace restored in North Vietnam after the Geneva Accords, the Vietnamese Dong currency in the years 1954-1961 made significant advancements in printing technology, color, content, and value. Government Decree No. 171/CP (1961) also allowed the National Bank to change its name to the State Bank of Vietnam and began printing it widely on all banknotes of all denominations.

The economic growth of North Vietnam, along with the stability of its value and trust, led to a near standardization in the printing and issuance of Vietnamese Dong currency across all denominations (both banknotes and coins), featuring images of the national emblem, portraits of President Ho Chi Minh, and themes related to national development and the landscapes of North Vietnam.

Along with the resistance war against the US to save the country, for more than 20 years (1951-1975) since the establishment of the National Bank of Vietnam, the Vietnamese currency has also had a glorious and challenging journey of struggle.

The National Bank of Vietnam (later the State Bank of Vietnam) exchanged old currency and issued new currency six times. Among these, the September 1975 currency exchange eliminated the old regime's currency from the socio-economic life of South Vietnam.

From July 1976, the banking systems of North and South Vietnam were merged into the State Bank of Vietnam. However, each region continued to circulate its own currency, with its own price levels, means of exchange, and accounting system. This created difficulties and complexities in managing and planning the economy and unified finance; particularly in regulating monetary circulation.

Therefore, on April 1, 1978, the Politburo issued Resolution No. 08/NQ-TW on the issuance of new banknotes, the withdrawal of both old banknotes in both regions of the country, and the unification of the national currency. On April 25, 1978, the National Assembly and the Government of the Socialist Republic of Vietnam issued a Decision on the unification of the national currency, the issuance of new banknotes, and the withdrawal of old banknotes in the North and South.

On the same day, the Government Council issued Decision No. 88/CP stipulating the amount of cash that could be exchanged immediately upon currency exchange throughout the country. The State Bank of Vietnam issued a decision on the issuance of new banknotes and coins, to be circulated uniformly throughout the country.

Subsequently, on May 2, 1978, new currency began to be issued, and old currency was withdrawn throughout Vietnam. Since then, the Vietnamese dong issued by the State Bank of Vietnam has officially become the sole legal tender in the country.

The most recent issuance of new banknotes was in December 2003 when the State Bank of Vietnam put into circulation a new system of polymer banknotes. The new polymer banknote system has continued to circulate nationwide since then, with various denominations; the highest denomination being 500,000 dong.

The unique feature that gives Vietnamese currency its distinctive cultural value throughout history is that, in every period, Vietnamese coins have always bore the indelible mark of the skill and uniqueness of the craftsmen who made them. At the same time, the essence and traditional values of Vietnamese culture, historical and cultural relics, famous scenic spots of the country, and the rich and distinctive aspects of Vietnamese life are always prominently displayed, becoming striking highlights on the coins.

Source: https://hanoimoi.vn/dong-tien-viet-nam-vat-chung-sinh-dong-phan-anh-cac-thoi-ky-lich-su-viet-nam-714821.html